Three-Bedroom Residential Income
New
For Sale
$299,999
3 RUMFORD DRIVE Unit 303, Baltimore, MD 21228
Three-bedroom, two-bath condominium with cathedral ceilings and a private balcony in a low-maintenance community.
Property Size1,223 SF
Days on Market3
Property Features for 3 RUMFORD DRIVE Unit 303
General Information
Standard status
Active
Size
1,223 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$2,800
Building Details
Building Size
1,223 SF
Year Built
1989
Listing Agency:
Douglas Realty LLC
(443) 253-4059
Listed By:
Darby L McKaine · License #534965
(443) 253-4059
Source:
Thehulsmangroup
Added: Aug 29
Changed: Aug 31
Last Checked: Aug 30 at 10:15PM
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 Douglas Realty LLC
Investment Insights
Based on property information with market context.
This condominium offers three bedrooms and two bathrooms within a residential income property classification. Cathedral ceilings create an open interior volume, while natural light reaches each room. A private balcony adds outdoor space for everyday use or entertaining, and the community provides a low-maintenance ownership setting.
The home is situated on a quiet dead-end street in Catonsville, near restaurants, shops, a park, and walking trails. The property was built in 1989 and combines a residential floor plan with features suited to condominium living.
The home is situated on a quiet dead-end street in Catonsville, near restaurants, shops, a park, and walking trails. The property was built in 1989 and combines a residential floor plan with features suited to condominium living.
Key Highlights
- Three‑bedroom, two‑bath condominium
- Cathedral ceilings and natural light throughout the interior
- Private balcony for outdoor space
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
$15,934
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
5.31%
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%
$318,680
$318.7K
Cap Rate 7%
$227,629
$227.6K
Cap Rate 9%
$177,044
$177.0K
Market Conditions
NOI Build-Up for 1,223 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
$30.8K $25.20/SF
− Vacancy
−$1.8K −$1.51/SF
EGI
$29.0K $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%
$318,680
Cap Rate 7%
$227,629
Cap Rate 9%
$177,044
Alternative Uses
Best Use
Apartment 5plus
$227.6K
$199.2K – $265.6K
NOI $15,934 @ 7.0% cap · market cap 5.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$293.0K
$256.4K – $341.8K
NOI $20,510 @ 7.0% cap · market cap 6.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Three-bedroom, two-bath condominium with cathedral ceilings and a private balcony in a low-maintenance community.
Where is this residential income property located?
The property is located at 3 RUMFORD DRIVE Unit 303 Baltimore, MD.
What is the asking price?
The asking price for this property is $299,999.
What are key features of this property?
This property features: Three‑bedroom, two‑bath condominium; Cathedral ceilings and natural light throughout the interior; Private balcony for outdoor space
