6-Unit Multifamily
New
For Sale
$900,000
2903 Ridge Ave, Baltimore, MD 21244
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 Market2
Property Features for 2903 Ridge Ave
General Information
Standard status
Active
Size
5,641 SF
Lot size
6.80 Acres
Property subtype
Multi-Family
Units
Unit Mix
6 x 2BR
Multifamily Units
6
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1953
Buildings
3
Listing Agency:
Northrop Realty
Listed By:
Patrick T Komiske II · License #596755
(410) 596-6523
Source:
Hargreaveshomesales
Added: Sep 26
Last Checked: Sep 26 at 3:33PM
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
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 = 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
$73,493
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
8.17%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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
