Shadow-Anchored Retail
For Sale
$4,050,000
5960 BELAIR Road, Baltimore, MD 21206
Commercial Sale, BALTIMORE, MD
Property Size12,800 SF
Lot Size1.23 Acres
Price / SF$316.41
Days on Market231
Property Features for 5960 BELAIR Road
General Information
Property type
Other
Property subtype
Retail
Parking
50
Parking features
Parking Lot
Elementary school district
BALTIMORE CITY PUBLIC SCHOOLS
Middle school district
BALTIMORE CITY PUBLIC SCHOOLS
High school district
BALTIMORE CITY PUBLIC SCHOOLS
Standard status
Active
Lot size
1.23 Acres
Taxes and HOA fees
Tax Annual Amount
56170
Utilities
Cooling system
Central Air
Building Details
Year built
2016
Number of units
1
Building materials
Stucco, Brick, Block
Listing Agency:
Cummings & Co Realtors
(410) 823-0033
Listed By:
Matthew E Garono · License #627356
(410) 688-5285
Added: Jan 19
Changed: Aug 19
Last Checked: Sep 7 at 4:06PM
MLS# MDBA2197926
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.
Belair Crossing is a 12,800-square-foot shopping center on 1.23 acres in Baltimore City. The property conveys the fee simple interest and includes a surface parking lot, central air conditioning, and exterior construction featuring stucco, brick, and block materials.
PNC and Dollar Tree occupied the center under a full pre-leasing arrangement established before construction. Both tenants have exercised their first five-year renewal options after completing initial 10-year terms. The property also benefits from co-tenancy with Dunkin and the newly constructed LIDL Supermarket. Located at 5960 Belair Road, the center is in Baltimore, Maryland 21206.
PNC and Dollar Tree occupied the center under a full pre-leasing arrangement established before construction. Both tenants have exercised their first five-year renewal options after completing initial 10-year terms. The property also benefits from co-tenancy with Dunkin and the newly constructed LIDL Supermarket. Located at 5960 Belair Road, the center is in Baltimore, Maryland 21206.
Key Highlights
- 12,800 SF shopping center situated on 1.23 acres
- PNC and Dollar Tree each executed a first Five‑Year renewal option after an initial 10‑year term
- Co‑tenancy with Dunkin and the newly constructed LIDL Supermarket
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
$144,346
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
3.56%
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%
$2,886,920
$2.9M
Cap Rate 7%
$2,062,086
$2.1M
Cap Rate 9%
$1,603,844
$1.6M
Market Conditions
NOI Build-Up for 12,800 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
$230.4K $18.00/SF
− Vacancy
−$24.2K −$1.89/SF
EGI
$206.2K $16.11/SF
− OpEx
−$61.9K −$4.83/SF
NOI
$144.3K $11.28/SF
Area
ZIP 21206
Vacancy
10.50%
Lease Rate
$18.00 /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%
$2,886,920
Cap Rate 7%
$2,062,086
Cap Rate 9%
$1,603,844
Alternative Uses
Best Use
Retail
$2.06M
$1.80M – $2.41M
NOI $144,346 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.69M
$2.36M – $3.14M
NOI $188,569 @ 7.0% cap · market cap 4.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
669
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21206, MD
49,470
Population
21,939
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
89%
High-School Grad
7.3 sq mi
ZIP Area
6,777
Density / Sq Mi
$62,965
Median Household Income
$46,426
Median Earnings
$1,215
Median Rent
$213,700
Median Home Value
Market
Vacancy Rate% for Retail in Baltimore, MD
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Retail center with established tenants, surface parking, and central air conditioning.
Where is this shopping center located?
The property is located at 5960 BELAIR Road Baltimore, MD.
What is the asking price?
The asking price for this property is $4,050,000.
What are key features of this property?
This property features: 12,800 SF shopping center situated on 1.23 acres; PNC and Dollar Tree each executed a first Five‑Year renewal option after an initial 10‑year term; Co‑tenancy with Dunkin and the newly constructed LIDL Supermarket
