Two-Unit Residential Income
For Sale
$295,000
3401 W ROGERS Avenue, Baltimore, MD 21215
Multi-Family, BALTIMORE, MD
Property Size1,884 SF
Lot Size0.13 Acres
Price / SF$156.58
Days on Market46
Property Features for 3401 W ROGERS Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking
2
Parking features
Off Street, Parking Lot
Subdivision
PIMLICO
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
1,884 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
5900
Utilities
Heating system
Other (Heating)
Building Details
Year built
1926
Number of units
2
Building materials
Frame, Stone, Vinyl Siding
Architectural style
Colonial
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
(410) 464-5500
Listed By:
Michael L Bailey · License #652591
(301) 363-2840
Added: Jul 7
Changed: Aug 19
Last Checked: Aug 21 at 2:06PM
MLS# MDBA2215090
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 two-unit residential income property includes two separate living spaces. The first unit is a single-level apartment-style residence with 3 bedrooms and 1 full bathroom. The second unit is a bi-level layout with 4 bedrooms and 1 full bathroom, offering additional living space across two levels. Combined, the property provides a total of 7 bedrooms within approximately 1,884 square feet, situated on an approximately 0.1342-acre lot.
The property is located at 3401 W Rogers Avenue in Baltimore, Maryland 21215. The listing remarks describe the asset as being in Northwest Baltimore near the Pimlico Race Course redevelopment and in the Park Heights revitalization area, with access to major commuter routes and nearby shopping, dining, parks, and public transportation.
The layout is well suited for tenants, owner-occupants, or investors looking for straightforward separation between two units. One practical option is to occupy one residence while renting the other, or to rent both units for income. With bedrooms spread across both a single-level and a bi-level configuration, the property may appeal to a range of household sizes seeking distinct living arrangements under one roof.
The property is located at 3401 W Rogers Avenue in Baltimore, Maryland 21215. The listing remarks describe the asset as being in Northwest Baltimore near the Pimlico Race Course redevelopment and in the Park Heights revitalization area, with access to major commuter routes and nearby shopping, dining, parks, and public transportation.
The layout is well suited for tenants, owner-occupants, or investors looking for straightforward separation between two units. One practical option is to occupy one residence while renting the other, or to rent both units for income. With bedrooms spread across both a single-level and a bi-level configuration, the property may appeal to a range of household sizes seeking distinct living arrangements under one roof.
Key Highlights
- Built in 1926 with Colonial architectural style
- Construction materials include frame, stone, and vinyl siding
- Two residential units: 3 bedrooms and 1 full bathroom (single‑level apartment‑style)
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
$24,326
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
8.25%
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%
$486,520
$486.5K
Cap Rate 7%
$347,514
$347.5K
Cap Rate 9%
$270,289
$270.3K
Market Conditions
NOI Build-Up for 1,884 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
$37.3K $19.80/SF
− Vacancy
−$2.6K −$1.35/SF
EGI
$34.8K $18.45/SF
− OpEx
−$10.4K −$5.53/SF
NOI
$24.3K $12.91/SF
Area
ZIP 21215
Vacancy
6.84%
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%
$486,520
Cap Rate 7%
$347,514
Cap Rate 9%
$270,289
Alternative Uses
Best Use
Multifamily LT 5
$347.5K
$304.1K – $405.4K
NOI $24,326 @ 7.0% cap · market cap 8.25%
Second Best
Apartment 5plus
$319.8K
$279.8K – $373.1K
NOI $22,386 @ 7.0% cap · market cap 7.59%
Theoretical Best
Office A
$449.2K
$393.0K – $524.0K
NOI $31,441 @ 7.0% cap · market cap 10.66%
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
914
Businesses Nearby
Explore this area
Business Placement
Demographics for 21215, MD
54,198
Population
24,876
Households
2.2
Avg Household Size
42
Median Age
25%
College-Educated
84%
High-School Grad
6.8 sq mi
ZIP Area
7,970
Density / Sq Mi
$47,606
Median Household Income
$37,670
Median Earnings
$1,177
Median Rent
$189,900
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 separate residences with 7 total bedrooms provide flexible living and rental configuration in Baltimore.
Where is this duplex located?
The property is located at 3401 W ROGERS Avenue Baltimore, MD.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Built in 1926 with Colonial architectural style; Construction materials include frame, stone, and vinyl siding; Two residential units: 3 bedrooms and 1 full bathroom (single‑level apartment‑style)
