Renovated Triplex with Fenced
For Sale
$465,000
2303 WHITTIER AVENUE, Baltimore, MD 21217
Renovated units offer flexible owner-occupancy and rental-income use.
Property Size3,030 SF
Price / SF$153.47
Days on Market11
Property Features for 2303 WHITTIER AVENUE
General Information
Standard status
Active
Size
3,030 SF
Property subtype
Triplex
Units
Unit Mix
3 x 2BR/2BA
Multifamily Units
3
Amenities
fenced rear yard
Building Details
Year Built
1920
Listing Agency:
ExecuHome Realty
(443) 632-3000
Listed By:
Candie Ferguson · License #670931
(443) 447-1156
Source:
Cummingsrealtors
Added: Sep 17
Changed: Sep 26
Last Checked: Sep 26 at 9:52AM
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 ExecuHome Realty
Investment Insights
Based on property information with market context.
This 1920-built triplex contains more than 3,000 square feet across three fully renovated residences. Each unit includes two bedrooms and two full bathrooms, creating a six-bedroom, six-bathroom configuration in total. The property also includes a fenced rear yard for outdoor resident use.
The layout supports either full-property occupancy as a rental asset or owner occupancy in one unit while the other residences generate rental income. With renovated interiors and a consistent unit configuration, the property presents a straightforward multifamily setup for an owner-user or residential income buyer.
The layout supports either full-property occupancy as a rental asset or owner occupancy in one unit while the other residences generate rental income. With renovated interiors and a consistent unit configuration, the property presents a straightforward multifamily setup for an owner-user or residential income buyer.
Key Highlights
- Three fully renovated units in a triplex configuration
- Each unit includes 2 bedrooms and 2 full bathrooms
- 6 bedrooms and 6 full bathrooms overall
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
$39,476
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
8.49%
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%
$789,520
$789.5K
Cap Rate 7%
$563,943
$563.9K
Cap Rate 9%
$438,622
$438.6K
Market Conditions
NOI Build-Up for 3,030 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
$76.4K $25.20/SF
− Vacancy
−$4.6K −$1.51/SF
EGI
$71.8K $23.69/SF
− OpEx
−$32.3K −$10.66/SF
NOI
$39.5K $13.03/SF
Area
Baltimore, MD
Vacancy
6.00%
Lease Rate
$25.20 /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%
$789,520
Cap Rate 7%
$563,943
Cap Rate 9%
$438,622
Alternative Uses
Best Use
Multifamily LT 5
$635.7K
$556.2K – $741.6K
NOI $44,496 @ 7.0% cap · market cap 9.57%
Second Best
Apartment 5plus
$563.9K
$493.5K – $657.9K
NOI $39,476 @ 7.0% cap · market cap 8.49%
Theoretical Best
Office A
$725.9K
$635.2K – $846.9K
NOI $50,813 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,061
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Renovated units offer flexible owner-occupancy and rental-income use.
Where is this triplex located?
The property is located at 2303 WHITTIER AVENUE 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: Three fully renovated units in a triplex configuration; Each unit includes 2 bedrooms and 2 full bathrooms; 6 bedrooms and 6 full bathrooms overall
