Two-Bedroom Residential Income
For Sale
$195,000
2204 PARK AVENUE Unit 302, Baltimore, MD 21217
Top-floor condominium with balcony, in-unit laundry, and shared rooftop terrace.
Property Size1,047 SF
Days on Market55
Property Features for 2204 PARK AVENUE Unit 302
General Information
Standard status
Active
Size
1,047 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,753
Amenities
balcony/porch
washer/dryer
rooftop terrace
Building Details
Building Size
1,047 SF
Year Built
1920
Listing Agency:
Long & Foster Real Estate, Inc
(410) 456-2490
Listed By:
William W Magruder · License #68074
(410) 456-2490
Source:
Thehulsmangroup
Added: Jun 29
Changed: Aug 15
Last Checked: Aug 22 at 10:56AM
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 Long & Foster Real Estate, Inc
Investment Insights
Based on property information with market context.
This two-bedroom, top-floor condominium occupies a 1920 building in Baltimore’s Reservoir Hill area. The residence was comprehensively updated during conversion and later refreshed, with an open floor plan, wood flooring, and a balcony or porch extending from the living room. A washer and dryer are located within the unit.
A shared rooftop terrace serves the two upper-floor units. The property is near the MARC train, Druid Hill Park, the City Pool, and the Baltimore Zoo, with urban farming and new shops also part of the surrounding Reservoir Hill context. The address is in Baltimore, MD 21217.
A shared rooftop terrace serves the two upper-floor units. The property is near the MARC train, Druid Hill Park, the City Pool, and the Baltimore Zoo, with urban farming and new shops also part of the surrounding Reservoir Hill context. The address is in Baltimore, MD 21217.
Key Highlights
- Two‑bedroom condominium on the top floor
- 1920 building, updated during conversion and subsequently refreshed
- Open floor plan with wood flooring
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
$13,641
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
7.00%
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%
$272,820
$272.8K
Cap Rate 7%
$194,871
$194.9K
Cap Rate 9%
$151,567
$151.6K
Market Conditions
NOI Build-Up for 1,047 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
$26.4K $25.20/SF
− Vacancy
−$1.6K −$1.51/SF
EGI
$24.8K $23.69/SF
− OpEx
−$11.2K −$10.66/SF
NOI
$13.6K $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%
$272,820
Cap Rate 7%
$194,871
Cap Rate 9%
$151,567
Alternative Uses
Best Use
Apartment 5plus
$194.9K
$170.5K – $227.4K
NOI $13,641 @ 7.0% cap · market cap 7.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$250.8K
$219.5K – $292.6K
NOI $17,558 @ 7.0% cap · market cap 9.00%
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
1,159
Businesses Nearby
Explore this area
Business Placement
Demographics for 21217, MD
30,448
Population
20,064
Households
1.5
Avg Household Size
38
Median Age
22%
College-Educated
83%
High-School Grad
2.1 sq mi
ZIP Area
14,499
Density / Sq Mi
$37,207
Median Household Income
$40,668
Median Earnings
$1,065
Median Rent
$175,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Top-floor condominium with balcony, in-unit laundry, and shared rooftop terrace.
Where is this residential income property located?
The property is located at 2204 PARK AVENUE Unit 302 Baltimore, MD.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: Two‑bedroom condominium on the top floor; 1920 building, updated during conversion and subsequently refreshed; Open floor plan with wood flooring
