Newly Constructed Retail
For Sale
$4,050,000
5960 Belair Rd, Baltimore, MD 21206
Shadow-anchored retail center 100% pre-leased to national tenants.
Property Size14,450 SF
Price / SF$280.28
Days on Market129
Property Features for 5960 Belair Rd
General Information
Standard status
Active
Size
14,450 SF
Building Details
Year Built
2016
Listing Agency:
Cummings & Co Realtors
(410) 688-5285
Listed By:
Matthew E Garono · License #627356
Source:
Kandorre
Added: Apr 24
Changed: Aug 23
Last Checked: Aug 30 at 7:19PM
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 Cummings & Co Realtors
Investment Insights
Based on property information with market context.
The offering is the fee simple interest in Belair Crossing, a newly constructed 12,800 square foot retail center located in Baltimore City, Maryland. Constructed in the Fall of 2015, the center was 100% pre-leased to PNC and Dollar Tree. Both tenants have recently executed their first five-year renewal option after a successful 10-year initial term. The Property benefits from its co-tenancy with Dunkin and the newly constructed and anticipated LIDL Supermarket. The location has a walk score of 61, indicating it is somewhat walkable, a transit score of 50, indicating good transit, and a bike score of 36, indicating it is somewhat bikeable.
Key Highlights
- 100% Leased Retail Center providing immediate income
- Strong Tenant Roster anchored by PNC and Dollar Tree, both having exercised renewal options
- Newly Constructed in 2016, minimizing immediate capital expenditure needs
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
$162,953
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
4.02%
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%
$3,259,060
$3.3M
Cap Rate 7%
$2,327,900
$2.3M
Cap Rate 9%
$1,810,589
$1.8M
Market Conditions
NOI Build-Up for 14,450 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
$260.1K $18.00/SF
− Vacancy
−$27.3K −$1.89/SF
EGI
$232.8K $16.11/SF
− OpEx
−$69.8K −$4.83/SF
NOI
$163.0K $11.28/SF
Area
ZIP 21206
Vacancy
10.50%
Lease Rate
$18.00 /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%
$3,259,060
Cap Rate 7%
$2,327,900
Cap Rate 9%
$1,810,589
Alternative Uses
Best Use
Retail
$2.33M
$2.04M – $2.72M
NOI $162,953 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.04M
$2.66M – $3.55M
NOI $212,876 @ 7.0% cap · market cap 5.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
669
Businesses Nearby
Under-served
Demand for This Use
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 Retail in Baltimore, MD
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Shadow-anchored retail center 100% pre-leased to national tenants.
Where is this shopping center located?
The property is located at 5960 Belair Rd Baltimore, MD.
What is the asking price?
The asking price for this property is $4,050,000.
What are key features of this property?
This property features: 100% Leased Retail Center providing immediate income; Strong Tenant Roster anchored by PNC and Dollar Tree, both having exercised renewal options; Newly Constructed in 2016, minimizing immediate capital expenditure needs
