Two-Bedroom Residential Income
For Sale
$225,000
24 DEER RUN COURT Unit 606, Baltimore, MD 21227
Updated condo unit with hardwood flooring, a private balcony, and wooded rear views in Riverchase Condos.
Property Size1,059 SF
Price / SF$212.46
Days on Market8
Property Features for 24 DEER RUN COURT Unit 606
General Information
Standard status
Active
Size
1,059 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,097
Building Details
Building Size
1,059 SF
Year Built
1988
Listing Agency:
Compass
Listed By:
Nicholas W Bogardus · License #662465
(410) 914-7355
Source:
Thehulsmangroup
Added: Sep 8
Changed: Sep 12
Last Checked: Sep 15 at 8:43AM
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 Compass
Investment Insights
Based on property information with market context.
Unit 606 at Riverchase Condos is a residential income property with two bedrooms, one bathroom, and 1,059 square feet of living area. Built in 1988, the unit features a freshly painted interior, hardwood flooring throughout, and a large living room with flexible space for daily living or entertaining. Both bedrooms provide generous proportions, while the private balcony overlooks a wooded backdrop.
The property is located at 24 Deer Run Court in Baltimore, Maryland. Its condominium setting combines an updated interior with outdoor space and views of the surrounding trees. The unit offers a defined two-bedroom layout within the Riverchase Condos community.
The property is located at 24 Deer Run Court in Baltimore, Maryland. Its condominium setting combines an updated interior with outdoor space and views of the surrounding trees. The unit offers a defined two-bedroom layout within the Riverchase Condos community.
Key Highlights
- Two‑bedroom, one‑bathroom condominium unit
- 1,059 square feet of living area
- Freshly painted interior with hardwood floors throughout
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
$13,797
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
6.13%
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%
$275,940
$275.9K
Cap Rate 7%
$197,100
$197.1K
Cap Rate 9%
$153,300
$153.3K
Market Conditions
NOI Build-Up for 1,059 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
$26.7K $25.20/SF
− Vacancy
−$1.6K −$1.51/SF
EGI
$25.1K $23.69/SF
− OpEx
−$11.3K −$10.66/SF
NOI
$13.8K $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%
$275,940
Cap Rate 7%
$197,100
Cap Rate 9%
$153,300
Alternative Uses
Best Use
Apartment 5plus
$197.1K
$172.5K – $230.0K
NOI $13,797 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$253.7K
$222.0K – $296.0K
NOI $17,759 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
142
Businesses Nearby
Explore this area
Business Placement
Demographics for 21227, MD
35,837
Population
14,260
Households
2.5
Avg Household Size
35
Median Age
27%
College-Educated
85%
High-School Grad
11.3 sq mi
ZIP Area
3,171
Density / Sq Mi
$83,620
Median Household Income
$52,643
Median Earnings
$1,347
Median Rent
$272,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condo unit with hardwood flooring, a private balcony, and wooded rear views in Riverchase Condos.
Where is this residential income property located?
The property is located at 24 DEER RUN COURT Unit 606 Baltimore, MD.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bathroom condominium unit; 1,059 square feet of living area; Freshly painted interior with hardwood floors throughout
