Corner Patio Residential Income
For Sale
$250,000
15 PIPE HILL COURT Unit 15A, Baltimore, MD 21209
Updated condominium residence with two bedrooms, flexible den space, private landscaped outdoor area, and community recreation amenities.
Property Size1,426 SF
Price / SF$175.32
Days on Market8
Property Features for 15 PIPE HILL COURT Unit 15A
General Information
Standard status
Active
Size
1,426 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,303
Amenities
secure intercom entry system
wood burning fireplace
walk-in closet
professionally landscaped rear yard
playground
swimming pool
tennis courts
Building Details
Building Size
1,426 SF
Year Built
1991
Listing Agency:
The KW Collective
(443) 745-5030
Listed By:
John C Hallis · License #586548
(443) 745-5030
Source:
Thehulsmangroup
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 21 at 10:06AM
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 The KW Collective
Investment Insights
Based on property information with market context.
This 1,426 sq. ft. condominium residence was built in 1991 and offers two bedrooms, two full bathrooms, a versatile lounge or den, and a primary suite with an attached bath and walk-in closet. Interior improvements include new LVP flooring throughout and stainless steel kitchen appliances installed in 2021. A new indoor and rooftop HVAC system was installed in 2023 and includes a transferable 10-year warranty through Horizon. The home also features a wood-burning fireplace, secure intercom entry, and a private rear yard with professional landscaping completed in 2025.
Residents have access to a swimming pool, playground, and tennis courts, while the HOA includes pool and water service. The property is near I-695 and I-83, with shopping, dining, grocery stores, and entertainment nearby, including Quarry Lake at Greenspring and Greenspring Shopping Center. The residence is located at 15 Pipe Hill Court, Unit 15A, Baltimore, MD 21209.
Residents have access to a swimming pool, playground, and tennis courts, while the HOA includes pool and water service. The property is near I-695 and I-83, with shopping, dining, grocery stores, and entertainment nearby, including Quarry Lake at Greenspring and Greenspring Shopping Center. The residence is located at 15 Pipe Hill Court, Unit 15A, Baltimore, MD 21209.
Key Highlights
- 1,426 sq. ft. condominium residence built in 1991
- Two bedrooms, two full bathrooms, and a flexible lounge or den
- New HVAC system installed in 2023 with transferable 10‑year warranty through Horizon
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
$18,578
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
7.43%
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%
$371,560
$371.6K
Cap Rate 7%
$265,400
$265.4K
Cap Rate 9%
$206,422
$206.4K
Market Conditions
NOI Build-Up for 1,426 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
$35.9K $25.20/SF
− Vacancy
−$2.2K −$1.51/SF
EGI
$33.8K $23.69/SF
− OpEx
−$15.2K −$10.66/SF
NOI
$18.6K $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%
$371,560
Cap Rate 7%
$265,400
Cap Rate 9%
$206,422
Alternative Uses
Best Use
Apartment 5plus
$265.4K
$232.2K – $309.6K
NOI $18,578 @ 7.0% cap · market cap 7.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$341.6K
$298.9K – $398.6K
NOI $23,914 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
497
Businesses Nearby
Explore this area
Business Placement
Demographics for 21209, MD
28,659
Population
12,086
Households
2.4
Avg Household Size
37
Median Age
60%
College-Educated
96%
High-School Grad
6.5 sq mi
ZIP Area
4,409
Density / Sq Mi
$87,669
Median Household Income
$57,694
Median Earnings
$1,640
Median Rent
$418,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium residence with two bedrooms, flexible den space, private landscaped outdoor area, and community recreation amenities.
Where is this residential income property located?
The property is located at 15 PIPE HILL COURT Unit 15A Baltimore, MD.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1,426 sq. ft. condominium residence built in 1991; Two bedrooms, two full bathrooms, and a flexible lounge or den; New HVAC system installed in 2023 with transferable 10‑year warranty through Horizon
