Multifamily Building with Six Living
For Sale
$649,900
2818 N CALVERT Street N, Baltimore, MD 21218
Multi-Family, BALTIMORE, MD
Property Size2,790 SF
Price / SF$232.94
Days on Market33
Property Features for 2818 N CALVERT Street N
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking
1
Parking features
Garage - Detached
Interior features
Upgraded Countertops, Crown Moldings, Bathroom - Walk-In Shower, Bathroom - Tub Shower, Built-Ins
Appliances
Dryer, Oven/Range - Electric, Range Hood, Refrigerator, Washer, WaterHeater
Subdivision
CHARLES VILLAGE
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
2,790 SF
Taxes and HOA fees
Tax Annual Amount
8269
Utilities
Heating system
Electric (Heating), Baseboard
Cooling system
Window Unit(s)
Amenities
high ceilings
electric baseboard heat
window air conditioning units
ceiling fans
updated lighting
laundry hookup
Building Details
Year built
1902
Number of units
4
Building materials
Brick
Architectural style
Other
Listing Agency:
Keller Williams Gateway LLC · Keller Williams Realty
(443) 318-8800
Listed By:
Marcus P Hairston · License #0671997
(240) 426-3190
Added: Jul 23
Changed: Aug 19
Last Checked: Aug 24 at 10:06AM
MLS# MDBA2224932
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 multifamily property is configured as a four-unit apartment building with separately metered units, while currently providing six separate living spaces. Unit 1 occupies two levels and includes one bedroom and one full bathroom. Unit 2 is on the first floor with one bedroom and one full bathroom. The second floor includes Unit 3, a spacious efficiency apartment, and Unit 4, which has a washer and dryer hookup upon entry and features a one-bedroom, one-bathroom layout. Continuing to the third floor, Unit 4 expands to include two additional living spaces that are not separately metered: Unit 4B (an efficiency) and Unit 4C (an efficiency). The six living spaces convey vacant. Each space is equipped with electric baseboard heat, window air conditioning units, and at least two ceiling fans, and updated lighting has been installed throughout every unit and the common areas. Laundry is supported by a basement hookup and a second-floor hookup serving Unit 4 and its additional living spaces.
Located in Charles Village in Baltimore, the property is described as minutes from Johns Hopkins University and within easy access of major highways including I-83.
The building’s legal configuration is four units, with the current six-space setup creating flexibility for an owner seeking to lease the individual living areas.
Located in Charles Village in Baltimore, the property is described as minutes from Johns Hopkins University and within easy access of major highways including I-83.
The building’s legal configuration is four units, with the current six-space setup creating flexibility for an owner seeking to lease the individual living areas.
Key Highlights
- Legally zoned 4‑unit brick building (built 1902) currently configured as 6 separate living spaces with electric baseboard heat and window A/Cs
- All 6 living spaces convey vacant, with separately metered units for the current 4‑unit configuration
- Unit mix: Unit 1 (2‑level 1BR/1BA), Unit 2 (1BR/1BA), Unit 3 (efficiency), Unit 4 (1BR/1BA) plus Unit 4B and 4C (efficiencies)
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
$32,368
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
4.98%
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%
$647,360
$647.4K
Cap Rate 7%
$462,400
$462.4K
Cap Rate 9%
$359,644
$359.6K
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
$62.9K $22.56/SF
− Vacancy
−$4.1K −$1.47/SF
EGI
$58.9K $21.09/SF
− OpEx
−$26.5K −$9.49/SF
NOI
$32.4K $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%
$647,360
Cap Rate 7%
$462,400
Cap Rate 9%
$359,644
Alternative Uses
Best Use
Apartment 5plus
$462.4K
$404.6K – $539.5K
NOI $32,368 @ 7.0% cap · market cap 4.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$758.6K
$663.7K – $885.0K
NOI $53,099 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Highway access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey multifamily property configured with six separate living spaces, each with electric baseboard heat and window A/C.
Where is this apartment building located?
The property is located at 2818 N CALVERT Street N 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: Legally zoned 4‑unit brick building (built 1902) currently configured as 6 separate living spaces with electric baseboard heat and window A/Cs; All 6 living spaces convey vacant, with separately metered units for the current 4‑unit configuration; Unit mix: Unit 1 (2‑level 1BR/1BA), Unit 2 (1BR/1BA), Unit 3 (efficiency), Unit 4 (1BR/1BA) plus Unit 4B and 4C (efficiencies)
