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    Gut-Renovated Multifamily Property Title is generated by Realmo AI

    214 East Biddle Street, Baltimore, MD 21202

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    Renovated small multifamily with studio and one-bedroom units near major Baltimore employment and transit.

    Type:Multifamily
    Property size:
    3,259 SF
    Price / SF:
    $184/SF
    Added:
    May 29, 2026
    Days on Market:
    10
    Last Refresh:
    Jun 6 at 5:05 am

    Property Features for 214 East Biddle Street

    General Information

    Standard status
    Active
    Size
    3,259 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Kevin Landolphi

    Listing agent Kevin Landolphi License #5019982

    Listing office Harbor Stone Advisors

    Listing date May 29, 2026

    Source Crexi

    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 Harbor Stone Advisors

    HighLights

    • Gut‑renovated 6‑unit multifamily at 214 E Biddle (Historic Mount Vernon), built in 1900
    • Unit mix: 1 studio and 5 one‑bedroom, 1‑bath apartments
    • Comprehensive gut renovation completed in 2013, including updates to plumbing and mechanical systems
    • Most units are project‑based NEDs (Non Elderly Disabled); contract expires October 2029 (all but 1 unit)
    • Typical finishes include white appliances, formica countertops, and tile/carpet/hardwood floors with wood cabinets
    • Ability to renew the NED contract or convert units to market upon expiration; light unit renovations possible at turn

    Overview

    214 East Biddle Street is a gut-renovated multifamily asset in Historic Mount Vernon featuring six apartments with a unit mix of one studio and five one-bedroom, one-bath residences. Ownership completed a comprehensive renovation in 2013, including updates to the apartments and the building’s plumbing and mechanical systems. Unit interiors include white appliances, formica countertops, and a mix of tile, carpet, and hardwood flooring, along with wood cabinets. Most units are project-based NEDs, with the contract expiring in October 2029, and one unit is not described as NED. At turn, the property also allows for light unit renovations, with a suggested scope that includes updated appliances and modern hardware and fixtures.

    The property is described as a 7-minute walk from the University of Baltimore and about a half mile from the UMMC Midtown Campus. It is also presented as a 10-minute walk to Penn Station, which is undergoing renovations described as a $150 million project over the next several years.

    For buyers and operators, the mix of studio and one-bedroom units can support tenant demand tied to nearby educational and medical employers, while the project-based NED structure offers a defined term through October 2029. Upon expiration, the property highlights options to renew the NED contract or convert the units to market, with light renovations available to refresh units during turnover.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $82.1k $25.20
    − Vacancy −$4.9k −$1.51
    EGI $77.2k $23.69
    − OpEx −$34.7k −$10.66
    NOI $42.5k $13.03
    3,259 SF · lease $25.20/SF/yr · vacancy 6.00% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $606.6K
    $530.8K – $707.7K (±1% cap)
    NOI $42,460 @ 7.0% cap · market cap 7.08%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $780.8K
    $683.2K – $910.9K (±1% cap)
    NOI $54,654 @ 7.0% cap · market cap 9.11%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Law Firm Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Baltimore
    County
    Baltimore
    State
    Maryland
    Longitude
    -76.6123754
    Latitude
    39.3038009

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    FAQs

    What type of property is this?
    Apartment building - Renovated small multifamily with studio and one-bedroom units near major Baltimore employment and transit.
    Where is this apartment building located?
    The property is located at 214 East Biddle Street Baltimore, MD.
    What is the asking price?
    The asking price for this property is $600,000.
    What are key features of this property?
    This property features: Gut‑renovated 6‑unit multifamily at 214 E Biddle (Historic Mount Vernon), built in 1900; Unit mix: 1 studio and 5 one‑bedroom, 1‑bath apartments; Comprehensive gut renovation completed in 2013, including updates to plumbing and mechanical systems
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Kevin Landolphi
    Real Estate License ID: 5019982
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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