Updated Duplex with
For Sale
$219,900
5338 Nelson Avenue, Baltimore, MD 21215
Two-unit residential property with an unfinished lower level for laundry and storage, plus one vacant unit for occupancy or leasing.
Property Size1,428 SF
Price / SF$153.99
Days on Market206
Property Features for 5338 Nelson Avenue
General Information
Standard status
Active
Size
1,428 SF
Property subtype
Multi-Family / Ground Rent
Zoning
R-6
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,775
Amenities
No
Double Pane, Replacement, Screens
Carbon Monoxide Detector(s), Main Entrance Lock, Smoke Detector
No Pool
Building Details
Year Built
1948
Listing Agency:
Trust Realty LLC
(240) 460-3247
Listed By:
Edward B Galloway · License #80738
(240) 460-3247
Source:
Compass
Added: Feb 6
Changed: Aug 30
Last Checked: Aug 30 at 2:48PM
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 Trust Realty LLC
Investment Insights
Based on property information with market context.
This Baltimore duplex contains two 2-bedroom, 1-bath units within 1,428 square feet. The unfinished basement provides laundry and additional storage space. Property updates include replacement windows, roof work, central heat and air-conditioning units, and a water heater completed over the years. The second-floor unit has been occupied by the same tenant for 10 years, while the first-floor unit is vacant and available for an owner occupant or a new tenant.
The property is zoned R-6 and sits within Baltimore city limits. Public transportation access includes a bus stop less than 1 mile away, a Metro or subway station 1 to 3 miles away, and a commuter rail station 1 to 5 miles away. The home was built in 1948 and includes double-pane windows, smoke detectors, a carbon monoxide detector, and entrance security hardware.
The property is zoned R-6 and sits within Baltimore city limits. Public transportation access includes a bus stop less than 1 mile away, a Metro or subway station 1 to 3 miles away, and a commuter rail station 1 to 5 miles away. The home was built in 1948 and includes double-pane windows, smoke detectors, a carbon monoxide detector, and entrance security hardware.
Key Highlights
- Two 2‑bedroom, 1‑bath units
- 1,428 SF duplex built in 1948
- Unfinished basement with laundry and storage space
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
$18,438
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
8.38%
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%
$368,760
$368.8K
Cap Rate 7%
$263,400
$263.4K
Cap Rate 9%
$204,867
$204.9K
Market Conditions
NOI Build-Up for 1,428 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
$28.3K $19.80/SF
− Vacancy
−$1.9K −$1.35/SF
EGI
$26.3K $18.45/SF
− OpEx
−$7.9K −$5.53/SF
NOI
$18.4K $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%
$368,760
Cap Rate 7%
$263,400
Cap Rate 9%
$204,867
Alternative Uses
Best Use
Multifamily LT 5
$263.4K
$230.5K – $307.3K
NOI $18,438 @ 7.0% cap · market cap 8.38%
Second Best
Apartment 5plus
$242.4K
$212.1K – $282.8K
NOI $16,968 @ 7.0% cap · market cap 7.72%
Theoretical Best
Office A
$340.4K
$297.9K – $397.2K
NOI $23,831 @ 7.0% cap · market cap 10.84%
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
1,303
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?
Duplex - Two-unit residential property with an unfinished lower level for laundry and storage, plus one vacant unit for occupancy or leasing.
Where is this duplex located?
The property is located at 5338 Nelson Avenue Baltimore, MD.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units; 1,428 SF duplex built in 1948; Unfinished basement with laundry and storage space
