Residential Income
For Sale
$235,000
315 ELRINO STREET, Baltimore, MD 21224
Baltimore City residential income property with finished basement space, natural gas radiant heat, and an exterior-entry layout.
Property Size1,980 SF
Price / SF$139.88
Days on Market53
Property Features for 315 ELRINO STREET
General Information
Standard status
Active
Size
1,980 SF
Property subtype
Residential Income
Zoning
R8
Taxes and HOA fees
Annual Taxes
$5,131
Amenities
Window Unit(s), Electric
Natural Gas, Radiant
Finished, Exterior Entry, Full, Interior Entry
Gas Water Heater
On Street
Federal
Building Details
Building Size
1,980 SF
Year Built
1942
Listing Agency:
Cummings & Co. Realtors
Listed By:
Caitlin Regan · License #661039
(443) 990-1115
Source:
Evrealestate
Added: Jul 13
Changed: Sep 2
Last Checked: Sep 2 at 2:01PM
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 Cummings & Co. Realtors
Investment Insights
Based on property information with market context.
This residential income property was built in 1942 and includes a finished full basement with both interior and exterior entry. Interior systems include natural gas radiant heat, electric window unit cooling, and a gas water heater. The property also offers on-street parking and Federal exterior architecture.
Located at 315 Elrino Street in Baltimore, the property is within Baltimore City and is zoned R8. The combination of finished lower-level space, multiple entry points, and established building construction provides a defined residential income property configuration.
Located at 315 Elrino Street in Baltimore, the property is within Baltimore City and is zoned R8. The combination of finished lower-level space, multiple entry points, and established building construction provides a defined residential income property configuration.
Key Highlights
- R8 zoning in Baltimore City
- Built in 1942
- Finished full basement with interior and exterior entry
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
$20,392
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
8.68%
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%
$407,840
$407.8K
Cap Rate 7%
$291,314
$291.3K
Cap Rate 9%
$226,578
$226.6K
Market Conditions
NOI Build-Up for 1,680 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
$39.1K $23.28/SF
− Vacancy
−$2.0K −$1.21/SF
EGI
$37.1K $22.07/SF
− OpEx
−$16.7K −$9.93/SF
NOI
$20.4K $12.14/SF
Area
ZIP 21224
Vacancy
5.20%
Lease Rate
$23.28 /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%
$407,840
Cap Rate 7%
$291,314
Cap Rate 9%
$226,578
Alternative Uses
Best Use
Apartment 5plus
$291.3K
$254.9K – $339.9K
NOI $20,392 @ 7.0% cap · market cap 8.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$402.5K
$352.2K – $469.6K
NOI $28,174 @ 7.0% cap · market cap 11.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,833
Businesses Nearby
Explore this area
Business Placement
Demographics for 21224, MD
54,266
Population
23,433
Households
2.3
Avg Household Size
33
Median Age
50%
College-Educated
85%
High-School Grad
9.3 sq mi
ZIP Area
5,835
Density / Sq Mi
$86,209
Median Household Income
$63,556
Median Earnings
$1,782
Median Rent
$281,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Baltimore City residential income property with finished basement space, natural gas radiant heat, and an exterior-entry layout.
Where is this residential income property located?
The property is located at 315 ELRINO STREET Baltimore, MD.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: R8 zoning in Baltimore City; Built in 1942; Finished full basement with interior and exterior entry
