Renovated Four-Unit
For Sale
$724,990
2709 N CALVERT STREET, Baltimore, MD 21218
Four apartments offer private porches, in-unit laundry, central HVAC, and separate metering throughout.
Property Size2,940 SF
Days on Market16
Property Features for 2709 N CALVERT STREET
General Information
Standard status
Active
Size
2,940 SF
Property subtype
Quadruplex
Taxes and HOA fees
Annual Taxes
$11,694
Building Details
Building Size
2,940 SF
Year Built
1900
Listing Agency:
EXP Realty, LLC
(703) 405-5182
Listed By:
Yony Kifle · License #655732
(703) 405-5182
Source:
Barnesrealestatecompany
Added: Jul 27
Changed: Aug 11
Last Checked: Aug 11 at 12:44PM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This four-unit quadplex was renovated in 2021 and includes three one-bedroom, one-bath apartments plus one efficiency apartment. Each unit has central heating and air conditioning, an in-unit washer and dryer, and a private porch. Separate metering serves all four apartments.
Built in 1900, the property is located in Charles Village near Johns Hopkins University, the JHU shuttle, Penn Station, restaurants, coffee shops, parks, and downtown Baltimore. The unit mix and individual apartment amenities support a compact multifamily configuration with distinct living spaces.
Built in 1900, the property is located in Charles Village near Johns Hopkins University, the JHU shuttle, Penn Station, restaurants, coffee shops, parks, and downtown Baltimore. The unit mix and individual apartment amenities support a compact multifamily configuration with distinct living spaces.
Key Highlights
- Four‑unit quadplex renovated in 2021
- Unit mix includes three one‑bedroom, one‑bath apartments and one efficiency apartment
- All units are separately metered
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
$38,234
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
5.27%
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%
$764,680
$764.7K
Cap Rate 7%
$546,200
$546.2K
Cap Rate 9%
$424,822
$424.8K
Market Conditions
NOI Build-Up for 2,940 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
$58.2K $19.80/SF
− Vacancy
−$3.6K −$1.22/SF
EGI
$54.6K $18.58/SF
− OpEx
−$16.4K −$5.57/SF
NOI
$38.2K $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%
$764,680
Cap Rate 7%
$546,200
Cap Rate 9%
$424,822
Alternative Uses
Best Use
Multifamily LT 5
$546.2K
$477.9K – $637.2K
NOI $38,234 @ 7.0% cap · market cap 5.27%
Second Best
Apartment 5plus
$487.3K
$426.4K – $568.5K
NOI $34,108 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$799.3K
$699.4K – $932.6K
NOI $55,954 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Four apartments offer private porches, in-unit laundry, central HVAC, and separate metering throughout.
Where is this quadplex located?
The property is located at 2709 N CALVERT STREET Baltimore, MD.
What is the asking price?
The asking price for this property is $724,990.
What are key features of this property?
This property features: Four‑unit quadplex renovated in 2021; Unit mix includes three one‑bedroom, one‑bath apartments and one efficiency apartment; All units are separately metered
