First-Floor Residential Income
For Sale
$219,900
3021 FALLSTAFF ROAD Unit 102B, Baltimore, MD 21209
Two-bedroom condominium unit with an eat-in kitchen, private patio, and access to shared recreational facilities.
Property Size1,381 SF
Days on Market18
Property Features for 3021 FALLSTAFF ROAD Unit 102B
General Information
Standard status
Active
Size
1,381 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,529
Amenities
private patio
clubhouse
pool
tennis courts
fitness center
electric vehicle charging stations
Building Details
Building Size
1,381 SF
Year Built
1988
Listing Agency:
RE/MAX Premier Associates
(410) 977-7600
Listed By:
Barry J Nabozny · License #522561
(410) 977-7600
Source:
Thehulsmangroup
Added: Aug 5
Changed: Aug 21
Last Checked: Aug 22 at 11:16AM
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 RE/MAX Premier Associates
Investment Insights
Based on property information with market context.
This first-floor residential income property is a condominium unit with two bedrooms and 1.5 baths. The interior includes an eat-in kitchen, dedicated dining area, and separate living room, creating distinct spaces for daily use. Sliding doors connect the living area to a private patio. The primary bedroom features a private bath and two walk-in closets. Built in 1988, the property also includes access to shared community amenities in Baltimore, including a clubhouse, swimming pool, tennis courts, fitness center, and electric vehicle charging stations.
Key Highlights
- First‑floor condominium unit with 2 bedrooms and 1.5 baths
- Eat‑in kitchen, separate dining area, and living room
- Private patio accessed through sliding doors
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
$17,992
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
8.18%
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%
$359,840
$359.8K
Cap Rate 7%
$257,029
$257.0K
Cap Rate 9%
$199,911
$199.9K
Market Conditions
NOI Build-Up for 1,381 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
$34.8K $25.20/SF
− Vacancy
−$2.1K −$1.51/SF
EGI
$32.7K $23.69/SF
− OpEx
−$14.7K −$10.66/SF
NOI
$18.0K $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%
$359,840
Cap Rate 7%
$257,029
Cap Rate 9%
$199,911
Alternative Uses
Best Use
Apartment 5plus
$257.0K
$224.9K – $299.9K
NOI $17,992 @ 7.0% cap · market cap 8.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$330.8K
$289.5K – $386.0K
NOI $23,159 @ 7.0% cap · market cap 10.53%
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
548
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 - Two-bedroom condominium unit with an eat-in kitchen, private patio, and access to shared recreational facilities.
Where is this residential income property located?
The property is located at 3021 FALLSTAFF ROAD Unit 102B Baltimore, MD.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: First‑floor condominium unit with 2 bedrooms and 1.5 baths; Eat‑in kitchen, separate dining area, and living room; Private patio accessed through sliding doors
