4-Unit Quadplex with Separate
For Sale
$650,000
2116 SAINT PAUL ST, Baltimore, MD 21218
Renovated quadplex offering four separately metered units, including a currently vacant unit for owner-occupant or investor use.
Property Size3,480 SF
Price / SF$186.78
Days on Market49
Property Features for 2116 SAINT PAUL ST
General Information
Standard status
Active
Size
3,480 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Amenities
large modern kitchens
own HVAC
separately metered
Building Details
Year Renovated
2017
Buildings
1
Tenancy
Multi
Listing Agency:
Pickwick Realty
(443) 499-2721
Listed By:
Avraham D Grunhaus
(443) 414-1767
Source:
Hostetterrealty
Added: Jul 29
Changed: Sep 8
Last Checked: Sep 15 at 10:24AM
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 Pickwick Realty
Investment Insights
Based on property information with market context.
This 4-unit quadplex was completely renovated in 2017 and has been very well maintained since. The building features three large one-bedroom, one-bath units and one large studio located in the lower level. One unit is currently vacant and available for occupancy. The property also includes large modern kitchens.
Each unit has its own HVAC system and is separately metered, providing individualized comfort and utility separation. The building offers four parking spaces for residents.
The property is suitable for an owner-occupant or an investor. Showings require 24 hours’ notice. MRIS documentation includes the rent roll, lead certificates, and disclosures.
Each unit has its own HVAC system and is separately metered, providing individualized comfort and utility separation. The building offers four parking spaces for residents.
The property is suitable for an owner-occupant or an investor. Showings require 24 hours’ notice. MRIS documentation includes the rent roll, lead certificates, and disclosures.
Key Highlights
- Completely renovated in 2017 with ongoing maintenance
- Three large one‑bedroom, one‑bath units plus one large lower‑level studio
- One unit currently vacant and ready for occupancy
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
$45,257
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
6.96%
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%
$905,140
$905.1K
Cap Rate 7%
$646,529
$646.5K
Cap Rate 9%
$502,856
$502.9K
Market Conditions
NOI Build-Up for 3,480 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
$68.9K $19.80/SF
− Vacancy
−$4.3K −$1.22/SF
EGI
$64.7K $18.58/SF
− OpEx
−$19.4K −$5.57/SF
NOI
$45.3K $13.00/SF
Area
ZIP 21218
Vacancy
6.17%
Lease Rate
$19.80 /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%
$905,140
Cap Rate 7%
$646,529
Cap Rate 9%
$502,856
Alternative Uses
Best Use
Multifamily LT 5
$646.5K
$565.7K – $754.3K
NOI $45,257 @ 7.0% cap · market cap 6.96%
Second Best
Apartment 5plus
$576.8K
$504.7K – $672.9K
NOI $40,373 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$946.2K
$827.9K – $1.10M
NOI $66,231 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,859
Businesses Nearby
Explore this area
Business Placement
Demographics for 21218, MD
46,238
Population
21,751
Households
2.1
Avg Household Size
34
Median Age
44%
College-Educated
90%
High-School Grad
4.3 sq mi
ZIP Area
10,753
Density / Sq Mi
$58,378
Median Household Income
$38,316
Median Earnings
$1,239
Median Rent
$229,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Renovated quadplex offering four separately metered units, including a currently vacant unit for owner-occupant or investor use.
Where is this quadplex located?
The property is located at 2116 SAINT PAUL ST Baltimore, MD.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Completely renovated in 2017 with ongoing maintenance; Three large one‑bedroom, one‑bath units plus one large lower‑level studio; One unit currently vacant and ready for occupancy
