Multi-Level Office
For Sale
$625,000
4405 Leeds Ave, Baltimore, MD 21229
Multi-level office building with reception area, keyed rooms, and a partially finished lower level with utilities and communications.
Property Size3,032 SF
Price / SF$206.13
Days on Market54
Property Features for 4405 Leeds Ave
General Information
Standard status
Active
Size
3,032 SF
Additional Details
Office Units
6
Building Details
Year Built
1920
Listing Agency:
Hyatt & Company Real Estate, LLC
Listed By:
Jeffrey Choyce Sr. · License #647498
(410) 340-1841
Source:
Kandorre
Added: Jul 14
Changed: Sep 2
Last Checked: Sep 5 at 11:48AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Hyatt & Company Real Estate, LLC
Investment Insights
Based on property information with market context.
The main floor offers a reception area, a large main room, two keyed entry offices, a bathroom, and a refrigerator and sink area. The upper level includes four keyed entry rooms and a bathroom. The lower level is partially finished and contains multiple rooms, including a half bath, utility room, and a communication room that controls the phone and ethernet lines wired throughout the building.
The property is positioned for flexible use, with dual meters providing the option to create separate entrances from the reception area for a multi-tenant setup. A large parking lot is included in the sale, with the parking lot listed under a separate tax ID.
Overall, the building’s room layout and wired communications support professional office configurations such as sales offices, corporate offices, or co-ops.
The property is positioned for flexible use, with dual meters providing the option to create separate entrances from the reception area for a multi-tenant setup. A large parking lot is included in the sale, with the parking lot listed under a separate tax ID.
Overall, the building’s room layout and wired communications support professional office configurations such as sales offices, corporate offices, or co-ops.
Key Highlights
- Main floor includes reception area, large main room, 2 keyed entry offices, and a bathroom
- Upper level features 4 keyed entry rooms plus a bathroom
- Lower level is partially finished with multiple rooms, including 1/2 bath, utility room, and a communication room
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
$40,523
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
6.48%
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%
$810,460
$810.5K
Cap Rate 7%
$578,900
$578.9K
Cap Rate 9%
$450,256
$450.3K
Market Conditions
NOI Build-Up for 3,032 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
$65.5K $21.60/SF
− Vacancy
−$11.5K −$3.78/SF
EGI
$54.0K $17.82/SF
− OpEx
−$13.5K −$4.46/SF
NOI
$40.5K $13.37/SF
Area
ZIP 21229
Vacancy
17.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$810,460
Cap Rate 7%
$578,900
Cap Rate 9%
$450,256
Alternative Uses
Best Use
Office B
$578.9K
$506.5K – $675.4K
NOI $40,523 @ 7.0% cap · market cap 6.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$722.9K
$632.5K – $843.3K
NOI $50,600 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Office units
Location Intelligence
Trade Area within ½ mile
685
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 Office in Baltimore, MD
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multi-level office building with reception area, keyed rooms, and a partially finished lower level with utilities and communications.
Where is this office building located?
The property is located at 4405 Leeds Ave Baltimore, MD.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Main floor includes reception area, large main room, 2 keyed entry offices, and a bathroom; Upper level features 4 keyed entry rooms plus a bathroom; Lower level is partially finished with multiple rooms, including 1/2 bath, utility room, and a communication room
