12,432 SqFt Commercial
For Sale
Contact for pricing
4423 Belair Rd, Baltimore, MD 21206
Commercial property for sale with 12,432 square feet.
Property Size12,432 SF
Price / SF$62.34
Days on Market174
Property Features for 4423 Belair Rd
General Information
Standard status
Active
Size
12,432 SF
Class
C
Property subtype
Business for Sale, Industrial, Retail
Lease Type
NNN
Building Details
Year Built
1960
Listing Agency:
CENTURY 21 New Millennium
Listed By:
Song Hong · License #618680
Source:
Crexi
Added: Feb 28
Changed: Aug 8
Last Checked: Aug 20 at 4:30PM
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 CENTURY 21 New Millennium
Investment Insights
Based on property information with market context.
This commercial property, located in Baltimore, MD, offers 12,432 square feet of space. The property is currently listed for sale as a business opportunity. It is suitable for industrial or retail use.
Key Highlights
- Business for Sale
- Substantial 12,432 SqFt of space
- Year Built: 1960
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
$68,641
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
8.86%
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%
$1,372,820
$1.4M
Cap Rate 7%
$980,586
$980.6K
Cap Rate 9%
$762,678
$762.7K
Market Conditions
NOI Build-Up for 12,432 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
$104.4K $8.40/SF
− Vacancy
−$6.4K −$0.51/SF
EGI
$98.1K $7.89/SF
− OpEx
−$29.4K −$2.37/SF
NOI
$68.6K $5.52/SF
Area
ZIP 21206
Vacancy
6.10%
Lease Rate
$8.40 /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%
$1,372,820
Cap Rate 7%
$980,586
Cap Rate 9%
$762,678
Alternative Uses
Best Use
Retail
$2.00M
$1.75M – $2.34M
NOI $140,196 @ 7.0% cap · market cap 18.09%
Second Best
Industrial
$980.6K
$858.0K – $1.14M
NOI $68,641 @ 7.0% cap · market cap 8.86%
Theoretical Best
Multifamily LT 5
$2.62M
$2.29M – $3.05M
NOI $183,147 @ 7.0% cap · market cap 23.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
800
Businesses Nearby
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 Industrial in Baltimore, MD
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Industrial property - Commercial property for sale with 12,432 square feet.
Where is this industrial property located?
The property is located at 4423 Belair Rd Baltimore, MD.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Business for Sale; Substantial 12,432 SqFt of space; Year Built: 1960
