Two-Home Multifamily
For Sale
$689,900
3417 E JOPPA Road, Baltimore, MD 21234
Multi-Family, BALTIMORE, MD
Property Size2,038 SF
Lot Size2.21 Acres
Price / SF$338.52
Days on Market362
Property Features for 3417 E JOPPA Road
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Rooms
Basement
Parking features
Off Street, Driveway
Subdivision
CARNEY GROVE
High school
PARKVILLE
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
2,038 SF
Lot size
2.21 Acres
Taxes and HOA fees
Tax Annual Amount
3762
Utilities
Cooling system
Central Air
Building Details
Year built
1937
Number of units
2
Architectural style
Ranch
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(410) 814-2400
Listed By:
Christopher J Cooke · License #596183
(443) 802-2728
Added: Sep 19, 2025
Changed: Sep 13
Last Checked: Sep 15 at 1:06PM
MLS# MDBC2140908
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 multifamily property includes two separate residences on a 2.21-acre parcel, with a combined property size of 2,038 square feet. The primary home has a living room, kitchen, three bedrooms, two full bathrooms, a finished lower level with family room and bathroom, an enclosed porch, and a rear patio. The second residence includes a living room, kitchen, two bedrooms, one full bathroom, and a rear deck.
Built in 1937 with ranch-style architecture, the property also offers a detached garage, driveway parking, off-street parking, and central air. The layout supports occupancy of one home while the other is rented, subject to buyer verification of zoning. The property is near shopping, dining, and major roadways and is being sold as-is.
Built in 1937 with ranch-style architecture, the property also offers a detached garage, driveway parking, off-street parking, and central air. The layout supports occupancy of one home while the other is rented, subject to buyer verification of zoning. The property is near shopping, dining, and major roadways and is being sold as-is.
Key Highlights
- Two separate homes on 2.21 acres across three tax IDs
- Primary residence includes 3 bedrooms, 2 full baths, finished lower level, enclosed porch, and rear patio
- Second residence offers 2 bedrooms, 1 full bath, living room, kitchen, and rear deck
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
$26,552
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
3.85%
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%
$531,040
$531.0K
Cap Rate 7%
$379,314
$379.3K
Cap Rate 9%
$295,022
$295.0K
Market Conditions
NOI Build-Up for 2,038 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
$51.4K $25.20/SF
− Vacancy
−$3.1K −$1.51/SF
EGI
$48.3K $23.69/SF
− OpEx
−$21.7K −$10.66/SF
NOI
$26.6K $13.03/SF
Area
Baltimore, MD
Vacancy
6.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$531,040
Cap Rate 7%
$379,314
Cap Rate 9%
$295,022
Alternative Uses
Best Use
Apartment 5plus
$379.3K
$331.9K – $442.5K
NOI $26,552 @ 7.0% cap · market cap 3.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$488.2K
$427.2K – $569.6K
NOI $34,177 @ 7.0% cap · market cap 4.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
258
Businesses Nearby
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Business Placement
Demographics for 21234, MD
67,308
Population
29,575
Households
2.3
Avg Household Size
40
Median Age
36%
College-Educated
93%
High-School Grad
13.4 sq mi
ZIP Area
5,023
Density / Sq Mi
$83,139
Median Household Income
$52,260
Median Earnings
$1,542
Median Rent
$276,000
Median Home Value
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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?
Multifamily property - Two separate residences provide flexible owner-occupant and rental-use potential on a spacious parcel.
Where is this multifamily property located?
The property is located at 3417 E JOPPA Road Baltimore, MD.
What is the asking price?
The asking price for this property is $689,900.
What are key features of this property?
This property features: Two separate homes on 2.21 acres across three tax IDs; Primary residence includes 3 bedrooms, 2 full baths, finished lower level, enclosed porch, and rear patio; Second residence offers 2 bedrooms, 1 full bath, living room, kitchen, and rear deck
