Six-Building Apartment
For Sale
$950,000
2313 Whittier Avenue, Baltimore, MD 21217
Bulk acquisition includes 18 rental units across six Baltimore City buildings, with R-7 zoning and value-add renovation potential.
Property Size2,142 SF
Price / SF$443.51
Days on Market336
Property Features for 2313 Whittier Avenue
General Information
Standard status
Active
Size
2,142 SF
Property subtype
Multi-Family / Fee Simple
Zoning
R-7
Additional Details
Multifamily Units
18
Taxes and HOA fees
Annual Taxes
$2,974
Amenities
No
No Pool
Building Details
Year Built
1920
Buildings
6
Listing Agency:
Pavilion Real Estates L.L.C.
Listed By:
Jason Ekus · License #653812
(202) 740-6708
Source:
Compass
Added: Oct 3, 2025
Changed: Sep 2
Last Checked: Aug 30 at 10:30PM
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 Pavilion Real Estates L.L.C.
Investment Insights
Based on property information with market context.
This apartment portfolio comprises six buildings offered together, with three rental units in each property for a combined total of 18 apartments. The assets are located at 2306, 2311, 2313, 2312, and 2315 Whittier Avenue, along with 2333 Reisterstown Road. The buildings date to 1920 and are zoned R-7.
At 2313 Whittier Avenue, two apartments are occupied while the other units are delivered vacant for renovation. The portfolio is within Baltimore City limits and falls within Baltimore City Public Schools. Its multi-building configuration provides a unified acquisition across several nearby addresses, with an opportunity to evaluate improvements and operations at the portfolio level.
At 2313 Whittier Avenue, two apartments are occupied while the other units are delivered vacant for renovation. The portfolio is within Baltimore City limits and falls within Baltimore City Public Schools. Its multi-building configuration provides a unified acquisition across several nearby addresses, with an opportunity to evaluate improvements and operations at the portfolio level.
Key Highlights
- Six buildings offered together as one apartment portfolio
- 18 apartments total, with three rental units in each building
- 2313 Whittier Avenue has two occupied units and additional units delivered vacant
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
$27,907
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
2.94%
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%
$558,140
$558.1K
Cap Rate 7%
$398,671
$398.7K
Cap Rate 9%
$310,078
$310.1K
Market Conditions
NOI Build-Up for 2,142 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
$54.0K $25.20/SF
− Vacancy
−$3.2K −$1.51/SF
EGI
$50.7K $23.69/SF
− OpEx
−$22.8K −$10.66/SF
NOI
$27.9K $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%
$558,140
Cap Rate 7%
$398,671
Cap Rate 9%
$310,078
Alternative Uses
Best Use
Apartment 5plus
$398.7K
$348.8K – $465.1K
NOI $27,907 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$513.2K
$449.0K – $598.7K
NOI $35,921 @ 7.0% cap · market cap 3.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
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
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 - Bulk acquisition includes 18 rental units across six Baltimore City buildings, with R-7 zoning and value-add renovation potential.
Where is this apartment building located?
The property is located at 2313 Whittier Avenue Baltimore, MD.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Six buildings offered together as one apartment portfolio; 18 apartments total, with three rental units in each building; 2313 Whittier Avenue has two occupied units and additional units delivered vacant
