Brick Multifamily
For Sale
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425 E Fort Ave, Baltimore, MD 21230
Urban brick property positioned for conversion to multifamily residential use.
Property Size4,026 SF
Price / SF$298.06
Days on Market144
Property Features for 425 E Fort Ave
General Information
Standard status
Active
Size
4,026 SF
Property subtype
Multifamily
Investment Type
Redevelopment
Building Details
Year Built
1940
Buildings
2
Construction
brick
Listing Agency:
Blue Crab Real Estate
Listed By:
Kevin Hughes · License #638551
Source:
Crexi
Added: Apr 10
Changed: Aug 30
Last Checked: Aug 30 at 1:22PM
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 Blue Crab Real Estate
Investment Insights
Based on property information with market context.
This 4,026-square-foot brick multifamily property at 425 E Fort Ave was built in 1940. The urban row-building format provides an existing physical framework for residential repositioning, with the property identified for conversion to multifamily use.
The asset is situated in Baltimore’s South Baltimore area within the Riverside and Federal Hill corridor. The offering is associated with 425 E Fort Avenue and 427 E Fort Avenue, providing a two-address configuration within the surrounding urban row-building context.
The asset is situated in Baltimore’s South Baltimore area within the Riverside and Federal Hill corridor. The offering is associated with 425 E Fort Avenue and 427 E Fort Avenue, providing a two-address configuration within the surrounding urban row-building context.
Key Highlights
- 4,026‑square‑foot brick building
- Built in 1940
- Located at 425 E Fort Ave, Baltimore, MD 21230
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
$55,559
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
4.63%
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%
$1,111,180
$1.1M
Cap Rate 7%
$793,700
$793.7K
Cap Rate 9%
$617,322
$617.3K
Market Conditions
NOI Build-Up for 4,026 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
$96.6K $24.00/SF
− Vacancy
−$7.7K −$1.92/SF
EGI
$88.9K $22.08/SF
− OpEx
−$33.3K −$8.28/SF
NOI
$55.6K $13.80/SF
Area
Baltimore, MD
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,111,180
Cap Rate 7%
$793,700
Cap Rate 9%
$617,322
Alternative Uses
Best Use
Mixed Use
$793.7K
$694.5K – $926.0K
NOI $55,559 @ 7.0% cap · market cap 4.63%
Second Best
Apartment 5plus
$749.3K
$655.7K – $874.2K
NOI $52,452 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$964.5K
$844.0K – $1.13M
NOI $67,516 @ 7.0% cap · market cap 5.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,232
Businesses Nearby
Explore this area
Business Placement
Demographics for 21230, MD
36,660
Population
18,070
Households
2
Avg Household Size
33
Median Age
59%
College-Educated
88%
High-School Grad
6.3 sq mi
ZIP Area
5,819
Density / Sq Mi
$94,164
Median Household Income
$69,973
Median Earnings
$1,771
Median Rent
$327,700
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?
Multifamily property - Urban brick property positioned for conversion to multifamily residential use.
Where is this multifamily property located?
The property is located at 425 E Fort Ave Baltimore, MD.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 4,026‑square‑foot brick building; Built in 1940; Located at 425 E Fort Ave, Baltimore, MD 21230
