Triplex with Detached
For Sale
$525,000
339 E 31ST Street, Baltimore, MD 21218
Multi-Family, BALTIMORE, MD
Property Size3,024 SF
Price / SF$173.61
Days on Market136
Property Features for 339 E 31ST Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking
2
Parking features
Off Street, Garage - Detached
Interior features
Bathroom - Tub Shower, Bathroom - Walk-In Shower, Ceiling Fan(s), Wood Floors
Appliances
Refrigerator, Stove, Washer, Dryer, Oven/Range - Gas, Stainless Steel Appliances, Washer/Dryer Stacked, WaterHeater
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
3,024 SF
Taxes and HOA fees
Tax Annual Amount
6622
Utilities
Heating system
Forced Air
Cooling system
Ductless, Window Unit(s)
Amenities
abundant natural light
wood flooring
updated kitchens with modern cabinetry
in-unit laundry
air conditioning
covered rear deck
Building Details
Year built
1900
Number of units
3
Building materials
Brick, Concrete
Architectural style
Federal
Listing Agency:
Cummings & Co. Realtors
(410) 823-0033
Listed By:
Jamie L Koehler · License #640791
(443) 604-5875
Added: Apr 8
Changed: Aug 19
Last Checked: Aug 21 at 1:06PM
MLS# MDBA2206462
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.
Federal-style triplex offering three separately metered, spacious units with abundant natural light, wood flooring, updated kitchens with modern cabinetry, and in-unit laundry. The main level (Unit 1) is a 1-bedroom, 1-bath layout with window units and a current lease in place through 8/31/2026. The second level (Unit 2) features a 3-bedroom, 1-bath layout with mini-splits for heating and cooling and a lease through 4/30/2027. The third-level penthouse (Unit 3) is currently vacant and designed for an owner-occupant or lease-up, with a covered rear deck and only rear-stair access.
Two detached rear garages plus off-street parking provide flexible use for storage, parking, or potential rental income. The property includes a 3-unit rental license (good through 5/8/2028). Residents handle their own BGE accounts while the landlord pays the water bill.
Recent improvements include new heating system for Units 1 and 3, new refrigerators for all units, and new light fixtures, fresh paint, and wood stain for Unit 3 (2023). Additional updates include new window units for Units 1 and 3 and new mini-splits for Unit 2 (2021), along with LVP flooring, bathroom vanity, and paint throughout Unit 2.
Two detached rear garages plus off-street parking provide flexible use for storage, parking, or potential rental income. The property includes a 3-unit rental license (good through 5/8/2028). Residents handle their own BGE accounts while the landlord pays the water bill.
Recent improvements include new heating system for Units 1 and 3, new refrigerators for all units, and new light fixtures, fresh paint, and wood stain for Unit 3 (2023). Additional updates include new window units for Units 1 and 3 and new mini-splits for Unit 2 (2021), along with LVP flooring, bathroom vanity, and paint throughout Unit 2.
Key Highlights
- 3024 square feet in a Federal‑style triplex with brick and concrete construction
- Two detached rear garages plus off‑street parking
- Unit 1 main level 1 bed/1 bath with window units; lease through 8/31/2026
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
$39,327
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
7.49%
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%
$786,540
$786.5K
Cap Rate 7%
$561,814
$561.8K
Cap Rate 9%
$436,967
$437.0K
Market Conditions
NOI Build-Up for 3,024 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
$59.9K $19.80/SF
− Vacancy
−$3.7K −$1.22/SF
EGI
$56.2K $18.58/SF
− OpEx
−$16.9K −$5.57/SF
NOI
$39.3K $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%
$786,540
Cap Rate 7%
$561,814
Cap Rate 9%
$436,967
Alternative Uses
Best Use
Multifamily LT 5
$561.8K
$491.6K – $655.5K
NOI $39,327 @ 7.0% cap · market cap 7.49%
Second Best
Apartment 5plus
$501.2K
$438.5K – $584.7K
NOI $35,083 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$822.2K
$719.4K – $959.2K
NOI $57,553 @ 7.0% cap · market cap 10.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Federal-style triplex with three separately metered units, in-unit laundry, and two detached garages with off-street parking.
Where is this triplex located?
The property is located at 339 E 31ST Street Baltimore, MD.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 3024 square feet in a Federal‑style triplex with brick and concrete construction; Two detached rear garages plus off‑street parking; Unit 1 main level 1 bed/1 bath with window units; lease through 8/31/2026
