Gut-Renovated Multifamily
For Sale
Contact for pricing
214 East Biddle Street, Baltimore, MD 21202
Renovated small multifamily with studio and one-bedroom units near major Baltimore employment and transit.
Property Size3,259 SF
Price / SF$184.11
Days on Market88
Property Features for 214 East Biddle Street
General Information
Standard status
Active
Size
3,259 SF
Property subtype
Multifamily
Zoning
OR-2
Occupancy
100%
Investment Type
Stabilized
Additional Details
Multifamily Units
6
Building Details
Year Built
1900
Year Renovated
2013
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Harbor Stone Advisors
Listed By:
Kevin Landolphi · License #5019982
Source:
Crexi
Added: May 29
Changed: Aug 8
Last Checked: Aug 21 at 8:47PM
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
Investment Insights
Based on property information with market context.
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.
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.
Key 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
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
$42,460
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%
$849,200
$849.2K
Cap Rate 7%
$606,571
$606.6K
Cap Rate 9%
$471,778
$471.8K
Market Conditions
NOI Build-Up for 3,259 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
$82.1K $25.20/SF
− Vacancy
−$4.9K −$1.51/SF
EGI
$77.2K $23.69/SF
− OpEx
−$34.7K −$10.66/SF
NOI
$42.5K $13.03/SF
Area
Baltimore, MD
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%
$849,200
Cap Rate 7%
$606,571
Cap Rate 9%
$471,778
Alternative Uses
Best Use
Apartment 5plus
$606.6K
$530.8K – $707.7K
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
NOI $54,654 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
4,243
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
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Frequently Asked Questions
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
