Four-Unit Victorian
New
For Sale
$649,900
2908 N CALVERT Street, Baltimore, MD 21218
Multi-Family, BALTIMORE, MD
Property Size2,932 SF
Price / SF$221.66
Days on Market3
Property Features for 2908 N CALVERT Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Rooms
Basement
Parking
1
Parking features
On Street, Garage - Detached
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
2,932 SF
Taxes and HOA fees
Tax Annual Amount
7779
Utilities
Heating system
Other (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1902
Number of units
4
Building materials
Brick
Architectural style
Victorian
Listing Agency:
EXP Realty, LLC
(571) 839-2852
Listed By:
Yony Kifle · License #655732
(866) 825-7169
Added: Oct 1
Changed: Oct 2
Last Checked: Oct 3 at 1:06AM
MLS# MDBA2232240
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 2,932-square-foot, brick Victorian property, built in 1902, contains four apartments: three one-bedroom, one-bath units and one three-bedroom, two-bath unit. Three apartments were renovated in 2021 with updated kitchens, bathrooms, and flooring. Other work includes replacement lobby stairs, exterior painting, and new gutters that year; a hot water tank and galvanized piping work in 2022; a garage door and roof coating in 2023; a sump pump in 2024; and porch and porch-roof replacements in 2026.
The property is approximately three blocks from Johns Hopkins University. Tenants pay their own utilities, with water costs allocated among the apartments. The owner covers winter heat for units served by radiators. Cooling is provided by window units, and parking includes on-street spaces and a detached garage.
The property is approximately three blocks from Johns Hopkins University. Tenants pay their own utilities, with water costs allocated among the apartments. The owner covers winter heat for units served by radiators. Cooling is provided by window units, and parking includes on-street spaces and a detached garage.
Key Highlights
- Four apartments: three one‑bedroom, one‑bath units and one three‑bedroom, two‑bath unit
- 2,932 square feet; brick construction; built in 1902
- Three units renovated in 2021 with new kitchens, bathrooms, and flooring
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
$38,130
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
5.87%
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%
$762,600
$762.6K
Cap Rate 7%
$544,714
$544.7K
Cap Rate 9%
$423,667
$423.7K
Market Conditions
NOI Build-Up for 2,932 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
$58.1K $19.80/SF
− Vacancy
−$3.6K −$1.22/SF
EGI
$54.5K $18.58/SF
− OpEx
−$16.3K −$5.57/SF
NOI
$38.1K $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%
$762,600
Cap Rate 7%
$544,714
Cap Rate 9%
$423,667
Alternative Uses
Best Use
Multifamily LT 5
$544.7K
$476.6K – $635.5K
NOI $38,130 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$485.9K
$425.2K – $566.9K
NOI $34,016 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$797.2K
$697.5K – $930.0K
NOI $55,802 @ 7.0% cap · market cap 8.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,076
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
Check the figures for this property
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 - Three apartments received renovations in 2021, followed by further building and system work through 2026.
Where is this quadplex located?
The property is located at 2908 N CALVERT Street 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: Four apartments: three one‑bedroom, one‑bath units and one three‑bedroom, two‑bath unit; 2,932 square feet; brick construction; built in 1902; Three units renovated in 2021 with new kitchens, bathrooms, and flooring
