Garden-Style Residential Income
For Sale
$295,000
5647 HARPERS FARM RD #F, Columbia, MD 21044
COLUMBIA, MD
Property Size1,314 SF
Price / SF$224.51
Days on Market8
Property Features for 5647 HARPERS FARM RD #F
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2
Subdivision
DEERING WOODS
Elementary school district
HOWARD COUNTY PUBLIC SCHOOLS
Middle school district
HOWARD COUNTY PUBLIC SCHOOLS
High school district
HOWARD COUNTY PUBLIC SCHOOLS
Standard status
Active
Amenities
walking trails
Building Details
Year built
1977
Listing Agency:
One Bethesda
(240) 497-1700
Listed By:
Andrew J Ascienzo · License #5001752
(301) 602-1146
Added: Aug 14
Changed: Aug 20
Last Checked: Aug 21 at 8:06AM
MLS# MDHW2072236
Copyright © 2026 Long & Foster Real Estate. 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 garden-style condominium includes 1,314 square feet of living space with two bedrooms and two bathrooms. The layout provides a spacious arrangement, while the kitchen offers ample counter space. Both bedrooms include generous closet storage, and the interior has been refreshed throughout. Built in 1977, the unit is located at 5647 Harpers Farm Rd, Unit F, in Columbia, Maryland.
The community includes maintained common areas and walking trails located directly in front of the property. The condominium’s two-bedroom, two-bath configuration and established community setting provide a practical residential income property format.
The community includes maintained common areas and walking trails located directly in front of the property. The condominium’s two-bedroom, two-bath configuration and established community setting provide a practical residential income property format.
Key Highlights
- 1,314 square feet with two bedrooms and two bathrooms
- Garden‑style condominium at 5647 Harpers Farm Rd #F
- Kitchen includes ample counter space
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
$17,083
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
5.79%
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%
$341,660
$341.7K
Cap Rate 7%
$244,043
$244.0K
Cap Rate 9%
$189,811
$189.8K
Market Conditions
NOI Build-Up for 1,314 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
$33.1K $25.20/SF
− Vacancy
−$2.1K −$1.56/SF
EGI
$31.1K $23.64/SF
− OpEx
−$14.0K −$10.64/SF
NOI
$17.1K $13.00/SF
Area
Columbia, MD
Vacancy
6.20%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$341,660
Cap Rate 7%
$244,043
Cap Rate 9%
$189,811
Alternative Uses
Best Use
Apartment 5plus
$244.0K
$213.5K – $284.7K
NOI $17,083 @ 7.0% cap · market cap 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$417.8K
$365.5K – $487.4K
NOI $29,243 @ 7.0% cap · market cap 9.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,145
Businesses Nearby
Explore this area
Business Placement
Demographics for 21044, MD
44,284
Population
19,776
Households
2.2
Avg Household Size
39
Median Age
67%
College-Educated
96%
High-School Grad
11.9 sq mi
ZIP Area
3,721
Density / Sq Mi
$132,924
Median Household Income
$69,565
Median Earnings
$2,096
Median Rent
$541,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium with a spacious layout, refreshed interiors, and direct access to community walking trails.
Where is this residential income property located?
The property is located at 5647 HARPERS FARM RD #F Columbia, MD.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 1,314 square feet with two bedrooms and two bathrooms; Garden‑style condominium at 5647 Harpers Farm Rd #F; Kitchen includes ample counter space
