Renovated Detached
For Sale
$519,999
2523 LIBERTY HEIGHTS Avenue, Baltimore, MD 21215
Multi-Family, BALTIMORE, MD
Property Size3,585 SF
Lot Size0.14 Acres
Price / SF$145.05
Days on Market48
Property Features for 2523 LIBERTY HEIGHTS Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Parking features
On Street, Alley, Off Street, Driveway
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
3,585 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
8465
Utilities
Heating system
Other (Heating)
Amenities
washer/dryer
sunroom
Building Details
Year built
1930
Number of units
1
Building materials
Tile, Vinyl Siding, CPVC/PVC
Architectural style
Other
Listing Agency:
Realty ONE Group Excellence
(443) 233-6156
Listed By:
Randall Graves · License #653140
(443) 802-7830
Added: Aug 11
Changed: Sep 25
Last Checked: Sep 27 at 1:06PM
MLS# MDBA2227484
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 detached triplex contains 3,585 square feet on a 0.1364-acre corner lot and was built in 1930. Renovated in 2024, the property includes a two-bedroom lower apartment that is vacant, plus two occupied three-bedroom apartments. The middle unit has a utility room with a washer and dryer, while the upper unit adds both a utility room with laundry and a sunroom. Construction materials include tile, vinyl siding, and CPVC/PVC, with heating identified as other.
Parking is provided through an extended asphalt driveway, public street parking, and alley access. The rear land may accommodate a new parking pad or a garage, subject to applicable requirements. Zoning and permits are legal and current, and each unit has a separate BGE meter. The property is in Baltimore near Downtown Baltimore, multiple education centers, shopping areas, government agencies, I-83, I-695, I-95, Druid Hill Park, the Maryland Zoo, and Cylburn Arboretum.
Parking is provided through an extended asphalt driveway, public street parking, and alley access. The rear land may accommodate a new parking pad or a garage, subject to applicable requirements. Zoning and permits are legal and current, and each unit has a separate BGE meter. The property is in Baltimore near Downtown Baltimore, multiple education centers, shopping areas, government agencies, I-83, I-695, I-95, Druid Hill Park, the Maryland Zoo, and Cylburn Arboretum.
Key Highlights
- 2024 renovation with 3,585 square feet of improvements
- Three‑unit layout: 2 BR/1BA lower unit plus two 3BR/1BA units
- Lower apartment delivered vacant; middle and upper units 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
8.90%
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 8.90%
Second Best
Apartment 5plus
$608.5K
$532.5K – $710.0K
NOI $42,597 @ 7.0% cap · market cap 8.19%
Theoretical Best
Office A
$854.7K
$747.9K – $997.2K
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
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Detached three-unit property with separate BGE meters, off-street parking, and a vacant lower apartment.
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: 2024 renovation with 3,585 square feet of improvements; Three‑unit layout: 2 BR/1BA lower unit plus two 3BR/1BA units; Lower apartment delivered vacant; middle and upper units occupied
