Duplex with Income
For Sale
$550,000
678 209TH Street, Pasadena, MD 21122
Multi-Family, PASADENA, MD
Property Size2,736 SF
Lot Size0.69 Acres
Price / SF$201.02
Days on Market61
Property Features for 678 209TH Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking
2
Parking features
Garage - Attached, Driveway
Pool private
1
Fireplace
1
Subdivision
GREEN HAVEN
Elementary school district
ANNE ARUNDEL COUNTY PUBLIC SCHOOLS
Middle school district
ANNE ARUNDEL COUNTY PUBLIC SCHOOLS
High school district
ANNE ARUNDEL COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
2,736 SF
Lot size
0.69 Acres
Taxes and HOA fees
Tax Annual Amount
5864
Utilities
Heating system
Heat Pump (Heating), Forced Air
Cooling system
Central Air
Amenities
screened porch
deck
patio
hot tub
above-ground pool
wood-burning fireplace
Building Details
Year built
1975
Number of units
2
Building materials
Frame
Architectural style
Cottage, Cape Cod
Listing Agency:
Keller Williams Keystone Realty · Keller Williams Realty
(717) 755-5599
Listed By:
Kev Orwig · License #RS372463
(717) 318-6679
Added: Jul 17
Changed: Sep 13
Last Checked: Sep 15 at 5:06AM
MLS# MDAA2151772
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 duplex-style residential property occupies 0.69 acres in Pasadena’s Green Haven community. The home includes four bedrooms, three and a half baths, multiple gathering areas, a country-style kitchen with an island and upgraded countertops, built-ins, wood floors, detailed trim, and multiple fireplaces. A finished lower level adds separate living space with a wood-burning fireplace.
Outdoor amenities include a screened porch, deck, patio areas, hot tub, and private above-ground pool. The apartment above the garage is occupied by a long-term tenant and provides established rental income, while also offering flexibility for guests, multigenerational living, or private office use. The property includes an attached garage and driveway parking, with Green Haven Wharf, Green Haven Park, and Downs Park nearby for waterfront access, trails, playgrounds, fishing, and boating activities.
Outdoor amenities include a screened porch, deck, patio areas, hot tub, and private above-ground pool. The apartment above the garage is occupied by a long-term tenant and provides established rental income, while also offering flexibility for guests, multigenerational living, or private office use. The property includes an attached garage and driveway parking, with Green Haven Wharf, Green Haven Park, and Downs Park nearby for waterfront access, trails, playgrounds, fishing, and boating activities.
Key Highlights
- 0.69‑acre property in Pasadena’s Green Haven community
- Separate apartment above the garage with a long‑term tenant
- Four bedrooms and three and a half baths
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
$39,754
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
7.23%
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%
$795,080
$795.1K
Cap Rate 7%
$567,914
$567.9K
Cap Rate 9%
$441,711
$441.7K
Market Conditions
NOI Build-Up for 2,736 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
$60.7K $22.20/SF
− Vacancy
−$3.9K −$1.44/SF
EGI
$56.8K $20.76/SF
− OpEx
−$17.0K −$6.23/SF
NOI
$39.8K $14.53/SF
Area
Anne Arundel County, MD
Vacancy
6.50%
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%
$795,080
Cap Rate 7%
$567,914
Cap Rate 9%
$441,711
Alternative Uses
Best Use
Multifamily LT 5
$567.9K
$496.9K – $662.6K
NOI $39,754 @ 7.0% cap · market cap 7.23%
Second Best
Apartment 5plus
$527.5K
$461.6K – $615.4K
NOI $36,925 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$800.4K
$700.3K – $933.8K
NOI $56,025 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
387
Businesses Nearby
Explore this area
Business Placement
Demographics for 21122, MD
62,368
Population
23,624
Households
2.6
Avg Household Size
40
Median Age
32%
College-Educated
93%
High-School Grad
31.4 sq mi
ZIP Area
1,986
Density / Sq Mi
$121,732
Median Household Income
$63,687
Median Earnings
$2,077
Median Rent
$412,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained residential property with flexible living space, recreational amenities, and a separate apartment above the garage.
Where is this duplex located?
The property is located at 678 209TH Street Pasadena, MD.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 0.69‑acre property in Pasadena’s Green Haven community; Separate apartment above the garage with a long‑term tenant; Four bedrooms and three and a half baths
