6-Unit Multifamily
2903 Ridge Ave, Baltimore, MD 21244
For Sale
$900,000
Three buildings contain six two-bedroom residences on a single parcel.
Property Size5,641 SF
Lot Size6.80 Acres
Price / SF$159.55
Days on Market51
Property Features for 2903 Ridge Ave
General Information
Standard status
Size
Lot size
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Utilities to Site
Building Details
Year Built
Buildings
Listing Agency:
Northrop Realty
Listed By:
Patrick T Komiske II · License MD #596755
(410) 596-6523
Source:
Hargreaveshomesales
Added: Sep 26
Changed: Oct 25
Last Checked: Oct 7 at 4:53PM
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 Northrop Realty
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Investment Insights
Based on property information with market context.
The multifamily property spans 6.8 acres and includes three structures with two 2-bedroom dwelling units in each, totaling six residences on one parcel. Hot water heaters have been updated throughout. The 2903 Ridge building has a new roof and an oil burner dated May 2026; it uses a shared well and septic tank. At 2845 Ridge, the property has its own well and septic tank, with the septic system replaced in 2023. The 2905 Ridge building received a new roof in 2024 and has second-floor propane heat.
Key Highlights
- Six 2‑bedroom dwelling units across three structures on one parcel
- 6.8 acres
- 2903 Ridge: shared well and septic tank, new roof, oil burner May 2026
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$73,493
Cap Rate
8.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,469,860
$1.5M
Cap Rate 7%
$1,049,900
$1.0M
Cap Rate 9%
$816,589
$816.6K
Market Conditions
NOI Build-Up for 5,641 SF
Gross rent
$142.2K $25.20/SF
− Vacancy
−$8.5K −$1.51/SF
EGI
$133.6K $23.69/SF
− OpEx
−$60.1K −$10.66/SF
NOI
$73.5K $13.03/SF
Area
Baltimore, MD
Vacancy
6.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,469,860
Cap Rate 7%
$1,049,900
Cap Rate 9%
$816,589
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$918.7K – $1.22M
NOI $73,493 @ 7.0% cap · market cap 8.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,600 @ 7.0% cap · market cap 10.51%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
524
Businesses Nearby
Explore this area
Business Placement
Demographics for 21244, MD
38,015
Population
15,006
Households
2.5
Avg Household Size
36
Median Age
35%
College-Educated
90%
High-School Grad
14.1 sq mi
ZIP Area
2,696
Density / Sq Mi
$84,849
Median Household Income
$45,367
Median Earnings
$1,538
Median Rent
$271,200
Median Home Value
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Market
Average Price Trend$/SF for Multifamily properties in Baltimore, MD
Properties on Market for Multifamily properties in Baltimore
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Three buildings contain six two-bedroom residences on a single parcel.
Where is this multifamily property located?
The property is located at 2903 Ridge Ave Baltimore, MD.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Six 2‑bedroom dwelling units across three structures on one parcel; 6.8 acres; 2903 Ridge: shared well and septic tank, new roof, oil burner May 2026
