Updated Residential Income
For Sale
$179,900
363 HOMELAND SOUTHWAY Unit 1B, Baltimore, MD 21212
One-bedroom condo with renovated kitchen and bathroom, private patio, and access to community amenities.
Property Size854 SF
Days on Market17
Property Features for 363 HOMELAND SOUTHWAY Unit 1B
General Information
Standard status
Active
Size
854 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,900
Amenities
clubhouse
exercise room
outdoor pool
on-site laundry
storage
gated community
Building Details
Building Size
854 SF
Year Built
1980
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(410) 905-4661
Listed By:
Thomas P Coard · License #529568
(410) 905-4661
Source:
Thehulsmangroup
Added: Aug 7
Changed: Aug 20
Last Checked: Aug 22 at 10:33AM
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 one-bedroom condo in a gated community was built in 1980 and has received extensive interior updates. Improvements include soft-close kitchen cabinetry, new countertops, a range, microwave, faucet, ceiling fan, and light fixtures. The bathroom includes a new vanity, mirror, medicine cabinet, hardware, regrouted tile, and a newly tiled shower surround. Additional updates include door hardware, hinges, window coverings, electrical switches, outlets, and a 6-year-old AC unit. The residence also offers an open dining area, private patio, and updated exterior patio overhead.
Community amenities include a clubhouse, exercise room, outdoor pool, free parking, on-site laundry, and lower-level storage. The property is located in Baltimore’s Homeland neighborhood near Loyola University, Notre Dame, local shops, dining, and major commuter routes.
Community amenities include a clubhouse, exercise room, outdoor pool, free parking, on-site laundry, and lower-level storage. The property is located in Baltimore’s Homeland neighborhood near Loyola University, Notre Dame, local shops, dining, and major commuter routes.
Key Highlights
- One‑bedroom condo with renovated kitchen and bathroom finishes
- Gated community with clubhouse, exercise room, outdoor pool, and free parking
- Kitchen updates include soft‑close cabinets, countertops, range, microwave, and faucet
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
$11,126
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
6.18%
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%
$222,520
$222.5K
Cap Rate 7%
$158,943
$158.9K
Cap Rate 9%
$123,622
$123.6K
Market Conditions
NOI Build-Up for 854 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
$21.5K $25.20/SF
− Vacancy
−$1.3K −$1.51/SF
EGI
$20.2K $23.69/SF
− OpEx
−$9.1K −$10.66/SF
NOI
$11.1K $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%
$222,520
Cap Rate 7%
$158,943
Cap Rate 9%
$123,622
Alternative Uses
Best Use
Apartment 5plus
$158.9K
$139.1K – $185.4K
NOI $11,126 @ 7.0% cap · market cap 6.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$204.6K
$179.0K – $238.7K
NOI $14,322 @ 7.0% cap · market cap 7.96%
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
744
Businesses Nearby
Explore this area
Business Placement
Demographics for 21212, MD
32,317
Population
13,749
Households
2.4
Avg Household Size
39
Median Age
55%
College-Educated
91%
High-School Grad
4.6 sq mi
ZIP Area
7,025
Density / Sq Mi
$96,752
Median Household Income
$57,600
Median Earnings
$1,328
Median Rent
$357,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - One-bedroom condo with renovated kitchen and bathroom, private patio, and access to community amenities.
Where is this residential income property located?
The property is located at 363 HOMELAND SOUTHWAY Unit 1B Baltimore, MD.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: One‑bedroom condo with renovated kitchen and bathroom finishes; Gated community with clubhouse, exercise room, outdoor pool, and free parking; Kitchen updates include soft‑close cabinets, countertops, range, microwave, and faucet
