Two-Bedroom Residential Income
For Sale
$327,500
Pending
3 GINFORD PLACE Unit 203, Baltimore, MD 21228
Condominium residence with an open layout, private balcony, separate laundry room, and secure storage area.
Property Size1,220 SF
Days on Market28
Property Features for 3 GINFORD PLACE Unit 203
General Information
Standard status
Pending
Size
1,220 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Road Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,735
Amenities
stainless steel appliances
updated lighting
balcony
walk-in closet
private bath
laundry room
secure storage area
Building Details
Building Size
1,220 SF
Year Built
1989
Listing Agency:
Cummings & Co. Realtors
Listed By:
Gary S Addington · License #523558
(410) 599-7887
Source:
Thehulsmangroup
Added: Aug 7
Changed: Sep 3
Last Checked: Sep 3 at 5:58AM
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 Cummings & Co. Realtors
Investment Insights
Based on property information with market context.
This residential income property is a two-bedroom, two-bathroom condominium with a bright, open interior. The layout includes an eat-in kitchen with stainless steel appliances, updated lighting, and combined living and dining areas. The primary bedroom has a walk-in closet and private bathroom, while the second bedroom can accommodate guests, family, or a home office. A private balcony, separate laundry room, and secure storage area add functional space.
The condominium is located in a quiet building on a no-through street in Baltimore, near Patapsco State Park. The property is also positioned near Historic Ellicott City, Catonsville, the Trolley Trail, shopping, dining, and major commuter routes. The HVAC system was replaced in 2020, and the water heater was replaced in 2021.
The condominium is located in a quiet building on a no-through street in Baltimore, near Patapsco State Park. The property is also positioned near Historic Ellicott City, Catonsville, the Trolley Trail, shopping, dining, and major commuter routes. The HVAC system was replaced in 2020, and the water heater was replaced in 2021.
Key Highlights
- Two‑bedroom, two‑bathroom condominium
- Private balcony with open living and dining areas
- Eat‑in kitchen with stainless steel appliances
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
$15,895
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
4.85%
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%
$317,900
$317.9K
Cap Rate 7%
$227,071
$227.1K
Cap Rate 9%
$176,611
$176.6K
Market Conditions
NOI Build-Up for 1,220 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
$30.7K $25.20/SF
− Vacancy
−$1.8K −$1.51/SF
EGI
$28.9K $23.69/SF
− OpEx
−$13.0K −$10.66/SF
NOI
$15.9K $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%
$317,900
Cap Rate 7%
$227,071
Cap Rate 9%
$176,611
Alternative Uses
Best Use
Apartment 5plus
$227.1K
$198.7K – $264.9K
NOI $15,895 @ 7.0% cap · market cap 4.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$292.3K
$255.7K – $341.0K
NOI $20,459 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
225
Businesses Nearby
Explore this area
Business Placement
Demographics for 21228, MD
50,418
Population
20,357
Households
2.5
Avg Household Size
42
Median Age
50%
College-Educated
92%
High-School Grad
15.6 sq mi
ZIP Area
3,232
Density / Sq Mi
$107,714
Median Household Income
$59,038
Median Earnings
$1,631
Median Rent
$389,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence with an open layout, private balcony, separate laundry room, and secure storage area.
Where is this residential income property located?
The property is located at 3 GINFORD PLACE Unit 203 Baltimore, MD.
What is the asking price?
The asking price for this property is $327,500.
What are key features of this property?
This property features: Two‑bedroom, two‑bathroom condominium; Private balcony with open living and dining areas; Eat‑in kitchen with stainless steel appliances
