End-Unit Duplex
For Sale
$465,000
Pending
230 South Exeter Street, Baltimore, MD 21202
Fully leased residential property with distinct layouts, including a ground-floor one-bedroom unit and a two-level residence.
Property Size1,888 SF
Days on Market208
Property Features for 230 South Exeter Street
General Information
Standard status
Pending
Size
1,888 SF
Property subtype
Multi-Family / Fee Simple
Zoning
C-1
Occupancy
100%
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/2.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,995
Amenities
No
Ceiling Fan(s), Combination Dining/Living, Other
No Pool
Building Details
Year Built
1870
Buildings
1
Tenancy
Multi
Listing Agency:
The Agency DC
(202) 704-5931
Listed By:
Farshad Mohseni · License #SP200206021
(202) 704-5931
Source:
Compass
Added: Feb 4
Changed: Aug 30
Last Checked: Mar 25 at 8:50PM
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 The Agency DC
Investment Insights
Based on property information with market context.
This end-unit rowhouse is configured as two separate residential units. The ground-floor residence offers one bedroom and one bathroom, while the second unit spans two levels and includes two bedrooms and two and a half bathrooms. Both units are fully occupied under separate leases, with terms ending in April and August.
The property is located at 230 S Exeter St in Baltimore’s Little Italy. Local dining and neighborhood amenities are within a block, while Harbor East and the Inner Harbor are within walking distance. The duplex configuration supports continued use as a leased residential property or an owner-occupied arrangement with one unit rented separately.
The property is located at 230 S Exeter St in Baltimore’s Little Italy. Local dining and neighborhood amenities are within a block, while Harbor East and the Inner Harbor are within walking distance. The duplex configuration supports continued use as a leased residential property or an owner-occupied arrangement with one unit rented separately.
Key Highlights
- Two separate fully occupied residential units
- End‑of‑group rowhouse configuration
- Ground‑floor Unit A has 1 bedroom and 1 bathroom
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
$27,726
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
5.96%
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%
$554,520
$554.5K
Cap Rate 7%
$396,086
$396.1K
Cap Rate 9%
$308,067
$308.1K
Market Conditions
NOI Build-Up for 1,888 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
$41.9K $22.20/SF
− Vacancy
−$2.3K −$1.22/SF
EGI
$39.6K $20.98/SF
− OpEx
−$11.9K −$6.29/SF
NOI
$27.7K $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%
$554,520
Cap Rate 7%
$396,086
Cap Rate 9%
$308,067
Alternative Uses
Best Use
Multifamily LT 5
$396.1K
$346.6K – $462.1K
NOI $27,726 @ 7.0% cap · market cap 5.96%
Second Best
Apartment 5plus
$351.4K
$307.5K – $410.0K
NOI $24,598 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$452.3K
$395.8K – $527.7K
NOI $31,662 @ 7.0% cap · market cap 6.81%
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
Location Intelligence
Trade Area within ½ mile
7,642
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?
Duplex - Fully leased residential property with distinct layouts, including a ground-floor one-bedroom unit and a two-level residence.
Where is this duplex located?
The property is located at 230 South Exeter Street Baltimore, MD.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Two separate fully occupied residential units; End‑of‑group rowhouse configuration; Ground‑floor Unit A has 1 bedroom and 1 bathroom
