Updated Two-Unit
For Sale
$235,000
315 ELRINO Street, Baltimore, MD 21224
Multi-Family, BALTIMORE, MD
Property Size1,680 SF
Lot Size0.03 Acres
Price / SF$139.88
Days on Market52
Property Features for 315 ELRINO Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
Subdivision
BAYVIEW
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
1,680 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
5131
Utilities
Heating system
Other (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1942
Number of units
2
Building materials
Brick
Architectural style
Federal
Listing Agency:
Cummings & Co. Realtors
(410) 823-0033
Listed By:
Caitlin Regan · License #661039
(443) 990-1115
Added: Jul 1
Changed: Aug 19
Last Checked: Aug 21 at 2:06PM
MLS# MDBA2220200
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 1,680-square-foot brick duplex, built in 1942, contains two separately metered units and is zoned for two residences. The upper apartment includes a kitchen, full bathroom, living room, and bedroom. The lower apartment provides a kitchen with dining area, living room, one full and one half bathroom, and two bedrooms. Window-unit cooling, on-street parking, and a basement are also included.
Recent work includes replacement of the rubber roof, water heater, gas boiler, and water lines and main. The property is located near Johns Hopkins Bayview and NIH, with access to I-95 and proximity to Yard 56. Its Federal architectural style and compact 0.03-acre lot complement the two-unit configuration.
Recent work includes replacement of the rubber roof, water heater, gas boiler, and water lines and main. The property is located near Johns Hopkins Bayview and NIH, with access to I-95 and proximity to Yard 56. Its Federal architectural style and compact 0.03-acre lot complement the two-unit configuration.
Key Highlights
- Two‑unit duplex with 1,680 square feet of building area
- Separate electric meters for each unit
- Recent rubber roof, gas boiler, and water heater updates
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
Multifamily LT 5
$314.3K
$275.1K – $366.7K
NOI $22,004 @ 7.0% cap · market cap 9.36%
Second Best
Apartment 5plus
$291.3K
$254.9K – $339.9K
NOI $20,392 @ 7.0% cap · market cap 8.68%
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
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Brick residential income property with separate electric metering and recent updates to key building systems.
Where is this duplex 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: Two‑unit duplex with 1,680 square feet of building area; Separate electric meters for each unit; Recent rubber roof, gas boiler, and water heater updates
