Renovated Detached
For Sale
$564,999
2523 LIBERTY HEIGHTS AVENUE, Baltimore, MD 21215
Three residential units include a vacant lower apartment and two occupied upper-level apartments.
Property Size3,585 SF
Days on Market12
Property Features for 2523 LIBERTY HEIGHTS AVENUE
General Information
Standard status
Active
Size
3,585 SF
Property subtype
Triplex
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/1BA, 2 x 3BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,465
Building Details
Building Size
3,585 SF
Year Built
1930
Year Renovated
2024
Buildings
1
Listing Agency:
Realty ONE Group Excellence
(443) 802-7830
Listed By:
Randall Graves · License #653140
(443) 802-7830
Source:
Thehulsmangroup
Added: Aug 11
Changed: Aug 22
Last Checked: Aug 22 at 11:56AM
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.
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 = 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
$46,289
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
8.19%
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%
$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
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
$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 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%
$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
NOI $46,289 @ 7.0% cap · market cap 8.19%
Second Best
Apartment 5plus
$608.5K
$532.5K – $710.0K
NOI $42,597 @ 7.0% cap · market cap 7.54%
Theoretical Best
Office A
$854.7K
$747.9K – $997.2K
NOI $59,829 @ 7.0% cap · market cap 10.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 $564,999.
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
