9-Unit Neighborhood Shopping
For Sale
$2,100,000
4300 BELAIR ROAD, Baltimore, MD 21206
Fully occupied retail property along Belair Road with established tenants and a multi-tenant layout.
Property Size16,935 SF
Lot Size0.80 Acres
Price / SF$124
Days on Market10
Property Features for 4300 BELAIR ROAD
General Information
Standard status
Active
Size
16,935 SF
Lot size
0.80 Acres
Property subtype
Commercial
Occupancy
100%
Building Details
Year Built
1960
Tenancy
Multi
Listing Agency:
RE/MAX Leading Edge
(301) 213-1107
Listed By:
Ronald V Hair · License #574548
(301) 213-1107
Source:
Cummingsrealtors
Added: Aug 1
Changed: Aug 9
Last Checked: Aug 9 at 5:20AM
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 Leading Edge
Investment Insights
Based on property information with market context.
Built in 1960, this 9-unit shopping center provides approximately 16,935 square feet of retail space across a multi-tenant neighborhood format. The property is currently 100% occupied and includes established tenants within the existing retail configuration.
The center occupies a 0.8-acre parcel along Belair Road in Baltimore, near the established Belair-Edison neighborhood. Its position on a heavily traveled commercial corridor provides direct exposure to passing traffic, with visibility and accessibility identified as property features.
The asset combines an occupied retail operation with a sizable site and multiple tenant spaces, offering a straightforward platform for continued neighborhood retail use and ongoing lease administration.
The center occupies a 0.8-acre parcel along Belair Road in Baltimore, near the established Belair-Edison neighborhood. Its position on a heavily traveled commercial corridor provides direct exposure to passing traffic, with visibility and accessibility identified as property features.
The asset combines an occupied retail operation with a sizable site and multiple tenant spaces, offering a straightforward platform for continued neighborhood retail use and ongoing lease administration.
Key Highlights
- 9‑unit multi‑tenant shopping center
- Approximately 16,935 square feet of retail space
- Situated on a 0.8‑acre parcel
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
$190,976
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
9.09%
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%
$3,819,520
$3.8M
Cap Rate 7%
$2,728,229
$2.7M
Cap Rate 9%
$2,121,956
$2.1M
Market Conditions
NOI Build-Up for 16,935 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
$304.8K $18.00/SF
− Vacancy
−$32.0K −$1.89/SF
EGI
$272.8K $16.11/SF
− OpEx
−$81.8K −$4.83/SF
NOI
$191.0K $11.28/SF
Area
ZIP 21206
Vacancy
10.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,819,520
Cap Rate 7%
$2,728,229
Cap Rate 9%
$2,121,956
Alternative Uses
Best Use
Retail
$2.73M
$2.39M – $3.18M
NOI $190,976 @ 7.0% cap · market cap 9.09%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.56M
$3.12M – $4.16M
NOI $249,485 @ 7.0% cap · market cap 11.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
717
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21206, MD
49,470
Population
21,939
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
89%
High-School Grad
7.3 sq mi
ZIP Area
6,777
Density / Sq Mi
$62,965
Median Household Income
$46,426
Median Earnings
$1,215
Median Rent
$213,700
Median Home Value
Market
Vacancy Rate% for Retail in Baltimore, MD
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Fully occupied retail property along Belair Road with established tenants and a multi-tenant layout.
Where is this shopping center located?
The property is located at 4300 BELAIR ROAD Baltimore, MD.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 9‑unit multi‑tenant shopping center; Approximately 16,935 square feet of retail space; Situated on a 0.8‑acre parcel
