Two-Unit Corner
New
For Sale
$395,000
901 S East Ave, Baltimore, MD 21224
Separate entrances, apartment layouts, and utility metering support distinct residential occupancy.
Property Size2,256 SF
Lot Size0.03 Acres
Price / SF$175.09
Days on Market2
Property Features for 901 S East Ave
General Information
Standard status
Active
Size
2,256 SF
Lot size
0.03 Acres
Property subtype
Multi-Family
Zoning
R-8
Property Condition
Severity
Repairs Needed
Evidence
TLC
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Cummings & Co. Realtors
Listed By:
Lisa F Ciofani · License #575711
(410) 960-4555
Source:
Theatwoodteam
Added: Sep 10
Last Checked: Sep 11 at 3:35PM
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 Cummings & Co. Realtors
Investment Insights
Based on property information with market context.
This 1920-built duplex contains two residential apartments arranged across separate levels. The first-floor unit includes a living room, eat-in kitchen, bedroom, full bathroom, half bath, laundry/storage area, and basement access. Upstairs, the second apartment offers a living room with exposed brick and vaulted ceiling, kitchen, bedroom, full bathroom, utility/HVAC room, and a small porch. The basement provides additional storage or potential use subject to applicable approvals.
The property occupies a corner position at East Avenue and Hudson Street, with approximately 16 feet of width and 75 feet of depth. Rear space adds further flexibility for potential functional, parking, garage, or business-related use, subject to Baltimore City approval. The property is zoned R-8 with a non-conforming use designation. Separate gas and electric meters serve the apartments, while water is shared. One unit is lead-certified, and the property is being sold as-is. The first-floor tenant’s lease runs through March 2027.
The property occupies a corner position at East Avenue and Hudson Street, with approximately 16 feet of width and 75 feet of depth. Rear space adds further flexibility for potential functional, parking, garage, or business-related use, subject to Baltimore City approval. The property is zoned R-8 with a non-conforming use designation. Separate gas and electric meters serve the apartments, while water is shared. One unit is lead-certified, and the property is being sold as-is. The first-floor tenant’s lease runs through March 2027.
Key Highlights
- Two residential apartments with separate entrances
- Approximately 16 feet wide by 75 feet deep
- R‑8 zoning with non‑conforming use
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
$29,548
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
7.48%
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%
$590,960
$591.0K
Cap Rate 7%
$422,114
$422.1K
Cap Rate 9%
$328,311
$328.3K
Market Conditions
NOI Build-Up for 2,256 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
$44.7K $19.80/SF
− Vacancy
−$2.5K −$1.09/SF
EGI
$42.2K $18.71/SF
− OpEx
−$12.7K −$5.61/SF
NOI
$29.5K $13.10/SF
Area
ZIP 21224
Vacancy
5.50%
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%
$590,960
Cap Rate 7%
$422,114
Cap Rate 9%
$328,311
Alternative Uses
Best Use
Multifamily LT 5
$422.1K
$369.4K – $492.5K
NOI $29,548 @ 7.0% cap · market cap 7.48%
Second Best
Apartment 5plus
$391.2K
$342.3K – $456.4K
NOI $27,384 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$540.5K
$472.9K – $630.6K
NOI $37,833 @ 7.0% cap · market cap 9.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,550
Businesses Nearby
Explore this area
Business Placement
Demographics for 21224, MD
54,266
Population
23,433
Households
2.3
Avg Household Size
33
Median Age
50%
College-Educated
85%
High-School Grad
9.3 sq mi
ZIP Area
5,835
Density / Sq Mi
$86,209
Median Household Income
$63,556
Median Earnings
$1,782
Median Rent
$281,400
Median Home Value
Check the figures for this property
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 - Separate entrances, apartment layouts, and utility metering support distinct residential occupancy.
Where is this duplex located?
The property is located at 901 S East Ave Baltimore, MD.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Two residential apartments with separate entrances; Approximately 16 feet wide by 75 feet deep; R‑8 zoning with non‑conforming use
