Vacant Four-Unit Apartment
For Sale
$649,900
2818 N Calvert St, Baltimore, MD 21202
Six configured living areas, separate electric metering, and laundry hookups support flexible residential operations.
Property Size2,790 SF
Price / SF$232.94
Days on Market30
Property Features for 2818 N Calvert St
General Information
Standard status
Active
Size
2,790 SF
Property subtype
Residential Income
Units
Unit Mix
3 x 1BR/1BA, 3 x efficiency
Multifamily Units
4
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$8,269
Building Details
Buildings
1
Stories
3
Listing Agency:
Keller Williams Gateway LLC
(240) 426-3190
Listed By:
Marcus P Hairston · License #0671997
(240) 426-3190
Source:
Exprealty
Added: Jul 23
Changed: Aug 20
Last Checked: Aug 20 at 10:06AM
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 Keller Williams Gateway LLC
Investment Insights
Based on property information with market context.
This 2,790-square-foot quadplex at 2818 N Calvert St is conveyed vacant and is legally configured as a four-unit apartment building. The current layout includes six living areas: two one-bedroom apartments, an efficiency, a larger one-bedroom apartment, and two additional efficiency spaces associated with the upper portion of Unit 4. The building includes high ceilings in the first-floor apartments and Unit 3, updated lighting throughout the units and common areas, and electric baseboard heat, window air conditioning, and at least two ceiling fans in each living space. Laundry hookups are provided in the basement and on the second floor.
The property is located in Charles Village near Johns Hopkins University, the Baltimore Museum of Art, Olmsted's Wyman Park, Waverly Farmers Market, Station North, restaurants, shops, and cultural attractions. I-83 provides access to downtown Baltimore and other major highways. The four legal units are separately metered, while the six current living areas convey vacant for future tenant selection.
The property is located in Charles Village near Johns Hopkins University, the Baltimore Museum of Art, Olmsted's Wyman Park, Waverly Farmers Market, Station North, restaurants, shops, and cultural attractions. I-83 provides access to downtown Baltimore and other major highways. The four legal units are separately metered, while the six current living areas convey vacant for future tenant selection.
Key Highlights
- 2,790‑square‑foot quadplex at 2818 N Calvert St, Baltimore, MD
- Legally configured as a four‑unit building with six current living areas
- Property conveys completely vacant
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
$40,972
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
6.30%
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%
$819,440
$819.4K
Cap Rate 7%
$585,314
$585.3K
Cap Rate 9%
$455,244
$455.2K
Market Conditions
NOI Build-Up for 2,790 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
$61.9K $22.20/SF
− Vacancy
−$3.4K −$1.22/SF
EGI
$58.5K $20.98/SF
− OpEx
−$17.6K −$6.29/SF
NOI
$41.0K $14.69/SF
Area
Baltimore, MD
Vacancy
5.50%
Lease Rate
$22.20 /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%
$819,440
Cap Rate 7%
$585,314
Cap Rate 9%
$455,244
Alternative Uses
Best Use
Multifamily LT 5
$585.3K
$512.2K – $682.9K
NOI $40,972 @ 7.0% cap · market cap 6.30%
Second Best
Apartment 5plus
$519.3K
$454.4K – $605.8K
NOI $36,349 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$668.4K
$584.9K – $779.8K
NOI $46,788 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,471
Businesses Nearby
Explore this area
Business Placement
Demographics for 21202, MD
22,247
Population
12,731
Households
1.7
Avg Household Size
33
Median Age
48%
College-Educated
86%
High-School Grad
1.6 sq mi
ZIP Area
13,904
Density / Sq Mi
$61,578
Median Household Income
$53,609
Median Earnings
$1,497
Median Rent
$307,700
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 - Six configured living areas, separate electric metering, and laundry hookups support flexible residential operations.
Where is this quadplex located?
The property is located at 2818 N Calvert St Baltimore, MD.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: 2,790‑square‑foot quadplex at 2818 N Calvert St, Baltimore, MD; Legally configured as a four‑unit building with six current living areas; Property conveys completely vacant
