4-Unit Quadplex with Separate
For Sale
$650,000
2116 Saint Paul St, Baltimore, MD 21202
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 Market53
Property Features for 2116 Saint Paul St
General Information
Standard status
Active
Size
3,480 SF
Total Parking Spaces
4
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$5,150
Amenities
large modern kitchens
own HVAC
separately metered
Building Details
Year Renovated
2017
Buildings
1
Tenancy
Multi
Listing Agency:
Pickwick Realty
(443) 414-1767
Listed By:
Avraham D Grunhaus
(443) 414-1767
Source:
Exprealty
Added: Jul 6
Changed: Aug 20
Last Checked: Aug 26 at 1:15PM
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
$51,105
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
7.86%
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%
$1,022,100
$1.0M
Cap Rate 7%
$730,071
$730.1K
Cap Rate 9%
$567,833
$567.8K
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
$77.3K $22.20/SF
− Vacancy
−$4.2K −$1.22/SF
EGI
$73.0K $20.98/SF
− OpEx
−$21.9K −$6.29/SF
NOI
$51.1K $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%
$1,022,100
Cap Rate 7%
$730,071
Cap Rate 9%
$567,833
Alternative Uses
Best Use
Multifamily LT 5
$730.1K
$638.8K – $851.8K
NOI $51,105 @ 7.0% cap · market cap 7.86%
Second Best
Apartment 5plus
$647.7K
$566.7K – $755.7K
NOI $45,339 @ 7.0% cap · market cap 6.98%
Theoretical Best
Office A
$833.7K
$729.5K – $972.7K
NOI $58,360 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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 21202, MD
22,247
Population
12,731
Households
1.7
Avg Household Size
33
Median Age
48%
College-Educated
86%
High-School Grad
1.6 sq mi
ZIP Area
13,904
Density / Sq Mi
$61,578
Median Household Income
$53,609
Median Earnings
$1,497
Median Rent
$307,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
