Residential Income Property with
For Sale
$179,900
1703 MOUNT WASHINGTON COURT Unit K, Baltimore, MD 21209
Two-bedroom condo with updated appliances, garage parking, private storage, and a wood-burning fireplace in a secure building.
Property Size1,242 SF
Days on Market11
Property Features for 1703 MOUNT WASHINGTON COURT Unit K
General Information
Standard status
Active
Size
1,242 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,861
Amenities
wood-burning fireplace
sauna
garage parking
private storage
secure building
Building Details
Building Size
1,242 SF
Year Built
1980
Listing Agency:
Kelly and Co Realty, LLC
(301) 758-6678
Listed By:
Kelly Schuit · License #671718
(301) 758-6678
Source:
Thehulsmangroup
Added: Aug 13
Changed: Aug 21
Last Checked: Aug 22 at 11:35AM
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 Kelly and Co Realty, LLC
Investment Insights
Based on property information with market context.
This 2-bedroom, 2-bath condominium was built in 1980 and has been refreshed with new paint, new carpeting, and stainless steel kitchen appliances. Windows on three sides bring natural light into the floor plan, while a wood-burning fireplace adds a defined living feature. A private, functioning sauna provides an additional amenity within the residence.
The property is in a secure building with garage parking and private storage. Its Baltimore setting places it minutes from I-83, I-695, Downtown Baltimore, and Towson. The surrounding area is characterized by quiet, tree-lined streets and access to a community-oriented residential setting.
The property is in a secure building with garage parking and private storage. Its Baltimore setting places it minutes from I-83, I-695, Downtown Baltimore, and Towson. The surrounding area is characterized by quiet, tree-lined streets and access to a community-oriented residential setting.
Key Highlights
- 2‑bedroom, 2‑bath condominium built in 1980
- New paint, carpeting, and stainless steel kitchen appliances
- Private, functioning sauna within the residence
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
$16,181
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
8.99%
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%
$323,620
$323.6K
Cap Rate 7%
$231,157
$231.2K
Cap Rate 9%
$179,789
$179.8K
Market Conditions
NOI Build-Up for 1,242 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
$31.3K $25.20/SF
− Vacancy
−$1.9K −$1.51/SF
EGI
$29.4K $23.69/SF
− OpEx
−$13.2K −$10.66/SF
NOI
$16.2K $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%
$323,620
Cap Rate 7%
$231,157
Cap Rate 9%
$179,789
Alternative Uses
Best Use
Apartment 5plus
$231.2K
$202.3K – $269.7K
NOI $16,181 @ 7.0% cap · market cap 8.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$297.5K
$260.4K – $347.1K
NOI $20,828 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
816
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 - Two-bedroom condo with updated appliances, garage parking, private storage, and a wood-burning fireplace in a secure building.
Where is this residential income property located?
The property is located at 1703 MOUNT WASHINGTON COURT Unit K Baltimore, MD.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: 2‑bedroom, 2‑bath condominium built in 1980; New paint, carpeting, and stainless steel kitchen appliances; Private, functioning sauna within the residence
