Renovated Two-Unit
For Sale
$220,000
500 Baltic Avenue, Baltimore, MD 21225
Each residence has a private entrance, separate living space, and a modernized kitchen.
Property Size1,284 SF
Price / SF$171.34
Days on Market194
Property Features for 500 Baltic Avenue
General Information
Standard status
Active
Size
1,284 SF
Property subtype
Multi-Family / Fee Simple
Zoning
R-6
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$496
Amenities
No
No Pool
Building Details
Year Built
1945
Buildings
1
Listing Agency:
Corner House Realty
(410) 387-3318
Listed By:
Michal Krief
(410) 387-3318
Source:
Compass
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 4:34PM
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 Corner House Realty
Investment Insights
Based on property information with market context.
This semi-detached duplex contains two residential units within a 1,284-square-foot property built in 1945. Both residences have separate entrances and individual living areas, with renovations including new flooring, neutral paint, recessed lighting, white cabinetry, updated countertops, and contemporary fixtures. The layouts are open and receive natural light.
Located in Baltimore, the property offers access to major commuter routes, shopping, and public transportation. R-6 zoning applies, and the parcel is within Baltimore City limits. The two-unit configuration provides distinct residential spaces for separate occupancy, subject to applicable local requirements.
Located in Baltimore, the property offers access to major commuter routes, shopping, and public transportation. R-6 zoning applies, and the parcel is within Baltimore City limits. The two-unit configuration provides distinct residential spaces for separate occupancy, subject to applicable local requirements.
Key Highlights
- Two‑unit semi‑detached duplex with separate residential spaces
- 1,284 square feet with two private entrances
- Renovated with new flooring, neutral paint, and recessed lighting
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
$18,856
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
8.57%
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%
$377,120
$377.1K
Cap Rate 7%
$269,371
$269.4K
Cap Rate 9%
$209,511
$209.5K
Market Conditions
NOI Build-Up for 1,284 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
$28.5K $22.20/SF
− Vacancy
−$1.6K −$1.22/SF
EGI
$26.9K $20.98/SF
− OpEx
−$8.1K −$6.29/SF
NOI
$18.9K $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%
$377,120
Cap Rate 7%
$269,371
Cap Rate 9%
$209,511
Alternative Uses
Best Use
Multifamily LT 5
$269.4K
$235.7K – $314.3K
NOI $18,856 @ 7.0% cap · market cap 8.57%
Second Best
Apartment 5plus
$239.0K
$209.1K – $278.8K
NOI $16,728 @ 7.0% cap · market cap 7.60%
Theoretical Best
Office A
$307.6K
$269.2K – $358.9K
NOI $21,533 @ 7.0% cap · market cap 9.79%
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
652
Businesses Nearby
Explore this area
Business Placement
Demographics for 21225, MD
34,138
Population
14,434
Households
2.4
Avg Household Size
34
Median Age
14%
College-Educated
79%
High-School Grad
6.5 sq mi
ZIP Area
5,252
Density / Sq Mi
$50,069
Median Household Income
$35,991
Median Earnings
$1,118
Median Rent
$214,000
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 - Each residence has a private entrance, separate living space, and a modernized kitchen.
Where is this duplex located?
The property is located at 500 Baltic Avenue Baltimore, MD.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Two‑unit semi‑detached duplex with separate residential spaces; 1,284 square feet with two private entrances; Renovated with new flooring, neutral paint, and recessed lighting
