Brick Duplex with Detached
For Sale
$295,000
902 ELM RIDGE Avenue, Baltimore, MD 21229
Multi-Family, BALTIMORE, MD
Property Size1,350 SF
Lot Size0.05 Acres
Price / SF$218.52
Days on Market230
Property Features for 902 ELM RIDGE Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
1
Parking features
Garage - Detached, On Street
Elementary school district
BALTIMORE COUNTY PUBLIC SCHOOLS
Middle school district
BALTIMORE COUNTY PUBLIC SCHOOLS
High school district
BALTIMORE COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
1,350 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
2214
Utilities
Heating system
Other (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1948
Number of units
1
Building materials
Brick
Architectural style
Other
Listing Agency:
Cummings & Co. Realtors
(410) 823-0033
Listed By:
Bradley Morsberger · License #650399
(443) 257-1433
Added: Jan 29
Changed: Aug 19
Last Checked: Sep 16 at 12:06AM
MLS# MDBC2151024
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Baltimore duplex is configured as a two-unit townhome with 1,350 square feet of total property size. Built in 1948, the structure features brick construction, practical residential layouts, window-unit cooling, and other heating equipment. Both units are occupied by month-to-month tenants, providing an established rental setup with flexible lease terms.
The property occupies a 0.0528-acre lot at 902 Elm Ridge Avenue in Baltimore’s 21229 ZIP code. Parking includes a detached garage along with on-street spaces. Its location provides access to major commuter routes, shopping, and local amenities, as described for the property.
The property occupies a 0.0528-acre lot at 902 Elm Ridge Avenue in Baltimore’s 21229 ZIP code. Parking includes a detached garage along with on-street spaces. Its location provides access to major commuter routes, shopping, and local amenities, as described for the property.
Key Highlights
- Two‑unit townhome with 1,350 square feet of total property size
- Both units occupied by month‑to‑month tenants
- Brick construction; built in 1948
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
$19,085
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
6.47%
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%
$381,700
$381.7K
Cap Rate 7%
$272,643
$272.6K
Cap Rate 9%
$212,056
$212.1K
Market Conditions
NOI Build-Up for 1,350 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
$29.2K $21.60/SF
− Vacancy
−$1.9K −$1.40/SF
EGI
$27.3K $20.20/SF
− OpEx
−$8.2K −$6.06/SF
NOI
$19.1K $14.14/SF
Area
ZIP 21229
Vacancy
6.50%
Lease Rate
$21.60 /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%
$381,700
Cap Rate 7%
$272,643
Cap Rate 9%
$212,056
Alternative Uses
Best Use
Multifamily LT 5
$272.6K
$238.6K – $318.1K
NOI $19,085 @ 7.0% cap · market cap 6.47%
Second Best
Apartment 5plus
$251.3K
$219.9K – $293.1K
NOI $17,588 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$321.9K
$281.6K – $375.5K
NOI $22,530 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
641
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are occupied under month-to-month tenancy arrangements.
Where is this duplex located?
The property is located at 902 ELM RIDGE Avenue Baltimore, MD.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Two‑unit townhome with 1,350 square feet of total property size; Both units occupied by month‑to‑month tenants; Brick construction; built in 1948
