Building Details

Building Size 3,585 SF

Year Built 1930

Year Renovated 2024

Buildings 1

Listing Agency: Realty ONE Group Excellence

Listed By: Randall Graves · License #653140 Show Phone

Source: Thehulsmangroup

Added: Aug 11 Changed: Oct 3 Last Checked: Oct 7 at 3:33PM

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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 Realty ONE Group Excellence

Investment Insights

Based on property information with market context.

This detached triplex includes three residential units on a corner lot. The lower apartment has 2 bedrooms and 1 bathroom and is vacant. The middle and upper apartments each offer 3 bedrooms and 1 bathroom; both are occupied. The middle unit includes a utility room with washer and dryer, while the upper unit adds a sunroom and its own washer and dryer. The property was renovated in 2024 and dates to 1930.

An extended asphalt driveway provides private parking, supplemented by public street parking. Rear land offers room for a future parking pad or a large garage adjacent to the driveway. The property has separate BGE meters, and all zoning and permits are described as legal and current. It is located near Baltimore-area highways, including I-83, I-695, and I-95, with Downtown Baltimore, Druid Hill Park, Maryland Zoo, and multiple education, shopping, and government destinations nearby.

Key Highlights

• Renovated in 2024; original construction dates to 1930
• Detached triplex with a 2 BR/1BA lower unit and two 3BR/1BA upper units
• Lower unit is vacant; middle and upper units are occupied

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$46,289

Cap Rate

8.90%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$925,780 $925.8K

Cap Rate 7%

$661,271 $661.3K

Cap Rate 9%

$514,322 $514.3K

Market Conditions

NOI Build-Up for 3,585 SF

Gross rent

$71.0K $19.80/SF

− Vacancy

−$4.9K −$1.35/SF

EGI

$66.1K $18.45/SF

− OpEx

−$19.8K −$5.53/SF

NOI

$46.3K $12.91/SF

Area

ZIP 21215

Vacancy

6.84%

Lease Rate

$19.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$925,780

Cap Rate 7%

$661,271

Cap Rate 9%

$514,322

Alternative Uses

Best Use

Multifamily LT 5

$661.3K

$578.6K – $771.5K (±1% cap)

NOI $46,289 @ 7.0% cap · market cap 8.90%

Second Best

Apartment 5plus

$608.5K

$532.5K – $710.0K (±1% cap)

NOI $42,597 @ 7.0% cap · market cap 8.19%

Theoretical Best

Office A

$854.7K

$747.9K – $997.2K (±1% cap)

NOI $59,829 @ 7.0% cap · market cap 11.51%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Law Firm Real Estate Agency Dental Office Skin Care Clinic Electrical Service Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Yes

Highway access

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

769

Businesses Nearby

Explore this area Business Placement

Demographics for 21215, MD

54,198

Population

24,876

Households

2.2

Avg Household Size

42

Median Age

25%

College-Educated

84%

High-School Grad

6.8 sq mi

ZIP Area

7,970

Density / Sq Mi

$47,606

Median Household Income

$37,670

Median Earnings

$1,177

Median Rent

$189,900

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Triplex - Three residential units include a vacant lower apartment and two occupied upper-level apartments.

Where is this triplex located?

The property is located at 2523 LIBERTY HEIGHTS AVENUE Baltimore, MD.

What is the asking price?

The asking price for this property is $519,999.

What are key features of this property?

This property features: Renovated in 2024; original construction dates to 1930; Detached triplex with a 2 BR/1BA lower unit and two 3BR/1BA upper units; Lower unit is vacant; middle and upper units are occupied