Three-Unit Mixed-Use
For Sale
$395,000
5904 HARFORD Road, Baltimore, MD 21214
Multi-Family, BALTIMORE, MD
Property Size1,536 SF
Lot Size0.16 Acres
Price / SF$257.16
Days on Market19
Property Features for 5904 HARFORD Road
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking
9
Parking features
Off Street, On Street
Fireplace
1
Appliances
Dryer, Oven/Range - Electric, Refrigerator, Washer
Subdivision
HAMILTON HILLS
Elementary school district
BALTIMORE CITY PUBLIC SCHOOLS
Middle school district
BALTIMORE CITY PUBLIC SCHOOLS
High school district
BALTIMORE CITY PUBLIC SCHOOLS
Standard status
Active
Size
1,536 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
4057
Utilities
Heating system
Baseboard, Electric (Heating)
Cooling system
Window Unit(s)
Amenities
basement storage
washer and dryer
Building Details
Year built
1920
Number of units
3
Building materials
Vinyl Siding
Architectural style
Other
Listing Agency:
Hawkins Real Estate Company
(240) 793-2485
Listed By:
Joseph E Hawkins · License #529248
(941) 882-0755
Added: Aug 17
Changed: Aug 19
Last Checked: Sep 4 at 10:06PM
MLS# MDBA2228016
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 mixed-use building contains 1,536 square feet across three units: a front commercial space and two residential apartments. The retail area was renovated in May 2026 and remains vacant, with barbershop fixtures in place and an open layout suitable for continued retail, salon, or office use. One apartment has two bedrooms and one bathroom; the other offers one bedroom and one bathroom. Both residential units are occupied under leases extending through May 2027 and June 2027, respectively.
A new roof was installed in June 2026, while the rear apartment was renovated in August 2026 and the upper apartment was updated in April 2026. The unfinished basement provides storage and includes a washer and dryer. The property sits on 0.155 acres at 5904 Harford Road in Baltimore, with 9 off-street parking spaces and additional on-street parking. Built in 1920, the building has vinyl siding, electric baseboard heat, window-unit cooling, and a fireplace.
A new roof was installed in June 2026, while the rear apartment was renovated in August 2026 and the upper apartment was updated in April 2026. The unfinished basement provides storage and includes a washer and dryer. The property sits on 0.155 acres at 5904 Harford Road in Baltimore, with 9 off-street parking spaces and additional on-street parking. Built in 1920, the building has vinyl siding, electric baseboard heat, window-unit cooling, and a fireplace.
Key Highlights
- Three‑unit configuration with street‑level commercial space and two residential apartments
- 1,536 square feet on 0.155 acres
- 9 off‑street parking spaces plus additional on‑street parking
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
$22,557
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
5.71%
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%
$451,140
$451.1K
Cap Rate 7%
$322,243
$322.2K
Cap Rate 9%
$250,633
$250.6K
Market Conditions
NOI Build-Up for 1,536 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
$34.1K $22.20/SF
− Vacancy
−$1.9K −$1.22/SF
EGI
$32.2K $20.98/SF
− OpEx
−$9.7K −$6.29/SF
NOI
$22.6K $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%
$451,140
Cap Rate 7%
$322,243
Cap Rate 9%
$250,633
Alternative Uses
Best Use
Multifamily LT 5
$322.2K
$282.0K – $376.0K
NOI $22,557 @ 7.0% cap · market cap 5.71%
Second Best
Retail
$310.6K
$271.8K – $362.3K
NOI $21,740 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$368.0K
$322.0K – $429.3K
NOI $25,759 @ 7.0% cap · market cap 6.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
783
Businesses Nearby
Explore this area
Business Placement
Demographics for 21214, MD
19,344
Population
9,096
Households
2.1
Avg Household Size
41
Median Age
42%
College-Educated
93%
High-School Grad
2.8 sq mi
ZIP Area
6,909
Density / Sq Mi
$82,093
Median Household Income
$54,228
Median Earnings
$1,188
Median Rent
$250,700
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?
Mixed-use property - Street-level commercial space is paired with two updated residential apartments.
Where is this mixed-use property located?
The property is located at 5904 HARFORD Road 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: Three‑unit configuration with street‑level commercial space and two residential apartments; 1,536 square feet on 0.155 acres; 9 off‑street parking spaces plus additional on‑street parking
