Multifamily Rowhome
For Sale
$210,000
210 North Culver Street, Baltimore, MD 21229
Tenant-occupied brick-front rowhomes with established leases, traditional layouts, and a two-unit property within the package.
Property Size1,408 SF
Price / SF$149.15
Days on Market193
Property Features for 210 North Culver Street
General Information
Standard status
Active
Size
1,408 SF
Property subtype
Multi-Family / Fee Simple
Zoning
R-7
Occupancy
100%
Financials
Asking Price
$500,000
Gross Income
$63,600
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$1,588
Amenities
porch fronts
No
Oven/Range - Gas, Washer, Water Heater, Refrigerator, Oven/Range - Electric, Dryer
2nd Kitchen, Bathroom - Tub Shower, Ceiling Fan(s), Floor Plan - Traditional, Wood Floors
No Pool
Building Details
Year Built
1932
Buildings
3
Tenancy
Multi
Listing Agency:
EXP Realty, LLC
(410) 415-1404
Listed By:
Michael J Schiff · License #596243
(410) 415-1404
Source:
Compass
Added: Feb 20
Changed: Aug 31
Last Checked: Aug 29 at 2:14PM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This multifamily package includes three brick-front rowhomes on the same street, with one property configured as a two-unit residence. The homes feature porch fronts, traditional floor plans, wood flooring, gas and electric cooking equipment, refrigerators, washers, dryers, water heaters, ceiling fans, and tub-shower bathrooms. One residence also includes a second kitchen. The properties were built in 1932 and are zoned R-7.
Located at 210 North Culver Street in Baltimore, Maryland, the package is within city limits and served by Baltimore City Public Schools. All properties are tenant-occupied with established long-term tenants. Three leases extend through January 31, 2027, while another continues through July 31, 2026, providing defined lease terms across the portfolio.
Located at 210 North Culver Street in Baltimore, Maryland, the package is within city limits and served by Baltimore City Public Schools. All properties are tenant-occupied with established long-term tenants. Three leases extend through January 31, 2027, while another continues through July 31, 2026, providing defined lease terms across the portfolio.
Key Highlights
- Three brick‑front rowhomes included in one package
- One of the three properties is configured as a two‑unit residence
- All properties are tenant‑occupied with long‑term tenants in place
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
$18,344
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
8.74%
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%
$366,880
$366.9K
Cap Rate 7%
$262,057
$262.1K
Cap Rate 9%
$203,822
$203.8K
Market Conditions
NOI Build-Up for 1,408 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
$35.5K $25.20/SF
− Vacancy
−$2.1K −$1.51/SF
EGI
$33.4K $23.69/SF
− OpEx
−$15.0K −$10.66/SF
NOI
$18.3K $13.03/SF
Area
ZIP 21229
Vacancy
6.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$366,880
Cap Rate 7%
$262,057
Cap Rate 9%
$203,822
Alternative Uses
Best Use
Multifamily LT 5
$284.4K
$248.8K – $331.8K
NOI $19,905 @ 7.0% cap · market cap 9.48%
Second Best
Apartment 5plus
$262.1K
$229.3K – $305.7K
NOI $18,344 @ 7.0% cap · market cap 8.74%
Theoretical Best
Office A
$335.7K
$293.7K – $391.6K
NOI $23,498 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
512
Businesses Nearby
Explore this area
Business Placement
Demographics for 21229, MD
43,464
Population
20,653
Households
2.1
Avg Household Size
38
Median Age
22%
College-Educated
89%
High-School Grad
5.9 sq mi
ZIP Area
7,367
Density / Sq Mi
$55,457
Median Household Income
$40,627
Median Earnings
$1,210
Median Rent
$184,900
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?
Multifamily property - Tenant-occupied brick-front rowhomes with established leases, traditional layouts, and a two-unit property within the package.
Where is this multifamily property located?
The property is located at 210 North Culver Street Baltimore, MD.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: Three brick‑front rowhomes included in one package; One of the three properties is configured as a two‑unit residence; All properties are tenant‑occupied with long‑term tenants in place
