Renovated Mixed-Use Income
For Sale
$1,325,000
4906 HARFORD Road, Baltimore, MD 21214
MULTI_FAMILY - BALTIMORE, MD
Property Size4,960 SF
Lot Size1.14 Acres
Price / SF$267.14
Days on Market53
Property Features for 4906 HARFORD Road
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Rooms
Basement
Parking features
Driveway
Elementary school district
BALTIMORE CITY PUBLIC SCHOOLS
Middle school district
BALTIMORE CITY PUBLIC SCHOOLS
High school district
BALTIMORE CITY PUBLIC SCHOOLS
Standard status
Active
Size
4,960 SF
Lot size
1.14 Acres
Taxes and HOA fees
Tax Annual Amount
4440
Utilities
Heating system
Hot Water(Heating)
Cooling system
Central Air
Building Details
Year built
1920
Number of units
4
Building materials
Stone, Vinyl Siding
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(410) 740-7100
Listed By:
Yorleen Palmer · License #677267
(203) 536-5011
Added: Jul 7
Changed: Jul 17
Last Checked: Aug 28 at 6:06PM
MLS# MDBA2222522
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use commercial/multi-unit property includes a fully renovated four-unit commercial building totaling 4,960 square feet, with all four units newly renovated and currently tenant occupied. The exterior has been freshly painted with new trim, and the commercial portion includes bathrooms with potential office space.
The property sits on a highly traveled Harford Road corridor in Baltimore, MD, and includes an additional separated mixed-use structure along with an expansive 1.14-acre lot. The land is described as having two plots connected to the overall parcel and offers two points of ingress/egress.
The property is zoned for mixed use and includes multiple income opportunities through the existing units and the additional structure, with rental income described in the remarks as over $5,000. Additional rental income potential for the commercial portion is also referenced in the remarks as $2,500–$3,000 per month.
The property sits on a highly traveled Harford Road corridor in Baltimore, MD, and includes an additional separated mixed-use structure along with an expansive 1.14-acre lot. The land is described as having two plots connected to the overall parcel and offers two points of ingress/egress.
The property is zoned for mixed use and includes multiple income opportunities through the existing units and the additional structure, with rental income described in the remarks as over $5,000. Additional rental income potential for the commercial portion is also referenced in the remarks as $2,500–$3,000 per month.
Key Highlights
- 1.14‑acre mixed‑use property on highly traveled Harford Road with two separate/buildable plots and two points of ingress/egress
- Fully renovated 4‑unit multi‑unit building totaling 4,960 SF; all 4 units are tenant occupied with rental income over $5,000
- Commercial portion includes bathrooms and potential office space; commercial building exterior freshly painted with new trimmings
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
$72,839
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
5.50%
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%
$1,456,780
$1.5M
Cap Rate 7%
$1,040,557
$1.0M
Cap Rate 9%
$809,322
$809.3K
Market Conditions
NOI Build-Up for 4,960 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
$110.1K $22.20/SF
− Vacancy
−$6.1K −$1.22/SF
EGI
$104.1K $20.98/SF
− OpEx
−$31.2K −$6.29/SF
NOI
$72.8K $14.69/SF
Area
Baltimore, MD
Vacancy
5.50%
Lease Rate
$22.20 /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%
$1,456,780
Cap Rate 7%
$1,040,557
Cap Rate 9%
$809,322
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$910.5K – $1.21M
NOI $72,839 @ 7.0% cap · market cap 5.50%
Second Best
Apartment 5plus
$923.2K
$807.8K – $1.08M
NOI $64,621 @ 7.0% cap · market cap 4.88%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,179 @ 7.0% cap · market cap 6.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
794
Businesses Nearby
Explore this area
Business Placement
Demographics for 21214, MD
19,344
Population
9,096
Households
2.1
Avg Household Size
41
Median Age
42%
College-Educated
93%
High-School Grad
2.8 sq mi
ZIP Area
6,909
Density / Sq Mi
$82,093
Median Household Income
$54,228
Median Earnings
$1,188
Median Rent
$250,700
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?
Quadplex - Fully renovated four-unit commercial building on a 1.14-acre lot with mixed-use zoning and two ingress/egress points.
Where is this quadplex located?
The property is located at 4906 HARFORD Road Baltimore, MD.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: 1.14‑acre mixed‑use property on highly traveled Harford Road with two separate/buildable plots and two points of ingress/egress; Fully renovated 4‑unit multi‑unit building totaling 4,960 SF; all 4 units are tenant occupied with rental income over $5,000; Commercial portion includes bathrooms and potential office space; commercial building exterior freshly painted with new trimmings
