Three-Unit Multifamily
For Sale
$305,000
2708 Maryland Avenue, Baltimore, MD 21218
Two one-bedroom apartments and one studio create a varied residential unit mix.
Property Size2,238 SF
Price / SF$136.28
Days on Market169
Property Features for 2708 Maryland Avenue
General Information
Standard status
Active
Size
2,238 SF
Property subtype
Multi-Family / Fee Simple
Zoning
R-7
Units
Unit Mix
2 x 1BR, 1 x studio
Multifamily Units
3
Additional Details
Asking Price
$305,000
Taxes and HOA fees
Annual Taxes
$4,052
Amenities
No
No Pool
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Ben Frederick Realty, Inc.
(410) 916-3331
Listed By:
Will A Cannon III · License #657102
(410) 916-3331
Source:
Compass
Added: Mar 17
Changed: Aug 31
Last Checked: Aug 31 at 2:01AM
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 Ben Frederick Realty, Inc.
Investment Insights
Based on property information with market context.
This 2,238-square-foot multifamily property contains three residential units: two one-bedroom apartments and one studio apartment. Built in 1920 and zoned R-7, the building offers a compact configuration suited to residential income use.
The property is located at 2708 Maryland Avenue in Baltimore’s Charles Village, within four blocks of Johns Hopkins University’s Homewood Campus and Wyman Park Dell. The Maryland Avenue corridor provides walkable access to the Charles Village Shopping District, a cycle track, dining, and retail options. The property is within Baltimore City limits and served by Baltimore City Public Schools.
The property is located at 2708 Maryland Avenue in Baltimore’s Charles Village, within four blocks of Johns Hopkins University’s Homewood Campus and Wyman Park Dell. The Maryland Avenue corridor provides walkable access to the Charles Village Shopping District, a cycle track, dining, and retail options. The property is within Baltimore City limits and served by Baltimore City Public Schools.
Key Highlights
- Three‑unit configuration with two one‑bedroom apartments and one studio
- 2,238 square feet of multifamily space
- Built in 1920
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
$25,964
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
8.51%
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%
$519,280
$519.3K
Cap Rate 7%
$370,914
$370.9K
Cap Rate 9%
$288,489
$288.5K
Market Conditions
NOI Build-Up for 2,238 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
$50.5K $22.56/SF
− Vacancy
−$3.3K −$1.47/SF
EGI
$47.2K $21.09/SF
− OpEx
−$21.2K −$9.49/SF
NOI
$26.0K $11.60/SF
Area
ZIP 21218
Vacancy
6.50%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
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%
$519,280
Cap Rate 7%
$370,914
Cap Rate 9%
$288,489
Alternative Uses
Best Use
Multifamily LT 5
$415.8K
$363.8K – $485.1K
NOI $29,105 @ 7.0% cap · market cap 9.54%
Second Best
Apartment 5plus
$370.9K
$324.6K – $432.7K
NOI $25,964 @ 7.0% cap · market cap 8.51%
Theoretical Best
Office A
$608.5K
$532.4K – $709.9K
NOI $42,594 @ 7.0% cap · market cap 13.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,596
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?
Triplex - Two one-bedroom apartments and one studio create a varied residential unit mix.
Where is this triplex located?
The property is located at 2708 Maryland Avenue Baltimore, MD.
What is the asking price?
The asking price for this property is $305,000.
What are key features of this property?
This property features: Three‑unit configuration with two one‑bedroom apartments and one studio; 2,238 square feet of multifamily space; Built in 1920
