Two-Level Mixed-Use
New
For Sale
$190,000
4005 W BELVEDERE AVENUE, Baltimore, MD 21215
Commercial space occupies the ground floor, with residential living quarters above.
Property Size1,200 SF
Days on Market5
Property Features for 4005 W BELVEDERE AVENUE
General Information
Standard status
Active
Size
1,200 SF
Property subtype
MixedUse
Taxes and HOA fees
Annual Taxes
$1,300
Building Details
Building Size
1,200 SF
Year Built
1920
Listing Agency:
BNI Realty
(703) 627-6285
Listed By:
Homayoun M Nouri · License #5015224
(703) 627-6285
Source:
Thehulsmangroup
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 23 at 9:23AM
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 BNI Realty
Investment Insights
Based on property information with market context.
Built in 1920, this mixed-use property places commercial business space on the main level and a residential unit upstairs. The upper level includes 2 bedrooms, 1 full bathroom, a living room, and a kitchen. Located at 4005 W Belvedere Avenue in Baltimore, Maryland, the property combines business and residential functions within one building.
Key Highlights
- Main level configured for commercial business use
- Upper‑level residential unit with 2 bedrooms
- 1 full bathroom, living room, and kitchen upstairs
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
$14,580
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
7.67%
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%
$291,600
$291.6K
Cap Rate 7%
$208,286
$208.3K
Cap Rate 9%
$162,000
$162.0K
Market Conditions
NOI Build-Up for 1,200 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
$25.9K $21.60/SF
− Vacancy
−$2.6K −$2.16/SF
EGI
$23.3K $19.44/SF
− OpEx
−$8.7K −$7.29/SF
NOI
$14.6K $12.15/SF
Area
ZIP 21215
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$291,600
Cap Rate 7%
$208,286
Cap Rate 9%
$162,000
Alternative Uses
Best Use
Mixed Use
$208.3K
$182.3K – $243.0K
NOI $14,580 @ 7.0% cap · market cap 7.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$286.1K
$250.3K – $333.8K
NOI $20,026 @ 7.0% cap · market cap 10.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,268
Businesses Nearby
Explore this area
Business Placement
Demographics for 21215, MD
54,198
Population
24,876
Households
2.2
Avg Household Size
42
Median Age
25%
College-Educated
84%
High-School Grad
6.8 sq mi
ZIP Area
7,970
Density / Sq Mi
$47,606
Median Household Income
$37,670
Median Earnings
$1,177
Median Rent
$189,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space occupies the ground floor, with residential living quarters above.
Where is this mixed-use property located?
The property is located at 4005 W BELVEDERE AVENUE Baltimore, MD.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: Main level configured for commercial business use; Upper‑level residential unit with 2 bedrooms; 1 full bathroom, living room, and kitchen upstairs
