Historic Triplex in Academic
For Sale
$400,000
2210 MARYLAND AVE AVENUE, Baltimore, MD 21218
Rare opportunity: three historic buildings near Johns Hopkins University.
Property Size2,997 SF
Lot Size0.06 Acres
Days on Market360
Property Features for 2210 MARYLAND AVE AVENUE
General Information
Standard status
Active
Size
2,997 SF
Lot size
0.06 Acres
Property subtype
Triplex
Building Details
Building Size
2,997 SF
Year Built
1910
Listing Agency:
Keller Williams Metropolitan
(443) 250-6446
Listed By:
Melvern Ledbetter · License #73170
(443) 250-6446
Source:
Kw
Added: Sep 2, 2025
Changed: Aug 23
Last Checked: Aug 26 at 3:36PM
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 Keller Williams Metropolitan
Investment Insights
Based on property information with market context.
This is a rare opportunity to own a triplex situated in Baltimore's academic corridor. The property is ideally located to capitalize on the consistent demand for housing driven by nearby colleges, making it perfectly positioned to attract students. The building boasts classic architectural details and charm, with features including hardwood floors, intricate moldings, and high ceilings. It offers a unique and desirable living experience. This is a great opportunity to invest in a multi-unit building between Johns Hopkins University and MICA. The property is currently rented. This prime investment opportunity requires 24 hours notice for appointments.
Key Highlights
- Prime location in Baltimore's academic corridor, near Johns Hopkins University and MICA.
- Rare opportunity to own three historic buildings in a row.
- Consistent demand for housing driven by nearby colleges, ideal for student rentals.
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
$34,770
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
8.69%
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%
$695,400
$695.4K
Cap Rate 7%
$496,714
$496.7K
Cap Rate 9%
$386,333
$386.3K
Market Conditions
NOI Build-Up for 2,997 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
$67.6K $22.56/SF
− Vacancy
−$4.4K −$1.47/SF
EGI
$63.2K $21.09/SF
− OpEx
−$28.4K −$9.49/SF
NOI
$34.8K $11.60/SF
Area
ZIP 21218
Vacancy
6.50%
Lease Rate
$22.56 /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%
$695,400
Cap Rate 7%
$496,714
Cap Rate 9%
$386,333
Alternative Uses
Best Use
Multifamily LT 5
$556.8K
$487.2K – $649.6K
NOI $38,975 @ 7.0% cap · market cap 9.74%
Second Best
Apartment 5plus
$496.7K
$434.6K – $579.5K
NOI $34,770 @ 7.0% cap · market cap 8.69%
Theoretical Best
Office A
$814.8K
$713.0K – $950.7K
NOI $57,039 @ 7.0% cap · market cap 14.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,126
Businesses Nearby
Explore this area
Business Placement
Demographics for 21218, MD
46,238
Population
21,751
Households
2.1
Avg Household Size
34
Median Age
44%
College-Educated
90%
High-School Grad
4.3 sq mi
ZIP Area
10,753
Density / Sq Mi
$58,378
Median Household Income
$38,316
Median Earnings
$1,239
Median Rent
$229,800
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 - Rare opportunity: three historic buildings near Johns Hopkins University.
Where is this triplex located?
The property is located at 2210 MARYLAND AVE AVENUE Baltimore, MD.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Prime location in Baltimore's academic corridor, near Johns Hopkins University and MICA.; Rare opportunity to own three historic buildings in a row.; Consistent demand for housing driven by nearby colleges, ideal for student rentals.
