Residential Income Property with
For Sale
$225,000
3601 GREENWAY Unit 205, Baltimore, MD 21218
Two-bedroom condominium residence with a private entrance, walk-out patio, deeded parking, and separate storage.
Property Size1,417 SF
Days on Market27
Property Features for 3601 GREENWAY Unit 205
General Information
Standard status
Active
Size
1,417 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,354
Amenities
private entrance
private walk-out patio
24-hour front desk service
welcoming lobby
community gathering spaces
laundry facility
storage unit
Building Details
Building Size
1,417 SF
Year Built
1955
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(443) 631-2686
Listed By:
Jessica Hobbs · License #645894
(443) 631-2686
Source:
Thehulsmangroup
Added: Jul 27
Changed: Aug 21
Last Checked: Aug 22 at 12:15PM
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 Berkshire Hathaway HomeServices Homesale Realty
Investment Insights
Based on property information with market context.
This 2-bedroom, 2-bath condominium residence is located in The Carrollton, a 1955-built property with a private entrance and walk-out patio. The interior includes oversized bedrooms, parquet flooring, replacement windows, and an updated white kitchen with extensive cabinetry. Classic finishes continue through both bathrooms, while storage is provided throughout the home. The sale includes a separately deeded parking space and storage unit.
The property is near Johns Hopkins University and Guilford Gateway Park, with shops and restaurants in Charles Village a short distance away. Community amenities at The Carrollton include 24-hour front desk service, a lobby, gathering areas, and laundry facilities.
The property is near Johns Hopkins University and Guilford Gateway Park, with shops and restaurants in Charles Village a short distance away. Community amenities at The Carrollton include 24-hour front desk service, a lobby, gathering areas, and laundry facilities.
Key Highlights
- 2‑bedroom, 2‑bath condominium residence in The Carrollton
- Private entrance and walk‑out patio
- Separately deeded parking space and storage unit included
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
$16,439
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
7.31%
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%
$328,780
$328.8K
Cap Rate 7%
$234,843
$234.8K
Cap Rate 9%
$182,656
$182.7K
Market Conditions
NOI Build-Up for 1,417 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
$32.0K $22.56/SF
− Vacancy
−$2.1K −$1.47/SF
EGI
$29.9K $21.09/SF
− OpEx
−$13.5K −$9.49/SF
NOI
$16.4K $11.60/SF
Area
ZIP 21218
Vacancy
6.50%
Lease Rate
$22.56 /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%
$328,780
Cap Rate 7%
$234,843
Cap Rate 9%
$182,656
Alternative Uses
Best Use
Apartment 5plus
$234.8K
$205.5K – $274.0K
NOI $16,439 @ 7.0% cap · market cap 7.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$385.3K
$337.1K – $449.5K
NOI $26,968 @ 7.0% cap · market cap 11.99%
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
2,023
Businesses Nearby
Explore this area
Business Placement
Demographics for 21218, MD
46,238
Population
21,751
Households
2.1
Avg Household Size
34
Median Age
44%
College-Educated
90%
High-School Grad
4.3 sq mi
ZIP Area
10,753
Density / Sq Mi
$58,378
Median Household Income
$38,316
Median Earnings
$1,239
Median Rent
$229,800
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 residence with a private entrance, walk-out patio, deeded parking, and separate storage.
Where is this residential income property located?
The property is located at 3601 GREENWAY Unit 205 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: 2‑bedroom, 2‑bath condominium residence in The Carrollton; Private entrance and walk‑out patio; Separately deeded parking space and storage unit included
