Mixed-Use Building with Retail
New
For Sale
$395,000
5904 HARFORD Road, Baltimore, MD 21214
Multi-Family, BALTIMORE, MD
Property Size1,536 SF
Lot Size0.16 Acres
Price / SF$257.16
Days on Market4
Property Features for 5904 HARFORD Road
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking
9
Parking features
Off Street, On Street
Fireplace
1
Appliances
Dryer, Oven/Range - Electric, Refrigerator, Washer
Subdivision
HAMILTON HILLS
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
1,536 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
4057
Utilities
Heating system
Baseboard, Electric (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1920
Number of units
3
Building materials
Vinyl Siding
Architectural style
Other
Listing Agency:
Hawkins Real Estate Company
(240) 793-2485
Listed By:
Joseph E Hawkins · License #529248
(941) 882-0755
Added: Aug 17
Changed: Aug 19
Last Checked: Aug 20 at 2:06AM
MLS# MDBA2228016
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 1,536-square-foot mixed-use building contains three units: a street-level commercial space and two residential apartments. The retail unit has a flexible open layout, a front entrance, and fixtures remaining from its former barbershop configuration. It is vacant following a May 2026 renovation. The apartments include a 2-bedroom, 1-bath unit and a 1-bedroom, 1-bath unit, updated in August 2026 and April 2026, respectively. Both residential units are occupied under leases extending through May 2027 and June 2027.
A new roof was installed in June 2026. The unfinished basement provides storage and contains a washer and dryer, while the property also includes an electric range, refrigerator, vinyl siding, electric baseboard heat, and window-unit cooling. Parking consists of 9 off-street spaces along with on-street parking. The property is located at 5904 HARFORD Road in BALTIMORE, MD 21214, on a commercial corridor.
A new roof was installed in June 2026. The unfinished basement provides storage and contains a washer and dryer, while the property also includes an electric range, refrigerator, vinyl siding, electric baseboard heat, and window-unit cooling. Parking consists of 9 off-street spaces along with on-street parking. The property is located at 5904 HARFORD Road in BALTIMORE, MD 21214, on a commercial corridor.
Key Highlights
- Three‑unit mixed‑use building with 1,536 square feet of property size
- Street‑level commercial space renovated in May 2026 and currently vacant
- Two residential apartments: 2 BR / 1 BA and 1 BR / 1 BA
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated storefront and two updated apartments create a three-unit layout along 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 building with 1,536 square feet of property size; Street‑level commercial space renovated in May 2026 and currently vacant; Two residential apartments: 2 BR / 1 BA and 1 BR / 1 BA
