Updated End-Unit
For Sale
$305,000
3304 W Forest Park Ave, Baltimore, MD 21216
Two separately metered residences offer private entrances, individual kitchens, and full bathrooms for flexible occupancy or rental use.
Property Size1,940 SF
Price / SF$157.22
Days on Market47
Property Features for 3304 W Forest Park Ave
General Information
Standard status
Active
Size
1,940 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,135
Amenities
finished basement
enclosed sun porch
garage
Building Details
Buildings
1
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
(443) 333-0375
Listed By:
Tonee M Young · License #680481
(443) 333-0375
Source:
Exprealty
Added: Jun 26
Changed: Aug 9
Last Checked: Aug 11 at 11:13AM
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 Berkshire Hathaway HomeServices PenFed Realty
Investment Insights
Based on property information with market context.
This 1,940 SF end-unit duplex at 3304 W Forest Park Ave features two self-contained residences, each with a private entrance, kitchen, and full bathroom. The first-floor unit includes a finished basement with an additional half bath, while the upper residence has an enclosed sun porch. Separate metering supports independent utility management for each unit.
Recent capital improvements include a new HVAC system installed in 2024, a new roof completed in 2025, and new hot water heaters installed in 2026. The property also includes a separate oversized one-car garage and off-street parking for 2–3 vehicles, adding storage, workshop, and parking functionality. The layout supports either continued income use or an owner-occupant arrangement with a second residence on site.
Recent capital improvements include a new HVAC system installed in 2024, a new roof completed in 2025, and new hot water heaters installed in 2026. The property also includes a separate oversized one-car garage and off-street parking for 2–3 vehicles, adding storage, workshop, and parking functionality. The layout supports either continued income use or an owner-occupant arrangement with a second residence on site.
Key Highlights
- 1,940 SF end‑unit duplex with two separately metered units
- Each residence includes a private entrance, kitchen, and full bathroom
- Finished basement with additional half bath in the first‑floor unit
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
$25,275
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
8.29%
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%
$505,500
$505.5K
Cap Rate 7%
$361,071
$361.1K
Cap Rate 9%
$280,833
$280.8K
Market Conditions
NOI Build-Up for 1,940 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
$48.9K $25.20/SF
− Vacancy
−$2.9K −$1.51/SF
EGI
$46.0K $23.69/SF
− OpEx
−$20.7K −$10.66/SF
NOI
$25.3K $13.03/SF
Area
Baltimore, MD
Vacancy
6.00%
Lease Rate
$25.20 /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%
$505,500
Cap Rate 7%
$361,071
Cap Rate 9%
$280,833
Alternative Uses
Best Use
Multifamily LT 5
$407.0K
$356.1K – $474.8K
NOI $28,489 @ 7.0% cap · market cap 9.34%
Second Best
Apartment 5plus
$361.1K
$315.9K – $421.3K
NOI $25,275 @ 7.0% cap · market cap 8.29%
Theoretical Best
Office A
$464.8K
$406.7K – $542.2K
NOI $32,534 @ 7.0% cap · market cap 10.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
483
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
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 - Two separately metered residences offer private entrances, individual kitchens, and full bathrooms for flexible occupancy or rental use.
Where is this duplex located?
The property is located at 3304 W Forest Park Ave Baltimore, MD.
What is the asking price?
The asking price for this property is $305,000.
What are key features of this property?
This property features: 1,940 SF end‑unit duplex with two separately metered units; Each residence includes a private entrance, kitchen, and full bathroom; Finished basement with additional half bath in the first‑floor unit
