Brick Duplex with
New
For Sale
$330,000
214 S CASTLE Street, Baltimore, MD 21231
Multi-Family, BALTIMORE, MD
Property Size750 SF
Lot Size0.00 Acres
Price / SF$440
Days on Market5
Property Features for 214 S CASTLE Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Fireplace
1
Subdivision
UPPER FELLS POINT
Elementary school district
BALTIMORE CITY PUBLIC SCHOOLS
Middle school district
BALTIMORE CITY PUBLIC SCHOOLS
High school district
BALTIMORE CITY PUBLIC SCHOOLS
Standard status
Active
Size
750 SF
Lot size
0.00 Acres
Taxes and HOA fees
Tax Annual Amount
6141
Utilities
Heating system
Central
Cooling system
Window Unit(s)
Amenities
private backyard oasis
private courtyard
landscaped grounds
tomato garden
Building Details
Year built
1900
Number of units
2
Building materials
Brick
Listing Agency:
Cummings & Co. Realtors
(410) 823-0033
Listed By:
Liz A. Ancel · License #631587
(410) 599-4161
Added: Aug 27
Changed: Aug 29
Last Checked: Aug 31 at 2:06AM
MLS# MDBA2229358
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick duplex at 214 S Castle Street includes a three-level main residence and an attached carriage house with one bedroom and one full bath. The property measures 750 square feet, was built in 1900, and includes central heating, window-unit cooling, a fireplace, and on-street parking. The residences are currently fully rented.
Outdoor areas include a fenced backyard with landscaped and hardscaped sections, grassy areas, mature plantings, entertaining spaces, and a tomato garden. A separate courtyard extends beyond the carriage house. The property is within walking distance of Patterson Park, Fells Point waterfront dining, restaurants, bars, and shops, with Harbor East minutes away.
Outdoor areas include a fenced backyard with landscaped and hardscaped sections, grassy areas, mature plantings, entertaining spaces, and a tomato garden. A separate courtyard extends beyond the carriage house. The property is within walking distance of Patterson Park, Fells Point waterfront dining, restaurants, bars, and shops, with Harbor East minutes away.
Key Highlights
- Duplex with three‑level main house and attached carriage house
- Carriage house includes 1 bedroom and 1 full bath
- 750 square feet on a double‑wide lot
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
Multi-tenant
Tenancy
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 - Two connected residences include a three-level main house, a one-bedroom carriage house, and landscaped outdoor areas.
Where is this duplex located?
The property is located at 214 S CASTLE Street 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 with three‑level main house and attached carriage house; Carriage house includes 1 bedroom and 1 full bath; 750 square feet on a double‑wide lot
