Three-Unit Brick Multifamily
For Sale
$495,000
2202 BROOKFIELD Avenue, Baltimore, MD 21217
MULTI_FAMILY - Other - BALTIMORE, MD
Property Size3,060 SF
Lot Size0.20 Acres
Price / SF$161.76
Days on Market55
Property Features for 2202 BROOKFIELD Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking features
Off Street, On Street, Alley
Subdivision
WYMAN PARK HAMPDEN
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
3,060 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Annual Amount
6195
Utilities
Heating system
Heat Pump (Heating)
Building Details
Year built
1911
Number of units
3
Building materials
Brick
Architectural style
Other
Listing Agency:
Keller Williams Capital Properties · Keller Williams Realty
(202) 243-7700
Listed By:
Mark V Ellington · License #525313
(202) 262-7968
Added: Jul 8
Changed: Aug 14
Last Checked: Aug 31 at 8:06AM
MLS# MDBA2222682
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 three-unit triplex is a brick multifamily property built in 1911, offering a simple, repeatable unit layout. Each unit is configured as a two-bedroom, one-bath home, and the property is described as fully occupied with all units currently on vouchers. The offering also states that qualifying financing options include FHA and VA, along with conventional and cash.
The property includes a basement and is served by a heat pump for heating. Parking is available with on-street and off-street options, plus alley parking. The lot size is 0.2 acres, and the property size is listed as 3,060 square feet. Parking and access considerations can be supported by the described alley and off-street parking features.
Additional due-diligence documentation is referenced, including certified documents and licenses and lead certifications.
The property includes a basement and is served by a heat pump for heating. Parking is available with on-street and off-street options, plus alley parking. The lot size is 0.2 acres, and the property size is listed as 3,060 square feet. Parking and access considerations can be supported by the described alley and off-street parking features.
Additional due-diligence documentation is referenced, including certified documents and licenses and lead certifications.
Key Highlights
- Three units with each unit configured as two‑bedroom, one‑bath
- Fully occupied with all units currently on vouchers
- Brick construction, built in 1911
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
$44,937
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
9.08%
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%
$898,740
$898.7K
Cap Rate 7%
$641,957
$642.0K
Cap Rate 9%
$499,300
$499.3K
Market Conditions
NOI Build-Up for 3,060 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
$67.9K $22.20/SF
− Vacancy
−$3.7K −$1.22/SF
EGI
$64.2K $20.98/SF
− OpEx
−$19.3K −$6.29/SF
NOI
$44.9K $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%
$898,740
Cap Rate 7%
$641,957
Cap Rate 9%
$499,300
Alternative Uses
Best Use
Multifamily LT 5
$642.0K
$561.7K – $749.0K
NOI $44,937 @ 7.0% cap · market cap 9.08%
Second Best
Apartment 5plus
$569.5K
$498.3K – $664.5K
NOI $39,867 @ 7.0% cap · market cap 8.05%
Theoretical Best
Office A
$733.1K
$641.5K – $855.3K
NOI $51,316 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,241
Businesses Nearby
Explore this area
Business Placement
Demographics for 21217, MD
30,448
Population
20,064
Households
1.5
Avg Household Size
38
Median Age
22%
College-Educated
83%
High-School Grad
2.1 sq mi
ZIP Area
14,499
Density / Sq Mi
$37,207
Median Household Income
$40,668
Median Earnings
$1,065
Median Rent
$175,900
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?
Triplex - Three-unit brick triplex on a small lot with heat pump HVAC and both on-street and off-street parking.
Where is this triplex located?
The property is located at 2202 BROOKFIELD Avenue Baltimore, MD.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Three units with each unit configured as two‑bedroom, one‑bath; Fully occupied with all units currently on vouchers; Brick construction, built in 1911
