Mixed-Use Property with 2
For Sale
$370,000
4409 LEEDS, Baltimore, MD 21229
BL-zoned mixed-use property with two registered residential rental units and fully separated utilities.
Property Size2,126 SF
Days on Market53
Property Features for 4409 LEEDS
General Information
Standard status
Active
Size
2,126 SF
Property subtype
MixedUse
Zoning
BL
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,652
Building Details
Building Size
2,126 SF
Year Built
1924
Listing Agency:
Hyatt & Company Real Estate, LLC
(410) 340-1841
Listed By:
Jeffrey Choyce Sr. · License #647498
(410) 340-1841
Source:
Thehulsmangroup
Added: Jun 26
Changed: Aug 16
Last Checked: Aug 16 at 4:28AM
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 Hyatt & Company Real Estate, LLC
Investment Insights
Based on property information with market context.
Located at 4409 Leeds in Baltimore, this mixed-use property is commercially zoned BL and contains two registered residential rental units. The first-floor residence has one bedroom and one bathroom, while the second-floor residence includes two bedrooms and one bathroom. Utilities are fully separated between the units. Constructed in 1924, the property combines a commercial zoning designation with an established two-level residential configuration.
Key Highlights
- BL commercial zoning
- 2 registered residential rental units
- First‑floor 1‑bedroom, 1‑bath unit
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
$30,056
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
8.12%
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%
$601,120
$601.1K
Cap Rate 7%
$429,371
$429.4K
Cap Rate 9%
$333,956
$334.0K
Market Conditions
NOI Build-Up for 2,126 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
$45.9K $21.60/SF
− Vacancy
−$3.0K −$1.40/SF
EGI
$42.9K $20.20/SF
− OpEx
−$12.9K −$6.06/SF
NOI
$30.1K $14.14/SF
Area
ZIP 21229
Vacancy
6.50%
Lease Rate
$21.60 /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%
$601,120
Cap Rate 7%
$429,371
Cap Rate 9%
$333,956
Alternative Uses
Best Use
Multifamily LT 5
$429.4K
$375.7K – $500.9K
NOI $30,056 @ 7.0% cap · market cap 8.12%
Second Best
Mixed Use
$410.0K
$358.8K – $478.4K
NOI $28,701 @ 7.0% cap · market cap 7.76%
Theoretical Best
Office A
$506.9K
$443.5K – $591.3K
NOI $35,480 @ 7.0% cap · market cap 9.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
743
Businesses Nearby
Explore this area
Business Placement
Demographics for 21229, MD
43,464
Population
20,653
Households
2.1
Avg Household Size
38
Median Age
22%
College-Educated
89%
High-School Grad
5.9 sq mi
ZIP Area
7,367
Density / Sq Mi
$55,457
Median Household Income
$40,627
Median Earnings
$1,210
Median Rent
$184,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - BL-zoned mixed-use property with two registered residential rental units and fully separated utilities.
Where is this mixed-use property located?
The property is located at 4409 LEEDS Baltimore, MD.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: BL commercial zoning; 2 registered residential rental units; First‑floor 1‑bedroom, 1‑bath unit
