Duplex with Carriage
New
For Sale
$330,000
214 S Castle St, Baltimore, MD 21231
Fully rented two-home property with landscaped outdoor space and walkable access to Patterson Park, Fells Point, and Harbor East.
Property Size750 SF
Price / SF$440
Days on Market2
Property Features for 214 S Castle St
General Information
Standard status
Active
Size
750 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Road Access
Yes
Multifamily Units
2
Amenities
private backyard
private courtyard
Building Details
Year Built
1900
Listing Agency:
Cummings & Co. Realtors
Listed By:
Liz A. Ancel · License #631587
(410) 599-4161
Source:
Theatwoodteam
Added: Sep 1
Last Checked: Sep 1 at 9:21PM
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 Cummings & Co. Realtors
Investment Insights
Based on property information with market context.
This duplex at 214 S Castle St includes a three-level main residence and an attached carriage house configured with one bedroom and one full bath. The property occupies a double-wide lot with a deep, fully fenced rear yard featuring mature plantings, hardscaped areas, grassy sections, entertaining spaces, and a tomato garden. A separate private courtyard extends the outdoor area beyond the carriage house.
Both residences are currently rented, including a long-term carriage house tenancy. The property is located on Castle Street in Baltimore’s Upper Fells Point, within walking distance of Patterson Park, Fells Point restaurants, bars, shops, waterfront dining, and Harbor East. Built in 1900, the property combines two residential structures with substantial private exterior space in an established urban setting.
Both residences are currently rented, including a long-term carriage house tenancy. The property is located on Castle Street in Baltimore’s Upper Fells Point, within walking distance of Patterson Park, Fells Point restaurants, bars, shops, waterfront dining, and Harbor East. Built in 1900, the property combines two residential structures with substantial private exterior space in an established urban setting.
Key Highlights
- Duplex includes a three‑level main house and attached carriage house
- Carriage house has 1 bedroom and 1 full bath
- Double‑wide lot with fully fenced, landscaped rear yard
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
$11,014
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
3.34%
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%
$220,280
$220.3K
Cap Rate 7%
$157,343
$157.3K
Cap Rate 9%
$122,378
$122.4K
Market Conditions
NOI Build-Up for 750 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
$16.7K $22.20/SF
− Vacancy
−$916 −$1.22/SF
EGI
$15.7K $20.98/SF
− OpEx
−$4.7K −$6.29/SF
NOI
$11.0K $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%
$220,280
Cap Rate 7%
$157,343
Cap Rate 9%
$122,378
Alternative Uses
Best Use
Multifamily LT 5
$157.3K
$137.7K – $183.6K
NOI $11,014 @ 7.0% cap · market cap 3.34%
Second Best
Apartment 5plus
$139.6K
$122.1K – $162.9K
NOI $9,771 @ 7.0% cap · market cap 2.96%
Theoretical Best
Office A
$179.7K
$157.2K – $209.6K
NOI $12,578 @ 7.0% cap · market cap 3.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,069
Businesses Nearby
Explore this area
Business Placement
Demographics for 21231, MD
17,062
Population
9,342
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
95%
High-School Grad
0.9 sq mi
ZIP Area
18,958
Density / Sq Mi
$85,382
Median Household Income
$67,289
Median Earnings
$1,710
Median Rent
$336,500
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?
Duplex - Fully rented two-home property with landscaped outdoor space and walkable access to Patterson Park, Fells Point, and Harbor East.
Where is this duplex located?
The property is located at 214 S Castle St Baltimore, MD.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Duplex includes a three‑level main house and attached carriage house; Carriage house has 1 bedroom and 1 full bath; Double‑wide lot with fully fenced, landscaped rear yard
