Four-Unit Multifamily
For Sale
$455,000
3211 GUILFORD AVENUE, Baltimore, MD 21218
Multifamily building with varied apartment layouts, separate utility metering, and proximity to major institutional and university destinations.
Property Size2,394 SF
Days on Market12
Property Features for 3211 GUILFORD AVENUE
General Information
Standard status
Active
Size
2,394 SF
Property subtype
Triplex
Property Condition
Severity
Repairs Needed
Evidence
deferred maintenance
Units
Unit Mix
3 x 1BR, 1 x studio
Multifamily Units
4
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,746
Building Details
Building Size
2,394 SF
Year Built
1900
Listing Agency:
Ben Frederick Realty, Inc.
Listed By:
Will A Cannon III · License #657102
(410) 916-3331
Source:
Thehulsmangroup
Added: Sep 16
Changed: Sep 26
Last Checked: Sep 26 at 12:04PM
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 Ben Frederick Realty, Inc.
Investment Insights
Based on property information with market context.
This 2,394-square-foot multifamily property contains four apartments: three one-bedroom units and one studio. Built in 1900, the building includes kitchens with wood cabinets, laminate counters, stainless steel sinks, and gas ranges. Apartment interiors feature hardwood or vinyl flooring, plaster walls and ceilings, and bathrooms with assorted sink and tub configurations. Deferred maintenance is present, and existing rents are below market according to the property information.
The property is located at 3211 Guilford Avenue in Baltimore’s Charles Village, directly across from MedStar Union Memorial Hospital. Johns Hopkins University’s Homewood Campus is two blocks away, the Johns Hopkins Shuttle is one block away, and the Charles Village Shopping District is also one block from the building.
Heating is provided by an oil-fired boiler. Each apartment has its own water heater, while four gas meters and five electric meters support substantial utility separation. Tenants pay electric, cooking gas, and hot water; the owner pays for heat and cold water.
The property is located at 3211 Guilford Avenue in Baltimore’s Charles Village, directly across from MedStar Union Memorial Hospital. Johns Hopkins University’s Homewood Campus is two blocks away, the Johns Hopkins Shuttle is one block away, and the Charles Village Shopping District is also one block from the building.
Heating is provided by an oil-fired boiler. Each apartment has its own water heater, while four gas meters and five electric meters support substantial utility separation. Tenants pay electric, cooking gas, and hot water; the owner pays for heat and cold water.
Key Highlights
- Four‑unit configuration with three one‑bedroom apartments and one studio
- 2,394‑square‑foot multifamily property built in 1900
- Four gas meters and five electric meters provide utility separation
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
$31,134
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
6.84%
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%
$622,680
$622.7K
Cap Rate 7%
$444,771
$444.8K
Cap Rate 9%
$345,933
$345.9K
Market Conditions
NOI Build-Up for 2,394 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
$47.4K $19.80/SF
− Vacancy
−$2.9K −$1.22/SF
EGI
$44.5K $18.58/SF
− OpEx
−$13.3K −$5.57/SF
NOI
$31.1K $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%
$622,680
Cap Rate 7%
$444,771
Cap Rate 9%
$345,933
Alternative Uses
Best Use
Multifamily LT 5
$444.8K
$389.2K – $518.9K
NOI $31,134 @ 7.0% cap · market cap 6.84%
Second Best
Apartment 5plus
$396.8K
$347.2K – $462.9K
NOI $27,774 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$650.9K
$569.5K – $759.4K
NOI $45,563 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,780
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
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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 - Multifamily building with varied apartment layouts, separate utility metering, and proximity to major institutional and university destinations.
Where is this quadplex located?
The property is located at 3211 GUILFORD AVENUE Baltimore, MD.
What is the asking price?
The asking price for this property is $455,000.
What are key features of this property?
This property features: Four‑unit configuration with three one‑bedroom apartments and one studio; 2,394‑square‑foot multifamily property built in 1900; Four gas meters and five electric meters provide utility separation
