Renovated 3-Unit
For Sale
$465,000
2303 WHITTIER Avenue, Baltimore, MD 21217
Multi-Family, BALTIMORE, MD
Property Size3,030 SF
Lot Size0.07 Acres
Price / SF$153.47
Days on Market11
Property Features for 2303 WHITTIER Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking features
On Street
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
3,030 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
6256
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
fenced rear yard
Building Details
Year built
1920
Number of units
3
Building materials
Brick
Architectural style
Other
Listing Agency:
ExecuHome Realty
(443) 632-3000
Listed By:
Candie Ferguson · License #670931
(443) 447-1156
Added: Sep 17
Changed: Sep 25
Last Checked: Sep 27 at 1:06PM
MLS# MDBA2231618
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 3,030-square-foot brick triplex contains three fully renovated units, each with two bedrooms and two full bathrooms. The property provides six bedrooms and six bathrooms in total, with a basement, forced-air heating, and central air. A fenced rear yard adds private outdoor space, while on-street parking serves the building.
Built in 1920, the property is located in Baltimore, Maryland, within Baltimore City. Its three-unit configuration supports either full-property occupancy or a combination of owner occupancy and rental use, as described by the available layout and unit count.
Built in 1920, the property is located in Baltimore, Maryland, within Baltimore City. Its three-unit configuration supports either full-property occupancy or a combination of owner occupancy and rental use, as described by the available layout and unit count.
Key Highlights
- Three fully renovated units totaling 3,030 square feet
- Each unit includes 2 bedrooms and 2 full bathrooms
- Six bedrooms and six bathrooms across the property
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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Open Analytics
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
Check the figures for this property
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 - Brick multifamily property with three renovated two-bedroom units, central air, forced-air heating, and a fenced rear yard.
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 totaling 3,030 square feet; Each unit includes 2 bedrooms and 2 full bathrooms; Six bedrooms and six bathrooms across the property
