Fully Furnished Modern
For Sale
$950,000
731 South Ann Street, Baltimore, MD 21231
Renovated three-unit property with private HVAC, updated kitchens, and in-unit laundry.
Property Size3,204 SF
Price / SF$296.50
Days on Market147
Property Features for 731 South Ann Street
General Information
Standard status
Active
Size
3,204 SF
Property subtype
Multi-Family / Fee Simple
Zoning
R-8
Taxes and HOA fees
Annual Taxes
$6,726
Amenities
No
Built-In Microwave, Dishwasher, Disposal, Oven/Range - Electric, Refrigerator, Washer/Dryer Stacked, Water Heater
No Pool
Building Details
Year Built
1900
Listing Agency:
Harris Hawkins & Co
(443) 912-7111
Listed By:
Ella Summerville · License #622819
(443) 912-7111
Source:
Compass
Added: Apr 7
Changed: Aug 30
Last Checked: Aug 30 at 4:33PM
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 Harris Hawkins & Co
Investment Insights
Based on property information with market context.
This 3,204-square-foot triplex contains three furnished residences within a comprehensively renovated building originally constructed in 1900. The improvements include new electrical, plumbing, and mechanical systems, while each unit has its own HVAC system and water heater. The roof was also replaced within the past two years.
Each residence combines a contemporary kitchen with an open living area and includes stainless steel appliances, modern cabinetry, and a stacked washer and dryer. Electric service is separately metered for each unit, supporting distinct utility management. The property is located at 731 South Ann Street in Baltimore, Maryland, within Baltimore City limits, and is zoned R-8.
Each residence combines a contemporary kitchen with an open living area and includes stainless steel appliances, modern cabinetry, and a stacked washer and dryer. Electric service is separately metered for each unit, supporting distinct utility management. The property is located at 731 South Ann Street in Baltimore, Maryland, within Baltimore City limits, and is zoned R-8.
Key Highlights
- Three‑unit triplex with 3,204 square feet of building area
- Fully furnished residences with contemporary kitchens and stainless steel appliances
- Separate HVAC system and water heater serving each unit
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
$47,052
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
4.95%
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%
$941,040
$941.0K
Cap Rate 7%
$672,171
$672.2K
Cap Rate 9%
$522,800
$522.8K
Market Conditions
NOI Build-Up for 3,204 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
$71.1K $22.20/SF
− Vacancy
−$3.9K −$1.22/SF
EGI
$67.2K $20.98/SF
− OpEx
−$20.2K −$6.29/SF
NOI
$47.1K $14.69/SF
Area
Baltimore, MD
Vacancy
5.50%
Lease Rate
$22.20 /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%
$941,040
Cap Rate 7%
$672,171
Cap Rate 9%
$522,800
Alternative Uses
Best Use
Multifamily LT 5
$672.2K
$588.2K – $784.2K
NOI $47,052 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$596.3K
$521.8K – $695.7K
NOI $41,743 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$767.6K
$671.6K – $895.5K
NOI $53,731 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,748
Businesses Nearby
Explore this area
Business Placement
Demographics for 21231, MD
17,062
Population
9,342
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
95%
High-School Grad
0.9 sq mi
ZIP Area
18,958
Density / Sq Mi
$85,382
Median Household Income
$67,289
Median Earnings
$1,710
Median Rent
$336,500
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?
Triplex - Renovated three-unit property with private HVAC, updated kitchens, and in-unit laundry.
Where is this triplex located?
The property is located at 731 South Ann Street Baltimore, MD.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Three‑unit triplex with 3,204 square feet of building area; Fully furnished residences with contemporary kitchens and stainless steel appliances; Separate HVAC system and water heater serving each unit
