Renovated Duplex with Detached
For Sale
$539,900
2414 CALLOW Avenue, Baltimore, MD 21217
Multi-Family, BALTIMORE, MD
Property Size2,250 SF
Lot Size0.06 Acres
Price / SF$239.96
Days on Market10
Property Features for 2414 CALLOW Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking
2
Parking features
Garage - Detached
Interior features
2nd Kitchen, Built-Ins, Primary Bath(s)
Subdivision
RESERVOIR HILL
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
2,250 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
12680
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
backyard deck
EV charging station
in-unit washer/dryer
Building Details
Year built
1912
Number of units
1
Building materials
Brick
Architectural style
Colonial
Listing Agency:
Cummings & Co. Realtors
(410) 823-0033
Listed By:
Brigitte S Williams · License #509699
(443) 250-1841
Added: Sep 18
Last Checked: Sep 27 at 12:06PM
MLS# MDBA2229690
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 renovated brick Colonial duplex, built in 1912, provides a four-bedroom main residence with 4 1/2 baths and a separate one-bedroom, one-bath lower-level apartment. The main home includes four primary suites with walk-in closets, while the apartment has its own full kitchen, primary suite, and washer and dryer. Each living level is served by dedicated laundry, with three machines in total. Interior features include a second kitchen, built-ins, and primary baths.
The 2,250-square-foot property occupies 0.0607 acres and is legally zoned for two units. Improvements include energy-efficient appliances, high-efficiency HVAC systems with two heating and cooling zones, tankless hot water in the lower apartment, and high-efficiency windows on three sides. Exterior updates include a front porch, new steps, side walkway, backyard deck, and a detached two-car garage equipped with an EV charging station.
The 2,250-square-foot property occupies 0.0607 acres and is legally zoned for two units. Improvements include energy-efficient appliances, high-efficiency HVAC systems with two heating and cooling zones, tankless hot water in the lower apartment, and high-efficiency windows on three sides. Exterior updates include a front porch, new steps, side walkway, backyard deck, and a detached two-car garage equipped with an EV charging station.
Key Highlights
- Legally zoned 2‑unit building
- 2,250 square feet on 0.0607 acres
- Main residence with 4 bedrooms and 4 1/2 baths
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
$33,042
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
6.12%
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%
$660,840
$660.8K
Cap Rate 7%
$472,029
$472.0K
Cap Rate 9%
$367,133
$367.1K
Market Conditions
NOI Build-Up for 2,250 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
$50.0K $22.20/SF
− Vacancy
−$2.7K −$1.22/SF
EGI
$47.2K $20.98/SF
− OpEx
−$14.2K −$6.29/SF
NOI
$33.0K $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%
$660,840
Cap Rate 7%
$472,029
Cap Rate 9%
$367,133
Alternative Uses
Best Use
Multifamily LT 5
$472.0K
$413.0K – $550.7K
NOI $33,042 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$418.8K
$366.4K – $488.6K
NOI $29,314 @ 7.0% cap · market cap 5.43%
Theoretical Best
Office A
$539.0K
$471.7K – $628.9K
NOI $37,733 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,159
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?
Duplex - Brick Colonial duplex with separate lower-level apartment, updated systems, and outdoor living improvements.
Where is this duplex located?
The property is located at 2414 CALLOW Avenue Baltimore, MD.
What is the asking price?
The asking price for this property is $539,900.
What are key features of this property?
This property features: Legally zoned 2‑unit building; 2,250 square feet on 0.0607 acres; Main residence with 4 bedrooms and 4 1/2 baths
