Brick Quadplex with Separate
For Sale
$500,000
622 E 33RD STREET, Baltimore, MD 21218
Four rental units include a two-bedroom layout and three one-bedroom units.
Property Size2,492 SF
Days on Market115
Property Features for 622 E 33RD STREET
General Information
Standard status
Active
Size
2,492 SF
Property subtype
Quadruplex
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/1BA, 3 x 1BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,375
Amenities
common laundry
Building Details
Building Size
2,492 SF
Year Built
1915
Buildings
1
Construction
brick rowhome
Listing Agency:
Northrop Realty
(410) 531-0321
Listed By:
Daniel B Register IV · License #534790
(410) 531-0321
Source:
Thehulsmangroup
Added: Apr 30
Changed: Aug 21
Last Checked: Aug 22 at 11:51AM
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 Northrop Realty
Investment Insights
Based on property information with market context.
This 1915 brick rowhouse is configured as a four-unit residential income property. The unit mix includes one 2BR/1BA apartment and three 1BR/1BA apartments, with the basement residence offering a private entrance. A shared laundry area is located on the main level, while gas and electric service are separately metered for each unit.
The property is in Baltimore’s Waverly area near Waverly Market, Johns Hopkins University, the YMCA, city parks, public transit, and dining options. Its setting provides access to neighborhood services and nearby institutional, recreational, and transportation destinations.
The property is in Baltimore’s Waverly area near Waverly Market, Johns Hopkins University, the YMCA, city parks, public transit, and dining options. Its setting provides access to neighborhood services and nearby institutional, recreational, and transportation destinations.
Key Highlights
- Four‑unit mix: one 2BR/1BA apartment and three 1BR/1BA apartments
- 1915 brick rowhouse construction
- Basement unit includes a private entrance
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
$32,408
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
6.48%
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%
$648,160
$648.2K
Cap Rate 7%
$462,971
$463.0K
Cap Rate 9%
$360,089
$360.1K
Market Conditions
NOI Build-Up for 2,492 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
$49.3K $19.80/SF
− Vacancy
−$3.0K −$1.22/SF
EGI
$46.3K $18.58/SF
− OpEx
−$13.9K −$5.57/SF
NOI
$32.4K $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%
$648,160
Cap Rate 7%
$462,971
Cap Rate 9%
$360,089
Alternative Uses
Best Use
Multifamily LT 5
$463.0K
$405.1K – $540.1K
NOI $32,408 @ 7.0% cap · market cap 6.48%
Second Best
Apartment 5plus
$413.0K
$361.4K – $481.9K
NOI $28,911 @ 7.0% cap · market cap 5.78%
Theoretical Best
Office A
$677.5K
$592.9K – $790.5K
NOI $47,428 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,910
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four rental units include a two-bedroom layout and three one-bedroom units.
Where is this quadplex located?
The property is located at 622 E 33RD STREET Baltimore, MD.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Four‑unit mix: one 2BR/1BA apartment and three 1BR/1BA apartments; 1915 brick rowhouse construction; Basement unit includes a private entrance
