Duplex With Detached
For Sale
$450,000
21 E West St E, Baltimore, MD 21230
Corner duplex with a private courtyard, unfinished basement, and separate garage structure.
Property Size2,170 SF
Price / SF$207.37
Days on Market42
Property Features for 21 E West St E
General Information
Standard status
Active
Size
2,170 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
private courtyard
Building Details
Year Built
1900
Listing Agency:
Cummings & Co. Realtors
(410) 925-6395
Listed By:
Michael K Hofstetter · License #652349
Source:
Findmarylandhomelistings
Added: Jul 21
Changed: Aug 30
Last Checked: Aug 30 at 8:05PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cummings & Co. Realtors
Investment Insights
Based on property information with market context.
This two-unit residential property includes a main-level apartment with 2 bedrooms, 1 full bath, private courtyard access, and an unfinished basement for storage. The upper apartment contains 1 bedroom and 1 full bath. A detached garage is also included and has previously been rented separately.
Recent property improvements include a new roof and professional basement waterproofing. The building will be delivered vacant. Built in 1900, the property contains 2,170 square feet and is located at 21 E West St E in Baltimore’s Federal Hill neighborhood.
Recent property improvements include a new roof and professional basement waterproofing. The building will be delivered vacant. Built in 1900, the property contains 2,170 square feet and is located at 21 E West St E in Baltimore’s Federal Hill neighborhood.
Key Highlights
- Two residential units with a 2‑bedroom main‑level layout and 1‑bedroom upper unit
- Detached garage with a history of separate rental
- Private courtyard access from the main‑level unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,867
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.08%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$637,340
$637.3K
Cap Rate 7%
$455,243
$455.2K
Cap Rate 9%
$354,078
$354.1K
Market Conditions
NOI Build-Up for 2,170 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$48.2K $22.20/SF
− Vacancy
−$2.6K −$1.22/SF
EGI
$45.5K $20.98/SF
− OpEx
−$13.7K −$6.29/SF
NOI
$31.9K $14.69/SF
Area
Baltimore, MD
Vacancy
5.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$637,340
Cap Rate 7%
$455,243
Cap Rate 9%
$354,078
Alternative Uses
Best Use
Multifamily LT 5
$455.2K
$398.3K – $531.1K
NOI $31,867 @ 7.0% cap · market cap 7.08%
Second Best
Apartment 5plus
$403.9K
$353.4K – $471.2K
NOI $28,272 @ 7.0% cap · market cap 6.28%
Theoretical Best
Office A
$519.9K
$454.9K – $606.5K
NOI $36,391 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,554
Businesses Nearby
Explore this area
Business Placement
Demographics for 21230, MD
36,660
Population
18,070
Households
2
Avg Household Size
33
Median Age
59%
College-Educated
88%
High-School Grad
6.3 sq mi
ZIP Area
5,819
Density / Sq Mi
$94,164
Median Household Income
$69,973
Median Earnings
$1,771
Median Rent
$327,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Corner duplex with a private courtyard, unfinished basement, and separate garage structure.
Where is this duplex located?
The property is located at 21 E West St E Baltimore, MD.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two residential units with a 2‑bedroom main‑level layout and 1‑bedroom upper unit; Detached garage with a history of separate rental; Private courtyard access from the main‑level unit
