Renovated Five-Unit Apartment
For Sale
$925,000
711 GLADSTONE AVENUE, Baltimore, MD 21210
Five apartments offer individual laundry, central air, private water heaters, and tenant-paid utility consumption.
Property Size5,740 SF
Price / SF$161.15
Days on Market9
Property Features for 711 GLADSTONE AVENUE
General Information
Standard status
Active
Size
5,740 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$10,000
Amenities
washer/dryer in unit
central air conditioning
Central Air
Asphalt, Rubber
Parking.
Lot.
75' x 125'
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Ben Frederick Realty, Inc.
(410) 916-3331
Listed By:
Will Cannon · License #657102
(410) 916-3331
Source:
Xome
Added: Aug 23
Changed: Aug 30
Last Checked: Aug 30 at 5:02PM
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 Ben Frederick Realty, Inc.
Investment Insights
Based on property information with market context.
This 5,740-square-foot apartment building contains five units, four of which have undergone substantial renovations. Updates include quartz countertops, wood shaker cabinetry, contemporary appliance packages, refreshed bathrooms, and modern finishes. Every apartment includes a washer and dryer, central air conditioning, a high-efficiency gas furnace, and an individual water heater. The terrace-level unit includes one bedroom and a den, while the full-floor first-level apartment opens directly to the backyard.
Property improvements include a 400-amp electrical service upgrade, six electric meters, and five gas meters. Three furnaces are new, while the remaining two are approximately four years old. Residents pay their own gas and electric usage, plus an allocated share of water, sewer, and public service electric. Five off-street parking spaces serve the property.
The building sits on a quiet one-way street near Roland Avenue, approximately one block from the Stony Run walking and biking trail and two blocks from the Roland Park retail district. Gilman School and Roland Park Country School are within one-half mile, and I-83 is just over a mile away. All five apartments are leased through May 31, 2027.
Property improvements include a 400-amp electrical service upgrade, six electric meters, and five gas meters. Three furnaces are new, while the remaining two are approximately four years old. Residents pay their own gas and electric usage, plus an allocated share of water, sewer, and public service electric. Five off-street parking spaces serve the property.
The building sits on a quiet one-way street near Roland Avenue, approximately one block from the Stony Run walking and biking trail and two blocks from the Roland Park retail district. Gilman School and Roland Park Country School are within one-half mile, and I-83 is just over a mile away. All five apartments are leased through May 31, 2027.
Key Highlights
- Five‑unit apartment building with 5,740 SF of property size
- Four of five apartments substantially renovated
- All five apartments leased through May 31, 2027
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
$74,783
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
8.08%
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%
$1,495,660
$1.5M
Cap Rate 7%
$1,068,329
$1.1M
Cap Rate 9%
$830,922
$830.9K
Market Conditions
NOI Build-Up for 5,740 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
$144.6K $25.20/SF
− Vacancy
−$8.7K −$1.51/SF
EGI
$136.0K $23.69/SF
− OpEx
−$61.2K −$10.66/SF
NOI
$74.8K $13.03/SF
Area
Baltimore, MD
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%
$1,495,660
Cap Rate 7%
$1,068,329
Cap Rate 9%
$830,922
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$934.8K – $1.25M
NOI $74,783 @ 7.0% cap · market cap 8.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.38M
$1.20M – $1.60M
NOI $96,260 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
632
Businesses Nearby
Explore this area
Business Placement
Demographics for 21210, MD
14,441
Population
5,416
Households
2.7
Avg Household Size
32
Median Age
83%
College-Educated
98%
High-School Grad
3.4 sq mi
ZIP Area
4,247
Density / Sq Mi
$108,929
Median Household Income
$43,474
Median Earnings
$1,498
Median Rent
$521,700
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?
Apartment building - Five apartments offer individual laundry, central air, private water heaters, and tenant-paid utility consumption.
Where is this apartment building located?
The property is located at 711 GLADSTONE AVENUE Baltimore, MD.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Five‑unit apartment building with 5,740 SF of property size; Four of five apartments substantially renovated; All five apartments leased through May 31, 2027
