Shadow-Anchored Retail
For Sale
$4,050,000
5960 BELAIR Road, Baltimore, MD 21206
Commercial Sale - BALTIMORE, MD
Property Size12,800 SF
Lot Size1.23 Acres
Price / SF$316.41
Days on Market206
Property Features for 5960 BELAIR Road
General Information
Property type
Other
Property subtype
Retail
Parking
50
Parking features
Parking Lot
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
12,800 SF
Lot size
1.23 Acres
Taxes and HOA fees
Tax Annual Amount
56170
Utilities
Cooling system
Central Air
Building Details
Year built
2016
Number of units
1
Building materials
Stucco, Brick, Block
Listing Agency:
Cummings & Co Realtors
(410) 823-0033
Listed By:
Matthew E Garono · License #627356
(410) 688-5285
Added: Jan 19
Changed: Jun 9
Last Checked: Aug 13 at 3:06AM
MLS# MDBA2197926
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.
Belair Crossing is a fee-simple retail center newly constructed in the fall of 2015. The property totals 12,800 square feet and was 100% pre-leased prior to construction to PNC and Dollar Tree. Both tenants have recently executed their first five-year renewal option following an initial 10-year term. The center is described as shadow-anchored, with co-tenancy benefits associated with Dunkin and a newly constructed and anticipated Lidl supermarket.
The property is located at 5960 Belair Road in Baltimore City, Maryland. At this site, the tenant roster and co-tenancy structure are presented as key elements of the overall retail mix, supporting the center’s role as a neighborhood-oriented shopping destination.
For buyers, this offering provides a fully leased retail asset anchored by a national bank tenant and a value-oriented retail tenant, with renewal activity already completed for both occupants. The stated co-tenancy with Dunkin and Lidl-related development supports continued alignment with consumer foot traffic patterns commonly associated with these operators. The combination of in-place tenancy, fee-simple ownership, and documented renewal activity makes this property suitable for investors seeking a retail center structured around established tenants and evolving retail presence at the location.
The property is located at 5960 Belair Road in Baltimore City, Maryland. At this site, the tenant roster and co-tenancy structure are presented as key elements of the overall retail mix, supporting the center’s role as a neighborhood-oriented shopping destination.
For buyers, this offering provides a fully leased retail asset anchored by a national bank tenant and a value-oriented retail tenant, with renewal activity already completed for both occupants. The stated co-tenancy with Dunkin and Lidl-related development supports continued alignment with consumer foot traffic patterns commonly associated with these operators. The combination of in-place tenancy, fee-simple ownership, and documented renewal activity makes this property suitable for investors seeking a retail center structured around established tenants and evolving retail presence at the location.
Key Highlights
- 100% leased retail center shadow‑anchored by Lidl Supermarket and co‑tenanted with Dunkin.
- Newly constructed in 2016.
- Located in Baltimore City, Maryland.
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
$146,765
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
3.62%
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%
$2,935,300
$2.9M
Cap Rate 7%
$2,096,643
$2.1M
Cap Rate 9%
$1,630,722
$1.6M
Market Conditions
NOI Build-Up for 12,800 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
$215.0K $16.80/SF
− Vacancy
−$19.4K −$1.51/SF
EGI
$195.7K $15.29/SF
− OpEx
−$48.9K −$3.82/SF
NOI
$146.8K $11.47/SF
Area
ZIP 21206
Vacancy
9.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
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%
$2,935,300
Cap Rate 7%
$2,096,643
Cap Rate 9%
$1,630,722
Alternative Uses
Best Use
Specialty Retail
$2.10M
$1.83M – $2.45M
NOI $146,765 @ 7.0% cap · market cap 3.62%
Second Best
Retail
$2.06M
$1.80M – $2.41M
NOI $144,346 @ 7.0% cap · market cap 3.56%
Theoretical Best
Multifamily LT 5
$2.69M
$2.36M – $3.14M
NOI $188,569 @ 7.0% cap · market cap 4.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
685
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 - Fee-simple retail center with PNC and Dollar Tree leases and co-tenancy with Dunkin and Lidl developments.
Where is this shopping center located?
The property is located at 5960 BELAIR Road 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 shadow‑anchored by Lidl Supermarket and co‑tenanted with Dunkin.; Newly constructed in 2016.; Located in Baltimore City, Maryland.
