Two-Unit Rowhome with
For Sale
$199,900
703 N AUGUSTA AVENUE, Baltimore, MD 21229
Legally zoned duplex with separately metered units and off-street parking.
Property Size1,400 SF
Price / SF$142.79
Days on Market10
Property Features for 703 N AUGUSTA AVENUE
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Duplex
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Building Details
Year Built
1937
Buildings
1
Construction
rowhome
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(410) 814-2400
Listed By:
Christopher J Cooke
(443) 802-2728
Source:
Cummingsrealtors
Added: Sep 18
Changed: Sep 26
Last Checked: Sep 26 at 8:26AM
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 Berkshire Hathaway HomeServices Homesale Realty
Investment Insights
Based on property information with market context.
Built in 1937, this 1,400-square-foot legally zoned duplex is configured as a two-unit rowhome with separate metering for each residence. The main-level apartment includes 1 bedroom, 1 full bath, a kitchen, and rear-deck access. It is currently occupied by a long-term tenant. The upper apartment is vacant and offers a flexible 1-2 bedroom layout with 1 bath, a kitchen, and a full bath.
The property includes a 1-car garage and driveway parking, providing off-street parking for the residents. Located at 703 N Augusta Avenue in Baltimore, Maryland, the building offers a combination of existing occupancy, a vacant second unit, and practical parking improvements. The property is offered as-is.
The property includes a 1-car garage and driveway parking, providing off-street parking for the residents. Located at 703 N Augusta Avenue in Baltimore, Maryland, the building offers a combination of existing occupancy, a vacant second unit, and practical parking improvements. The property is offered as-is.
Key Highlights
- Legally zoned 2‑unit rowhome
- 1,400 SF building constructed in 1937
- Main‑level unit has 1 bedroom, 1 full bath, kitchen, and rear‑deck access
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
$18,240
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
9.12%
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%
$364,800
$364.8K
Cap Rate 7%
$260,571
$260.6K
Cap Rate 9%
$202,667
$202.7K
Market Conditions
NOI Build-Up for 1,400 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
$35.3K $25.20/SF
− Vacancy
−$2.1K −$1.51/SF
EGI
$33.2K $23.69/SF
− OpEx
−$14.9K −$10.66/SF
NOI
$18.2K $13.03/SF
Area
ZIP 21229
Vacancy
6.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$364,800
Cap Rate 7%
$260,571
Cap Rate 9%
$202,667
Alternative Uses
Best Use
Multifamily LT 5
$282.7K
$247.4K – $329.9K
NOI $19,792 @ 7.0% cap · market cap 9.90%
Second Best
Apartment 5plus
$260.6K
$228.0K – $304.0K
NOI $18,240 @ 7.0% cap · market cap 9.12%
Theoretical Best
Office A
$333.8K
$292.1K – $389.4K
NOI $23,364 @ 7.0% cap · market cap 11.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
435
Businesses Nearby
Explore this area
Business Placement
Demographics for 21229, MD
43,464
Population
20,653
Households
2.1
Avg Household Size
38
Median Age
22%
College-Educated
89%
High-School Grad
5.9 sq mi
ZIP Area
7,367
Density / Sq Mi
$55,457
Median Household Income
$40,627
Median Earnings
$1,210
Median Rent
$184,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Legally zoned duplex with separately metered units and off-street parking.
Where is this duplex located?
The property is located at 703 N AUGUSTA AVENUE Baltimore, MD.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Legally zoned 2‑unit rowhome; 1,400 SF building constructed in 1937; Main‑level unit has 1 bedroom, 1 full bath, kitchen, and rear‑deck access
