Brick Duplex with Lower
For Sale
$289,000
608 E 33rd St, Baltimore, MD 21218
Separate lower-level unit has its own entrance, kitchen, bathroom, utilities, and rear exit.
Property Size2,041 SF
Price / SF$141.60
Days on Market50
Property Features for 608 E 33rd St
General Information
Standard status
Active
Size
2,041 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$3,495
Listing Agency:
Gans Realty
(410) 812-9986
Listed By:
Richard F Gans
(410) 812-9986
Source:
Exprealty
Added: Jun 23
Changed: Aug 8
Last Checked: Aug 10 at 10:10AM
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 Gans Realty
Investment Insights
Based on property information with market context.
This 2,041-square-foot brick duplex combines a traditional main-and-upper residence with a finished lower-level apartment. The primary residence includes a parlor, formal dining area, kitchen, three bedrooms, and a full hall bathroom. Original hardwood flooring, herringbone parquet, five-panel wood doors, period radiators, and other architectural details remain in place. The kitchen includes oak cabinetry, a gas range, dishwasher, and ceiling fan.
The lower unit has one bedroom, a living area, full tiled bathroom, complete kitchen, private front entrance, rear exit, dedicated baseboard heat, AC unit, and separate electric panel and meter. Outside, the property includes a covered slate-front porch, fenced rear patio, and gated alley access. A Maytag washer and dryer convey with the sale.
The lower unit has one bedroom, a living area, full tiled bathroom, complete kitchen, private front entrance, rear exit, dedicated baseboard heat, AC unit, and separate electric panel and meter. Outside, the property includes a covered slate-front porch, fenced rear patio, and gated alley access. A Maytag washer and dryer convey with the sale.
Key Highlights
- 2,041 SF brick duplex with a finished lower‑level apartment
- Main and upper levels include 3 bedrooms, parlor, dining area, kitchen, and full bath
- Lower unit has 1 bedroom, full kitchen, tiled bath, private entrances, and separate electric panel and meter
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
$26,543
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
9.18%
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%
$530,860
$530.9K
Cap Rate 7%
$379,186
$379.2K
Cap Rate 9%
$294,922
$294.9K
Market Conditions
NOI Build-Up for 2,041 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
$40.4K $19.80/SF
− Vacancy
−$2.5K −$1.22/SF
EGI
$37.9K $18.58/SF
− OpEx
−$11.4K −$5.57/SF
NOI
$26.5K $13.00/SF
Area
ZIP 21218
Vacancy
6.17%
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%
$530,860
Cap Rate 7%
$379,186
Cap Rate 9%
$294,922
Alternative Uses
Best Use
Multifamily LT 5
$379.2K
$331.8K – $442.4K
NOI $26,543 @ 7.0% cap · market cap 9.18%
Second Best
Apartment 5plus
$338.3K
$296.0K – $394.7K
NOI $23,679 @ 7.0% cap · market cap 8.19%
Theoretical Best
Office A
$554.9K
$485.6K – $647.4K
NOI $38,844 @ 7.0% cap · market cap 13.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,119
Businesses Nearby
Explore this area
Business Placement
Demographics for 21218, MD
46,238
Population
21,751
Households
2.1
Avg Household Size
34
Median Age
44%
College-Educated
90%
High-School Grad
4.3 sq mi
ZIP Area
10,753
Density / Sq Mi
$58,378
Median Household Income
$38,316
Median Earnings
$1,239
Median Rent
$229,800
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 - Separate lower-level unit has its own entrance, kitchen, bathroom, utilities, and rear exit.
Where is this duplex located?
The property is located at 608 E 33rd St Baltimore, MD.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: 2,041 SF brick duplex with a finished lower‑level apartment; Main and upper levels include 3 bedrooms, parlor, dining area, kitchen, and full bath; Lower unit has 1 bedroom, full kitchen, tiled bath, private entrances, and separate electric panel and meter
