Two-Unit Cape Cod
For Sale
$270,000
4204 KENWOOD Avenue, Baltimore, MD 21206
Multi-Family, BALTIMORE, MD
Property Size1,504 SF
Lot Size0.12 Acres
Price / SF$179.52
Days on Market506
Property Features for 4204 KENWOOD Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Driveway
Appliances
Refrigerator, Stove
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
1,504 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
3547
Utilities
Heating system
Other (Heating)
Cooling system
Ceiling Fan(s)
Building Details
Year built
1925
Number of units
2
Building materials
Stucco
Architectural style
Cape Cod
Listing Agency:
Samson Properties
(443) 317-8125
Listed By:
Darlene M Tawney · License #580853
(410) 218-9658
Added: Apr 3, 2025
Changed: Aug 19
Last Checked: Aug 21 at 2:06PM
MLS# MDBA2162510
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 well-maintained Cape Cod duplex offers two apartments and can be converted back to a single-family home. The second floor provides a one-bedroom layout with large closets, a full kitchen, and a full bath. Reported updates include a new tub enclosure and new flooring in the bath, along with a new kitchen floor. The first floor features new floors and new carpet, plus large closets in every room (including some walk-ins). Interior details include French doors between the living room and dining room, a foyer, and a large storage room, along with a full unfinished lower level.
The home sits on a 0.1205-acre lot and includes a covered front porch, a side entrance, and a driveway. The property is described as having separate meters and is zoned.
From a tenant or buyer standpoint, the separate-meters setup can support independent utility tracking for the two units. The combination of a finished second-floor apartment and a first-floor arrangement with multiple closets and French-door separation between living and dining may fit a range of household needs, while the unfinished lower level leaves space for future finishing if desired. The described flexibility to convert back to a single-family configuration adds optionality for owner-occupants and investors.
The home sits on a 0.1205-acre lot and includes a covered front porch, a side entrance, and a driveway. The property is described as having separate meters and is zoned.
From a tenant or buyer standpoint, the separate-meters setup can support independent utility tracking for the two units. The combination of a finished second-floor apartment and a first-floor arrangement with multiple closets and French-door separation between living and dining may fit a range of household needs, while the unfinished lower level leaves space for future finishing if desired. The described flexibility to convert back to a single-family configuration adds optionality for owner-occupants and investors.
Key Highlights
- Two‑apartment home easily convertible to single‑family.
- Opportunity to rent one apartment and live in the other to offset mortgage costs.
- Separate meters for each apartment.
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
Lease Details
2
Residential units
Multi-tenant
Tenancy
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 - Well-maintained two-apartment home with separate meters, a covered porch, and recent interior updates on both levels.
Where is this duplex located?
The property is located at 4204 KENWOOD Avenue 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 easily convertible to single‑family.; Opportunity to rent one apartment and live in the other to offset mortgage costs.; Separate meters for each apartment.
