Updated Four-Unit Apartment
For Sale
$379,000
4103 Ridgewood Ave, Baltimore, MD 21215
The residential building includes one vacant apartment alongside three occupied units.
Property Size2,581 SF
Price / SF$146.84
Days on Market15
Property Features for 4103 Ridgewood Ave
General Information
Standard status
Active
Size
2,581 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Alberti Realty, LLC
(443) 981-8000
Listed By:
Joseph Warren Avampato · License #5002497
Source:
Theatwoodteam
Added: Aug 17
Changed: Aug 30
Last Checked: Aug 30 at 11:33PM
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 Alberti Realty, LLC
Investment Insights
Based on property information with market context.
This four-unit apartment building at 4103 Ridgewood Ave in Baltimore, Maryland, offers 2,581 square feet across four residential apartments. The property was built in 1910 and has been recently updated.
Apartment 2 is vacant, while Apartments 1, 3, and 4 are occupied under reported lease terms. The unit-by-unit configuration provides a mix of leased and available apartments within the same building.
Apartment 2 is vacant, while Apartments 1, 3, and 4 are occupied under reported lease terms. The unit-by-unit configuration provides a mix of leased and available apartments within the same building.
Key Highlights
- Four‑unit apartment building with 2,581 square feet
- Recently updated residential property
- Built in 1910
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
$33,326
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
8.79%
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%
$666,520
$666.5K
Cap Rate 7%
$476,086
$476.1K
Cap Rate 9%
$370,289
$370.3K
Market Conditions
NOI Build-Up for 2,581 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
$51.1K $19.80/SF
− Vacancy
−$3.5K −$1.35/SF
EGI
$47.6K $18.45/SF
− OpEx
−$14.3K −$5.53/SF
NOI
$33.3K $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%
$666,520
Cap Rate 7%
$476,086
Cap Rate 9%
$370,289
Alternative Uses
Best Use
Multifamily LT 5
$476.1K
$416.6K – $555.4K
NOI $33,326 @ 7.0% cap · market cap 8.79%
Second Best
Apartment 5plus
$438.1K
$383.4K – $511.1K
NOI $30,668 @ 7.0% cap · market cap 8.09%
Theoretical Best
Office A
$615.3K
$538.4K – $717.9K
NOI $43,073 @ 7.0% cap · market cap 11.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
801
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?
Quadplex - The residential building includes one vacant apartment alongside three occupied units.
Where is this quadplex located?
The property is located at 4103 Ridgewood Ave Baltimore, MD.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: Four‑unit apartment building with 2,581 square feet; Recently updated residential property; Built in 1910
