Penthouse Residential Income
For Sale
$278,000
2203 FALLS GABLE LANE Unit B, Baltimore, MD 21209
Penthouse residence with a loft, fireplace, community amenities, assigned parking, and maintenance services.
Property Size1,430 SF
Price / SF$194.41
Days on Market45
Property Features for 2203 FALLS GABLE LANE Unit B
General Information
Standard status
Active
Size
1,430 SF
Property subtype
Penthouse Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,485
Amenities
outdoor pool
clubhouse
common grounds
gas fireplace
ceiling fans
Building Details
Building Size
1,430 SF
Year Built
1994
Listing Agency:
Bennett Realty Solutions
(301) 437-6777
Listed By:
justan johnson · License #662853
(301) 437-6777
Source:
Thehulsmangroup
Added: Jul 8
Changed: Aug 15
Last Checked: Aug 21 at 11:50AM
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 Bennett Realty Solutions
Investment Insights
Based on property information with market context.
This penthouse residential income property offers 1,430 square feet with two bedrooms, two full bathrooms, and a loft that adds flexible interior space. The layout includes a formal dining area, living room with a gas fireplace, kitchen with a pantry and built-in appliances, and a primary suite with a walk-in closet and stall shower. Hardwood and ceramic tile flooring are complemented by carpeting in the bedrooms, while an entry-level bedroom supports convenient access.
Community features include an outdoor pool, clubhouse, maintained common grounds, assigned parking, and lighted paved parking areas. The residence is positioned slope-side with views toward trees and woods. Lawn care, snow removal, and trash collection are included services. Built in 1994.
Community features include an outdoor pool, clubhouse, maintained common grounds, assigned parking, and lighted paved parking areas. The residence is positioned slope-side with views toward trees and woods. Lawn care, snow removal, and trash collection are included services. Built in 1994.
Key Highlights
- 1,430‑square‑foot penthouse with two bedrooms, two full bathrooms, and a loft
- Gas fireplace with glass doors in the living area
- Kitchen includes built‑in microwave, range, cooktop, dishwasher, disposal, and pantry
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
$18,631
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
6.70%
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%
$372,620
$372.6K
Cap Rate 7%
$266,157
$266.2K
Cap Rate 9%
$207,011
$207.0K
Market Conditions
NOI Build-Up for 1,430 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
$36.0K $25.20/SF
− Vacancy
−$2.2K −$1.51/SF
EGI
$33.9K $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%
$372,620
Cap Rate 7%
$266,157
Cap Rate 9%
$207,011
Alternative Uses
Best Use
Apartment 5plus
$266.2K
$232.9K – $310.5K
NOI $18,631 @ 7.0% cap · market cap 6.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$342.6K
$299.8K – $399.7K
NOI $23,981 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
257
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 - Penthouse residence with a loft, fireplace, community amenities, assigned parking, and maintenance services.
Where is this residential income property located?
The property is located at 2203 FALLS GABLE LANE Unit B Baltimore, MD.
What is the asking price?
The asking price for this property is $278,000.
What are key features of this property?
This property features: 1,430‑square‑foot penthouse with two bedrooms, two full bathrooms, and a loft; Gas fireplace with glass doors in the living area; Kitchen includes built‑in microwave, range, cooktop, dishwasher, disposal, and pantry
