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Property profile & analytics
OFF-MARKET
Estimated value
$1,585,000
Apartment buildings
18 Madison St, Baltimore, MD 21201-5231
Entity Owned
21-yr Hold
Property ID
US40-0815491
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1900
Total area
11,433 SF
Lot
0.14 ac (6,025 SF)
Zoning code
OR-2
APN
11-09-0516 -001
UPID
US40-0815491
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
The Morison Apartments Apartment Complex
-
Unit B Gallery (Bike/Boat/Book/etc) Store
-
The Light Church Association / Organization
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.19M
Blend (final)
Blend
$1.59M
Owner & transaction history
18 West Madison LLC · 21 yrs held
18 West Madison LLC
since 2004
5 recorded transactions
Zoning & alternative use
OR-2 · Baltimore, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$2.6M
+78.5%
Restaurant
$2.6M
+75.9%
Neighborhood: shopping center
$2.1M
+41.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Baltimore submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Baltimore submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,480,000
Current use
AUTO REPAIR, GARAGE
$2,640,000
Change: +79% · Conversion: Difficult
RESTAURANT
$2,600,000
Change: +76% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$2,095,000
Change: +42% · Conversion: Difficult
WAREHOUSE, STORAGE
$1,740,000
Change: +18% · Conversion: Difficult
MEDICAL BUILDING
$1,660,000
Change: +12% · Conversion: Moderate
COMMERCIAL (GENERAL)
$1,380,000
Change: -7% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$1,250,000
Change: -15% · Conversion: Difficult
Blend value · Realmo final
$1.59M
Range $1.43M – $1.74M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$139 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$42,700
Tax year 2023
Assessed value
$1,809,333
Assessed 2023
Previous assessed
$1,809,333
+0.0% YoY
Effective rate
2.36%
On assessed value
Land market value
$129,800
Improvement market value
$2,231,800
Total market value
$2,361,600
Applied tax rate
11.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1900
Heating
HEAT PUMP
Stories
3
Units
15
Total area
11,433 SF
Lot
0.14 ac (6,025 SF)
Zoning code
OR-2
APN
11-09-0516 -001
UPID
US40-0815491
Jurisdiction
BALTIMORE CITY
Zoning & alternative use
OR-2 · Baltimore, MD
Zoning OR-2 · permitted uses
OR-2 · Baltimore, MD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Baltimore. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$1.5M
AUTO REPAIR, GARAGE
Est. value
$2.6M
RESTAURANT
Est. value
$2.6M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.1M
WAREHOUSE, STORAGE
Est. value
$1.7M
MEDICAL BUILDING
Est. value
$1.7M
COMMERCIAL (GENERAL)
Est. value
$1.4M
INDUSTRIAL (GENERAL)
Est. value
$1.3M
APARTMENT HOUSE (5+ UNITS) Current
AUTO REPAIR, GARAGE
RESTAURANT
NEIGHBORHOOD: SHOPPING CENTER
WAREHOUSE, STORAGE
MEDICAL BUILDING
COMMERCIAL (GENERAL)
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1900
Heating
HEAT PUMP
Stories
3
Units
15
Lot
0.14 ac
Current owner
From public records · entity-resolved
18 West Madison LLC
Entity
Mailing address
11426 YORK RD FL 1B, COCKEYSVILLE, MD 21030-1834
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2004
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 6, 2004
—
18 West Madison LLC
Sommers,milton & Ethel
Grant Deed
related
—
—
—
18 West Madison LLC
—
Deed Of Trust
related
$1,510,000 · First Nat'l Bk/pa
—
—
18 West Madison LLC
—
Deed Of Trust
related
$966,000 · Steven L Berman
—
—
18 West Madison LLC
—
Deed Of Trust
related
$435,343 · Milton & Ethel Sommer
—
—
18 West Madison LLC
—
Deed Of Trust
related
$2,368,000 · Bank Of America
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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