Two-Unit Colonial
For Sale
$365,000
4409 LEEDS, Baltimore, MD 21229
Multi-Family, BALTIMORE, MD
Property Size1,450 SF
Lot Size0.22 Acres
Price / SF$251.72
Days on Market88
Property Features for 4409 LEEDS
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking
5
Parking features
Garage - Detached, Driveway
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
1,450 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
2652
Utilities
Heating system
Other (Heating)
Building Details
Year built
1924
Number of units
1
Building materials
Stucco
Architectural style
Colonial
Listing Agency:
Hyatt & Company Real Estate, LLC
(410) 705-6295
Listed By:
Jeffrey Choyce Sr. · License #647498
(410) 340-1841
Added: Jun 10
Changed: Aug 28
Last Checked: Sep 5 at 7:06PM
MLS# MDBC2164396
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 1924 Colonial-style duplex contains two registered residential rental units within 1,450 square feet. The first-floor unit has one bedroom and one bathroom, while the second-floor unit includes two bedrooms and one bathroom. Utilities are fully separated between the units.
The property occupies 0.2238 acres and includes stucco construction, a detached garage, and a driveway. A basement is also listed among the property’s features. The building is located at 4409 Leeds in Baltimore, Maryland, and carries BL commercial zoning.
The property occupies 0.2238 acres and includes stucco construction, a detached garage, and a driveway. A basement is also listed among the property’s features. The building is located at 4409 Leeds in Baltimore, Maryland, and carries BL commercial zoning.
Key Highlights
- Two registered residential rental units
- 1,450 square feet on 0.2238 acres
- First floor: 1 bedroom and 1 bathroom
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
$20,499
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
5.62%
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%
$409,980
$410.0K
Cap Rate 7%
$292,843
$292.8K
Cap Rate 9%
$227,767
$227.8K
Market Conditions
NOI Build-Up for 1,450 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
$31.3K $21.60/SF
− Vacancy
−$2.0K −$1.40/SF
EGI
$29.3K $20.20/SF
− OpEx
−$8.8K −$6.06/SF
NOI
$20.5K $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%
$409,980
Cap Rate 7%
$292,843
Cap Rate 9%
$227,767
Alternative Uses
Best Use
Multifamily LT 5
$292.8K
$256.2K – $341.7K
NOI $20,499 @ 7.0% cap · market cap 5.62%
Second Best
Apartment 5plus
$269.9K
$236.1K – $314.9K
NOI $18,891 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$345.7K
$302.5K – $403.3K
NOI $24,199 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
743
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two registered rental units with separate utilities and BL commercial zoning.
Where is this duplex located?
The property is located at 4409 LEEDS Baltimore, MD.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Two registered residential rental units; 1,450 square feet on 0.2238 acres; First floor: 1 bedroom and 1 bathroom
