Two-Unit Duplex with
For Sale
$249,999
6117 PARKWAY DRIVE #2, Baltimore, MD 21212
Separate residences share basement laundry, storage, and utility space in Baltimore’s Lake Walker neighborhood.
Property Size1,408 SF
Price / SF$177.56
Days on Market12
Property Features for 6117 PARKWAY DRIVE #2
General Information
Standard status
Active
Size
1,408 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
laundry
Building Details
Year Built
1947
Listing Agency:
Symmetry Homes & Real Estate
(202) 500-2948
Listed By:
Keith T Eades · License #645062
(202) 500-2948
Source:
Cummingsrealtors
Added: Aug 20
Changed: Aug 31
Last Checked: Aug 30 at 4:59PM
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 Symmetry Homes & Real Estate
Investment Insights
Based on property information with market context.
This 1,408-square-foot duplex contains two distinct residences arranged across the main and upper levels. The main-floor unit has one bedroom and one full bathroom, while the upstairs unit includes two bedrooms and one full bathroom. An unfinished basement provides shared laundry, storage, and utility space. Constructed in 1947, the property offers a configuration suited to an owner-occupant arrangement or separate residential leasing, as supported by the existing two-unit layout.
The property is located at 6117 Parkway Drive #2 in Baltimore’s Lake Walker neighborhood. Belvedere Square Market, Towson Town Center, restaurants, shopping, medical centers, and major commuter routes are identified nearby. Loyola University Maryland, Notre Dame of Maryland University, and Towson University are also within the surrounding area.
The property is located at 6117 Parkway Drive #2 in Baltimore’s Lake Walker neighborhood. Belvedere Square Market, Towson Town Center, restaurants, shopping, medical centers, and major commuter routes are identified nearby. Loyola University Maryland, Notre Dame of Maryland University, and Towson University are also within the surrounding area.
Key Highlights
- Two‑unit duplex with 1,408 square feet
- Main‑level unit includes 1 bedroom and 1 full bathroom
- Upper‑level unit offers 2 bedrooms and 1 full bathroom
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
$20,677
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
8.27%
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%
$413,540
$413.5K
Cap Rate 7%
$295,386
$295.4K
Cap Rate 9%
$229,744
$229.7K
Market Conditions
NOI Build-Up for 1,408 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
$31.3K $22.20/SF
− Vacancy
−$1.7K −$1.22/SF
EGI
$29.5K $20.98/SF
− OpEx
−$8.9K −$6.29/SF
NOI
$20.7K $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%
$413,540
Cap Rate 7%
$295,386
Cap Rate 9%
$229,744
Alternative Uses
Best Use
Multifamily LT 5
$295.4K
$258.5K – $344.6K
NOI $20,677 @ 7.0% cap · market cap 8.27%
Second Best
Apartment 5plus
$262.1K
$229.3K – $305.7K
NOI $18,344 @ 7.0% cap · market cap 7.34%
Theoretical Best
Office A
$337.3K
$295.2K – $393.5K
NOI $23,612 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
924
Businesses Nearby
Explore this area
Business Placement
Demographics for 21212, MD
32,317
Population
13,749
Households
2.4
Avg Household Size
39
Median Age
55%
College-Educated
91%
High-School Grad
4.6 sq mi
ZIP Area
7,025
Density / Sq Mi
$96,752
Median Household Income
$57,600
Median Earnings
$1,328
Median Rent
$357,900
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?
Duplex - Separate residences share basement laundry, storage, and utility space in Baltimore’s Lake Walker neighborhood.
Where is this duplex located?
The property is located at 6117 PARKWAY DRIVE #2 Baltimore, MD.
What is the asking price?
The asking price for this property is $249,999.
What are key features of this property?
This property features: Two‑unit duplex with 1,408 square feet; Main‑level unit includes 1 bedroom and 1 full bathroom; Upper‑level unit offers 2 bedrooms and 1 full bathroom
