Turnkey Four-Unit Multifamily
For Sale
$850,000
2635 N CALVERT Street, Baltimore, MD 21218
MULTI_FAMILY - Other - BALTIMORE, MD
Property Size3,292 SF
Lot Size0.03 Acres
Price / SF$258.20
Days on Market235
Property Features for 2635 N CALVERT Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Rooms
Family Room
Parking
1
Parking features
Parking Lot, On Street
Interior features
2nd Kitchen, Additional Stairway, Bathroom - Stall Shower, Bathroom - Tub Shower, Bathroom - Walk-In Shower, Family Room Off Kitchen, Floor Plan - Open, Kitchen - Eat-In, Kitchen - Table Space
Appliances
Dishwasher, Disposal, Dryer, Dryer - Front Loading, Dryer - Electric, Exhaust Fan, Microwave, Oven/Range - Electric, Refrigerator, Stainless Steel Appliances, Washer, Washer - Front Loading, Washer/Dryer Stacked, WaterHeater
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
3,292 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
7234
Utilities
Heating system
Other (Heating)
Cooling system
Central Air
Building Details
Year built
1900
Number of units
4
Building materials
Brick
Architectural style
Other
Listing Agency:
Taylor Properties
(301) 970-2447
Listed By:
Jennifer L Drennan · License #617937
(301) 318-5959
Added: Dec 20, 2025
Changed: Jul 24
Last Checked: Aug 12 at 2:06AM
MLS# MDBA2195724
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 turnkey four-unit multifamily property has been fully renovated from top to bottom. Major improvements include new plumbing, electrical systems, HVAC, energy-efficient windows, and a brand-new roof. The building’s unit mix consists of two 2-bedroom, 1-bath apartments, one spacious two-level 3-bedroom, 2-bath unit, and one studio apartment. Updates in every unit include open layouts, recessed lighting, updated flooring, stainless steel appliances, custom cabinetry, in-unit washer/dryers, central air conditioning, and private outdoor deck space. The property is also equipped with smart-home technology such as video intercom systems, Ecobee smart thermostats, CAT6 ethernet wiring, centralized media panels, and energy-efficient tankless water heaters.
Located in Charles Village, the property is just blocks from Johns Hopkins University and near everyday neighborhood amenities including Starbucks, Eddie’s Market, the Baltimore Museum of Art, Waverly Farmers Market, parks, shops, restaurants, and public transportation.
For tenants and owner-operators seeking a renovated residential income asset with modern in-unit conveniences, this property offers a practical combination of updated building systems, central cooling, and in-unit laundry across an efficient unit mix. With a current rental income of approximately $7,700 per month, it is positioned as a straightforward option for buyers looking for a low-maintenance, ready-to-operate multifamily investment.
Located in Charles Village, the property is just blocks from Johns Hopkins University and near everyday neighborhood amenities including Starbucks, Eddie’s Market, the Baltimore Museum of Art, Waverly Farmers Market, parks, shops, restaurants, and public transportation.
For tenants and owner-operators seeking a renovated residential income asset with modern in-unit conveniences, this property offers a practical combination of updated building systems, central cooling, and in-unit laundry across an efficient unit mix. With a current rental income of approximately $7,700 per month, it is positioned as a straightforward option for buyers looking for a low-maintenance, ready-to-operate multifamily investment.
Key Highlights
- Fully renovated 4‑unit multifamily property in Charles Village with approximately $7,700/month in rental income
- Unit mix includes two 2‑bedroom, 1‑bath apartments, one 2‑level 3‑bedroom, 2‑bath unit, and one studio
- Major upgrades completed: all‑new plumbing, electrical systems, HVAC, energy‑efficient windows, and a brand‑new roof
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
$42,812
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
5.04%
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%
$856,240
$856.2K
Cap Rate 7%
$611,600
$611.6K
Cap Rate 9%
$475,689
$475.7K
Market Conditions
NOI Build-Up for 3,292 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
$65.2K $19.80/SF
− Vacancy
−$4.0K −$1.22/SF
EGI
$61.2K $18.58/SF
− OpEx
−$18.3K −$5.57/SF
NOI
$42.8K $13.00/SF
Area
ZIP 21218
Vacancy
6.17%
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%
$856,240
Cap Rate 7%
$611,600
Cap Rate 9%
$475,689
Alternative Uses
Best Use
Multifamily LT 5
$611.6K
$535.2K – $713.5K
NOI $42,812 @ 7.0% cap · market cap 5.04%
Second Best
Apartment 5plus
$545.6K
$477.4K – $636.5K
NOI $38,192 @ 7.0% cap · market cap 4.49%
Theoretical Best
Office A
$895.0K
$783.2K – $1.04M
NOI $62,653 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,471
Businesses Nearby
Explore this area
Business Placement
Demographics for 21218, MD
46,238
Population
21,751
Households
2.1
Avg Household Size
34
Median Age
44%
College-Educated
90%
High-School Grad
4.3 sq mi
ZIP Area
10,753
Density / Sq Mi
$58,378
Median Household Income
$38,316
Median Earnings
$1,239
Median Rent
$229,800
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?
Quadplex - Fully renovated four-unit building with in-unit laundry, central air, and smart-home features designed for low-maintenance operations.
Where is this quadplex located?
The property is located at 2635 N CALVERT Street Baltimore, MD.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Fully renovated 4‑unit multifamily property in Charles Village with approximately $7,700/month in rental income; Unit mix includes two 2‑bedroom, 1‑bath apartments, one 2‑level 3‑bedroom, 2‑bath unit, and one studio; Major upgrades completed: all‑new plumbing, electrical systems, HVAC, energy‑efficient windows, and a brand‑new roof
