Renovated Four-Unit
For Sale
$699,900
2709 N CALVERT Street, Baltimore, MD 21218
Multi-Family, BALTIMORE, MD
Property Size2,940 SF
Lot Size0.06 Acres
Price / SF$238.06
Days on Market51
Property Features for 2709 N CALVERT Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Rooms
Basement
Parking features
On Street
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
2,940 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
11694
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
central heating and air conditioning
in-unit washer and dryer
private porch
Building Details
Year built
1900
Number of units
4
Building materials
Brick
Architectural style
Federal
Listing Agency:
EXP Realty, LLC
(866) 825-7169
Listed By:
Yony Kifle · License #655732
(703) 405-5182
Added: Jul 27
Changed: Sep 14
Last Checked: Sep 15 at 2:06PM
MLS# MDBA2222818
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.
Renovated in 2021, this 2,940-square-foot brick quadplex contains four apartments: three one-bedroom, one-bath units and one efficiency. Each residence includes central heating and air conditioning, an in-unit washer and dryer, separate metering, and a private porch. The property also includes a basement, on-street parking, and Federal architectural styling dating to its 1900 construction.
Located at 2709 N CALVERT Street in Baltimore’s Charles Village, the property is near Johns Hopkins University, the JHU shuttle, Penn Station, restaurants, coffee shops, parks, and downtown Baltimore. Its four-unit configuration and separately metered apartments support continued use as a multifamily income property.
Located at 2709 N CALVERT Street in Baltimore’s Charles Village, the property is near Johns Hopkins University, the JHU shuttle, Penn Station, restaurants, coffee shops, parks, and downtown Baltimore. Its four-unit configuration and separately metered apartments support continued use as a multifamily income property.
Key Highlights
- Four‑unit configuration with three one‑bedroom, one‑bath apartments and one efficiency unit
- 2,940 square feet on a 0.06‑acre lot
- Renovated in 2021
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
5.46%
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 5.46%
Second Best
Apartment 5plus
$487.3K
$426.4K – $568.5K
NOI $34,108 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$799.3K
$699.4K – $932.6K
NOI $55,954 @ 7.0% cap · market cap 7.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four separately metered apartments offer private porches, in-unit laundry, and central heating and cooling.
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 $699,900.
What are key features of this property?
This property features: Four‑unit configuration with three one‑bedroom, one‑bath apartments and one efficiency unit; 2,940 square feet on a 0.06‑acre lot; Renovated in 2021
