Two-Unit
For Sale
$179,999
3603-3605 4Th Street, Baltimore, MD 21225
The property includes a studio and a one-bedroom residence, with one unit occupied and the other available.
Property Size850 SF
Price / SF$211.76
Days on Market9
Property Features for 3603-3605 4Th Street
General Information
Standard status
Active
Size
850 SF
Property subtype
Multi-Family
Zoning
C-2
Units
Unit Mix
1 x studio, 1 x 1BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$17
Amenities
Laminated
Electric
Yes
Other
No
Estimated
No Pool
Public
R
0.01
Assessor
On Street
Concrete Perimeter
300.00
Building Details
Building Size
850 SF
Year Built
1920
Listing Agency:
High Associates Ltd.
(856) 222-0077
Listed By:
Brittany Moody
(609) 744-6614
Source:
Thetristaterealestategroup
Added: Sep 7
Changed: Sep 15
Last Checked: Sep 15 at 5:31AM
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 High Associates Ltd.
Investment Insights
Based on property information with market context.
This two-unit residential property contains distinct living arrangements across its floors. The lower level is configured as a studio, while the upper level provides a one-bedroom unit. One residence is occupied, and the other is vacant.
Constructed in 1920, the property is located in Brooklyn at 3603-3605 4th Street in Baltimore. The site carries C-2 zoning, providing an additional land-use designation for evaluation alongside the existing residential configuration.
Constructed in 1920, the property is located in Brooklyn at 3603-3605 4th Street in Baltimore. The site carries C-2 zoning, providing an additional land-use designation for evaluation alongside the existing residential configuration.
Key Highlights
- Two‑unit duplex with one occupied residence and one vacant unit
- First‑floor studio layout
- Second‑floor one‑bedroom 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
$12,483
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
6.94%
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%
$249,660
$249.7K
Cap Rate 7%
$178,329
$178.3K
Cap Rate 9%
$138,700
$138.7K
Market Conditions
NOI Build-Up for 850 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
$18.9K $22.20/SF
− Vacancy
−$1.0K −$1.22/SF
EGI
$17.8K $20.98/SF
− OpEx
−$5.3K −$6.29/SF
NOI
$12.5K $14.69/SF
Area
Baltimore, MD
Vacancy
5.50%
Lease Rate
$22.20 /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%
$249,660
Cap Rate 7%
$178,329
Cap Rate 9%
$138,700
Alternative Uses
Best Use
Multifamily LT 5
$178.3K
$156.0K – $208.1K
NOI $12,483 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$158.2K
$138.4K – $184.6K
NOI $11,074 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$203.6K
$178.2K – $237.6K
NOI $14,255 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
711
Businesses Nearby
Explore this area
Business Placement
Demographics for 21225, MD
34,138
Population
14,434
Households
2.4
Avg Household Size
34
Median Age
14%
College-Educated
79%
High-School Grad
6.5 sq mi
ZIP Area
5,252
Density / Sq Mi
$50,069
Median Household Income
$35,991
Median Earnings
$1,118
Median Rent
$214,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - The property includes a studio and a one-bedroom residence, with one unit occupied and the other available.
Where is this duplex located?
The property is located at 3603-3605 4Th Street Baltimore, MD.
What is the asking price?
The asking price for this property is $179,999.
What are key features of this property?
This property features: Two‑unit duplex with one occupied residence and one vacant unit; First‑floor studio layout; Second‑floor one‑bedroom unit
