Building Details

Year Built 1919

Buildings 1

Listing Agency: Ben Frederick Realty, Inc. i***@benfrederick.com Show Phone

Listed By: Will A Cannon III Show Phone

Source: Cummingsrealtors

Added: Sep 24 Changed: Sep 26 Last Checked: Sep 26 at 3:17PM

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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.

Built in 1919, this 2,608-square-foot apartment property contains five one-bedroom units: two larger apartments and three smaller ones. Three units are occupied, while two are vacant; the basement apartment requires a full gut renovation. The building also needs updates to kitchens, bathrooms, flooring, and paint. Roof work completed in 2026 included a natural slate roof and an EPDM membrane.

The property has three off-street parking spaces, six electric meters, six gas meters, and individual gas-fired water heaters. Tenants pay for electricity and gas used for cooking and hot water. In Baltimore’s Guilford neighborhood, the building is approximately 1.5 miles from Johns Hopkins University’s Homewood Campus, Loyola University Maryland, Notre Dame of Maryland University, MedStar Union Memorial Hospital, the Baltimore Museum of Art, and Hampden’s 36th Street commercial district.

Key Highlights

• Five one‑bedroom apartments: two larger units and three smaller units
• Three occupied apartments and two vacant units, including a basement unit requiring a full gut renovation
• 2,608 square feet; built in 1919

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

$30,257

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

6.58%

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%

$605,140 $605.1K

Cap Rate 7%

$432,243 $432.2K

Cap Rate 9%

$336,189 $336.2K

Market Conditions

NOI Build-Up for 2,608 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

$58.8K $22.56/SF

− Vacancy

−$3.8K −$1.47/SF

EGI

$55.0K $21.09/SF

− OpEx

−$24.8K −$9.49/SF

NOI

$30.3K $11.60/SF

Area

ZIP 21218

Vacancy

6.50%

Lease Rate

$22.56 /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%

$605,140

Cap Rate 7%

$432,243

Cap Rate 9%

$336,189

Alternative Uses

Best Use

Apartment 5plus

$432.2K

$378.2K – $504.3K (±1% cap)

NOI $30,257 @ 7.0% cap · market cap 6.58%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$709.1K

$620.4K – $827.3K (±1% cap)

NOI $49,635 @ 7.0% cap · market cap 10.79%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office HVAC Service Building Supply Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

5

Residential units

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

1,985

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Apartment building - A mix of occupied and vacant apartments offers both existing tenancy and space for renovation.

Where is this apartment building located?

The property is located at 3600 GREENMOUNT AVENUE Baltimore, MD.

What is the asking price?

The asking price for this property is $460,000.

What are key features of this property?

This property features: Five one‑bedroom apartments: two larger units and three smaller units; Three occupied apartments and two vacant units, including a basement unit requiring a full gut renovation; 2,608 square feet; built in 1919