End-of-Group Duplex with Two
For Sale
$499,900
400 N PATTERSON PARK Avenue, Baltimore, MD 21231
MULTI_FAMILY - Federal - BALTIMORE, MD
Property Size2,929 SF
Price / SF$170.67
Days on Market85
Property Features for 400 N PATTERSON PARK Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Interior features
2nd Kitchen, Bathroom - Tub Shower, Bathroom - Walk-In Shower, Kitchen - Gourmet, Primary Bath(s), Upgraded Countertops, Wood Floors
Appliances
Oven/Range - Electric, Refrigerator, Stainless Steel Appliances, Dishwasher, Microwave, Disposal, Dryer, Washer
Subdivision
PATTERSON PARK
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
2,929 SF
Taxes and HOA fees
Tax Annual Amount
13483
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Ceiling Fan(s), Central Air
Building Details
Year built
1910
Number of units
2
Building materials
Brick
Architectural style
Federal
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(410) 814-2400
Listed By:
Christopher J Cooke · License #596183
(443) 802-2728
Added: May 29
Changed: Aug 13
Last Checked: Aug 21 at 7:06PM
MLS# MDBA2214298
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 fully renovated end-of-group duplex features two expansive, separately metered units. Each unit includes three bedrooms and three and a half baths, with wood flooring throughout and oversized windows that bring in abundant natural light. Kitchens are updated with quartz countertops, stainless steel appliances, custom cabinetry, and stylish fixtures. The layout places bedrooms on separate levels, supporting privacy and flexible arrangements for roommates, guests, or multigenerational living.
The property is located at 400 N Patterson Park Avenue in Baltimore, MD 21231. It is positioned just moments from Patterson Park, with close proximity to Johns Hopkins Hospital and the Medical Campus.
The duplex configuration and turnkey renovation make it well suited for owner-occupants and investors seeking a two-unit setup. With both units updated to include a brand-new roof, new windows, HVAC systems, plumbing, and electrical, the property is designed for lower near-term maintenance while maintaining two distinct residences for rental or live-in use.
The property is located at 400 N Patterson Park Avenue in Baltimore, MD 21231. It is positioned just moments from Patterson Park, with close proximity to Johns Hopkins Hospital and the Medical Campus.
The duplex configuration and turnkey renovation make it well suited for owner-occupants and investors seeking a two-unit setup. With both units updated to include a brand-new roof, new windows, HVAC systems, plumbing, and electrical, the property is designed for lower near-term maintenance while maintaining two distinct residences for rental or live-in use.
Key Highlights
- End‑of‑group duplex with over 2,800 sq. ft. of finished living space
- Two units with 3 bedrooms and 3.5 bathrooms each
- Separately metered for convenience and efficiency
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
6,593
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 - Fully renovated duplex offers two separately metered 3-bedroom, 3.5-bath units with modern finishes and updated major systems.
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: End‑of‑group duplex with over 2,800 sq. ft. of finished living space; Two units with 3 bedrooms and 3.5 bathrooms each; Separately metered for convenience and efficiency
