Renovated Mixed-Use
New
For Sale
$395,000
5904 HARFORD ROAD, Baltimore, MD 21214
Flexible commercial space accompanies two updated apartments, creating a combined retail and residential configuration on Harford Road.
Property Size1,536 SF
Price / SF$257.16
Days on Market6
Property Features for 5904 HARFORD ROAD
General Information
Standard status
Active
Size
1,536 SF
Property subtype
Triplex
Building Details
Year Built
1920
Listing Agency:
Hawkins Real Estate Company
(941) 882-0755
Listed By:
Joseph E Hawkins · License #SBR006339
(941) 882-0755
Source:
Cummingsrealtors
Added: Aug 16
Changed: Aug 20
Last Checked: Aug 20 at 5:26AM
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 Hawkins Real Estate Company
Investment Insights
Based on property information with market context.
This 1,536-square-foot mixed-use building contains three units: a street-facing commercial space and two residential apartments. The retail area is vacant, was renovated in May 2026, and retains barbershop fixtures within an open layout that can accommodate another retail, salon, or office concept. One apartment offers 2 bedrooms and 1 bath, while the other includes 1 bedroom and 1 bath. Both residential units are occupied under leases extending through May 2027 and June 2027, respectively.
Recent capital improvements include a new roof installed in June 2026, along with updates to both apartments in April and August 2026. An unfinished basement provides storage and includes a washer and dryer. The property also has 9 off-street parking spaces and additional on-street parking. Located at 5904 Harford Road in Baltimore, the building was constructed in 1920.
Recent capital improvements include a new roof installed in June 2026, along with updates to both apartments in April and August 2026. An unfinished basement provides storage and includes a washer and dryer. The property also has 9 off-street parking spaces and additional on-street parking. Located at 5904 Harford Road in Baltimore, the building was constructed in 1920.
Key Highlights
- Three‑unit mixed‑use property with retail space and two apartments
- 1,536 SF building constructed in 1920
- Vacant commercial unit renovated in May 2026 with barbershop fixtures
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
$22,557
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
5.71%
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%
$451,140
$451.1K
Cap Rate 7%
$322,243
$322.2K
Cap Rate 9%
$250,633
$250.6K
Market Conditions
NOI Build-Up for 1,536 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
$34.1K $22.20/SF
− Vacancy
−$1.9K −$1.22/SF
EGI
$32.2K $20.98/SF
− OpEx
−$9.7K −$6.29/SF
NOI
$22.6K $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%
$451,140
Cap Rate 7%
$322,243
Cap Rate 9%
$250,633
Alternative Uses
Best Use
Multifamily LT 5
$322.2K
$282.0K – $376.0K
NOI $22,557 @ 7.0% cap · market cap 5.71%
Second Best
Retail
$310.6K
$271.8K – $362.3K
NOI $21,740 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$368.0K
$322.0K – $429.3K
NOI $25,759 @ 7.0% cap · market cap 6.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
783
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible commercial space accompanies two updated apartments, creating a combined retail and residential configuration on Harford Road.
Where is this mixed-use property located?
The property is located at 5904 HARFORD ROAD Baltimore, MD.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Three‑unit mixed‑use property with retail space and two apartments; 1,536 SF building constructed in 1920; Vacant commercial unit renovated in May 2026 with barbershop fixtures
