Remodeled
New
For Sale
$299,000
2926 ELLICOTT DRIVE, Baltimore, MD 21216
Two separate residences offer a flexible setup for owner occupancy or rental use.
Property Size1,176 SF
Price / SF$254.25
Days on Market5
Property Features for 2926 ELLICOTT DRIVE
General Information
Standard status
Active
Size
1,176 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Century 21 Harris Hawkins & Co.
(410) 321-1035
Listed By:
Tiffany G. Harris · License #37442
(410) 736-9091
Source:
Cummingsrealtors
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 26 at 2:29PM
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 Century 21 Harris Hawkins & Co.
Investment Insights
Based on property information with market context.
This duplex contains two 2-bedroom, 1-bath units, with a combined property size of 1,176 square feet. The building dates to 1920 and has undergone remodeling, with updated interiors and finishes. The two-unit configuration supports separate occupancy, whether used together as rentals or with an owner in one unit and a tenant in the other.
Key Highlights
- Two 2‑bedroom, 1‑bath units
- 1,176 square feet across the property
- Built in 1920; remodeled interiors
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
$17,270
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
5.78%
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%
$345,400
$345.4K
Cap Rate 7%
$246,714
$246.7K
Cap Rate 9%
$191,889
$191.9K
Market Conditions
NOI Build-Up for 1,176 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
$26.1K $22.20/SF
− Vacancy
−$1.4K −$1.22/SF
EGI
$24.7K $20.98/SF
− OpEx
−$7.4K −$6.29/SF
NOI
$17.3K $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%
$345,400
Cap Rate 7%
$246,714
Cap Rate 9%
$191,889
Alternative Uses
Best Use
Multifamily LT 5
$246.7K
$215.9K – $287.8K
NOI $17,270 @ 7.0% cap · market cap 5.78%
Second Best
Apartment 5plus
$218.9K
$191.5K – $255.4K
NOI $15,321 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$281.7K
$246.5K – $328.7K
NOI $19,722 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
665
Businesses Nearby
Explore this area
Business Placement
Demographics for 21216, MD
27,729
Population
15,613
Households
1.8
Avg Household Size
39
Median Age
16%
College-Educated
87%
High-School Grad
3.3 sq mi
ZIP Area
8,403
Density / Sq Mi
$46,440
Median Household Income
$36,634
Median Earnings
$1,160
Median Rent
$148,800
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?
Duplex - Two separate residences offer a flexible setup for owner occupancy or rental use.
Where is this duplex located?
The property is located at 2926 ELLICOTT DRIVE Baltimore, MD.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units; 1,176 square feet across the property; Built in 1920; remodeled interiors
