Well-Maintained Duplex in
For Sale
$270,000
4204 KENWOOD Ave, Baltimore, MD 21206
Large duplex, easily converted, with rental income potential.
Property Size1,504 SF
Lot Size0.12 Acres
Days on Market164
Property Features for 4204 KENWOOD Ave
General Information
Standard status
Active
Size
1,504 SF
Lot size
0.12 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$3,547
Building Details
Building Size
1,504 SF
Year Built
1925
Units
2
Listing Agency:
Samson Properties
(410) 218-9658
Listed By:
Darlene M Tawney · License #580853
(410) 218-9658
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 20 at 11:41AM
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 Samson Properties
Investment Insights
Based on property information with market context.
This large, well-maintained two-apartment home in Baltimore can easily be converted back to a single-family residence. The second floor features one bedroom, large closets, a full kitchen, and a bathroom with a new tub enclosure and floor. It also includes a new kitchen floor, a living room, and a large storage room. The first floor offers new floors and new carpet, large closets in every room (some walk-in), French doors between the living room and dining room, and a foyer. The property also includes a full unfinished lower level, a covered front porch, a side entrance, and a driveway. It has separate meters and is zoned. This property presents an opportunity to live in one unit and rent the other to help pay your mortgage.
Key Highlights
- Two‑apartment home offers rental income potential to offset mortgage costs.
- Easily convertible back to a single‑family home.
- First floor features new floors and new carpet.
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
$22,157
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
8.21%
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%
$443,140
$443.1K
Cap Rate 7%
$316,529
$316.5K
Cap Rate 9%
$246,189
$246.2K
Market Conditions
NOI Build-Up for 1,504 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
$33.4K $22.20/SF
− Vacancy
−$1.7K −$1.15/SF
EGI
$31.7K $21.05/SF
− OpEx
−$9.5K −$6.31/SF
NOI
$22.2K $14.73/SF
Area
ZIP 21206
Vacancy
5.20%
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%
$443,140
Cap Rate 7%
$316,529
Cap Rate 9%
$246,189
Alternative Uses
Best Use
Multifamily LT 5
$316.5K
$277.0K – $369.3K
NOI $22,157 @ 7.0% cap · market cap 8.21%
Second Best
Apartment 5plus
$282.9K
$247.5K – $330.1K
NOI $19,803 @ 7.0% cap · market cap 7.33%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
639
Businesses Nearby
Explore this area
Business Placement
Demographics for 21206, MD
49,470
Population
21,939
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
89%
High-School Grad
7.3 sq mi
ZIP Area
6,777
Density / Sq Mi
$62,965
Median Household Income
$46,426
Median Earnings
$1,215
Median Rent
$213,700
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 - Large duplex, easily converted, with rental income potential.
Where is this duplex located?
The property is located at 4204 KENWOOD Ave Baltimore, MD.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: Two‑apartment home offers rental income potential to offset mortgage costs.; Easily convertible back to a single‑family home.; First floor features **new floors and new carpet**.
