Renovated Two-Unit
For Sale
$499,900
400 N Patterson Park Avenue, Baltimore, MD 21231
Two separately metered units offer updated finishes and flexible multi-level layouts.
Property Size3,172 SF
Price / SF$170.67
Days on Market85
Property Features for 400 N Patterson Park Avenue
General Information
Standard status
Active
Size
3,172 SF
Property subtype
Multi-Family
Zoning
R-8
Units
Unit Mix
2 x 3BR/3.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$13,483
Amenities
Fully Finished
Electric
Yes
No
Assessor
2nd Kitchen,Bathroom - Tub Shower,Bathroom - Walk-In Shower,Kitchen - Gourmet,Primary Bath(s),Upgraded Countertops,Wood Floors
2
No Pool
Public
R
0.00
Estimated
Other
37000.00
Building Details
Building Size
3,172 SF
Year Built
1910
Buildings
1
Listing Agency:
Realty Mark Cityscape-Huntingdon Valley
(609) 304-2314
Listed By:
Christopher Twardy · License #1540241
(609) 304-2314
Source:
Thetristaterealestategroup
Added: May 29
Changed: Aug 21
Last Checked: Aug 21 at 4:11AM
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 Realty Mark Cityscape-Huntingdon Valley
Investment Insights
Based on property information with market context.
This fully renovated duplex contains 2,929 square feet of finished space across two three-bedroom, 3.5-bath residences. Each unit features wood flooring, quartz countertops, stainless steel appliances, custom cabinetry, upgraded fixtures, and bedrooms arranged across separate levels. Oversized windows bring natural light into the interiors, while separate electric metering supports independent operation. Major improvements include a new roof, windows, HVAC systems, plumbing, and electrical service.
The property is located at 400 N Patterson Park Avenue in Baltimore, near Patterson Park and Johns Hopkins Hospital and Medical Campus. Its R-8 zoning and two-unit configuration support residential income use, with layouts suited to roommate, guest, or multigenerational arrangements.
The property is located at 400 N Patterson Park Avenue in Baltimore, near Patterson Park and Johns Hopkins Hospital and Medical Campus. Its R-8 zoning and two-unit configuration support residential income use, with layouts suited to roommate, guest, or multigenerational arrangements.
Key Highlights
- 2,929 SF duplex with two 3‑bedroom, 3.5‑bath units
- R‑8 zoning
- Separate electric metering for each residence
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
$43,013
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
8.60%
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%
$860,260
$860.3K
Cap Rate 7%
$614,471
$614.5K
Cap Rate 9%
$477,922
$477.9K
Market Conditions
NOI Build-Up for 2,929 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
$65.0K $22.20/SF
− Vacancy
−$3.6K −$1.22/SF
EGI
$61.4K $20.98/SF
− OpEx
−$18.4K −$6.29/SF
NOI
$43.0K $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%
$860,260
Cap Rate 7%
$614,471
Cap Rate 9%
$477,922
Alternative Uses
Best Use
Multifamily LT 5
$614.5K
$537.7K – $716.9K
NOI $43,013 @ 7.0% cap · market cap 8.60%
Second Best
Apartment 5plus
$545.1K
$477.0K – $636.0K
NOI $38,160 @ 7.0% cap · market cap 7.63%
Theoretical Best
Office A
$701.7K
$614.0K – $818.7K
NOI $49,119 @ 7.0% cap · market cap 9.83%
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
3,589
Businesses Nearby
Explore this area
Business Placement
Demographics for 21231, MD
17,062
Population
9,342
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
95%
High-School Grad
0.9 sq mi
ZIP Area
18,958
Density / Sq Mi
$85,382
Median Household Income
$67,289
Median Earnings
$1,710
Median Rent
$336,500
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 units offer updated finishes and flexible multi-level layouts.
Where is this duplex located?
The property is located at 400 N Patterson Park Avenue Baltimore, MD.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 2,929 SF duplex with two 3‑bedroom, 3.5‑bath units; R‑8 zoning; Separate electric metering for each residence
