Renovated Brownstone Apartment
For Sale
$949,999
2304 Eutaw Place, Baltimore, MD 21217
Turnkey renovated historic brownstone with five luxury units, in-unit laundry, and individually metered utilities.
Property Size6,702 SF
Price / SF$141.75
Days on Market428
Property Features for 2304 Eutaw Place
General Information
Standard status
Active
Size
6,702 SF
Property subtype
Multi-Family / Fee Simple
Zoning
R-7
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$10,665
Amenities
in-unit laundry
individually metered utilities
high ceilings
oversized windows
exposed brick
original moldings
No
https://visithome.ai/kA3vUzuvfQm7h8zaEDx9aj?mu=ft
No Pool
Building Details
Year Built
1907
Construction
brownstone
Tenancy
Multi
Listing Agency:
Keller Williams Legacy
(443) 455-0773
Listed By:
Juwan Lee Richardson
(443) 455-0773
Source:
Compass
Added: Jun 23, 2025
Changed: Aug 8
Last Checked: Jul 21 at 9:19PM
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 Legacy
Investment Insights
Based on property information with market context.
2304 Eutaw Place is a fully renovated historic brownstone apartment building offering five apartment units. The unit mix includes two 3-bedroom, 2.5-bath units; two 2-bedroom, 1-bath units; and one 2-bedroom, 2-bath penthouse-style suite. Interiors feature gleaming hardwood floors, stainless-steel appliances, granite and quartz countertops, custom kitchen cabinetry, and spa-inspired bathrooms, with in-unit laundry in each residence. The building also includes individually metered utilities.
Set in Baltimore’s Reservoir Hill area, the property is described as being just steps from Druid Hill Park, MICA, and Johns Hopkins University, with access to downtown Baltimore and major commuter routes.
Set in Baltimore’s Reservoir Hill area, the property is described as being just steps from Druid Hill Park, MICA, and Johns Hopkins University, with access to downtown Baltimore and major commuter routes.
Key Highlights
- Fully renovated historic brownstone built in 1907 in Baltimore City
- Multi‑family building with 5 apartment units totaling 6,700+ sq ft
- Unit mix includes two 3BD/2.5BA units, two 2BD/1BA units, and one 2BD/2BA penthouse‑style suite
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
$87,316
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
9.19%
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%
$1,746,320
$1.7M
Cap Rate 7%
$1,247,371
$1.2M
Cap Rate 9%
$970,178
$970.2K
Market Conditions
NOI Build-Up for 6,702 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
$168.9K $25.20/SF
− Vacancy
−$10.1K −$1.51/SF
EGI
$158.8K $23.69/SF
− OpEx
−$71.4K −$10.66/SF
NOI
$87.3K $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%
$1,746,320
Cap Rate 7%
$1,247,371
Cap Rate 9%
$970,178
Alternative Uses
Best Use
Apartment 5plus
$1.25M
$1.09M – $1.46M
NOI $87,316 @ 7.0% cap · market cap 9.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.40M – $1.87M
NOI $112,393 @ 7.0% cap · market cap 11.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
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?
Apartment building - Turnkey renovated historic brownstone with five luxury units, in-unit laundry, and individually metered utilities.
Where is this apartment building located?
The property is located at 2304 Eutaw Place Baltimore, MD.
What is the asking price?
The asking price for this property is $949,999.
What are key features of this property?
This property features: Fully renovated historic brownstone built in 1907 in Baltimore City; Multi‑family building with 5 apartment units totaling 6,700+ sq ft; Unit mix includes two 3BD/2.5BA units, two 2BD/1BA units, and one 2BD/2BA penthouse‑style suite
