Two-Bedroom Residential Income
For Sale
$295,000
633 WALLINGFORD RD #201, Bel Air, MD 21014
BEL AIR, MD
Property Size1,420 SF
Price / SF$207.75
Days on Market116
Property Features for 633 WALLINGFORD RD #201
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1
Subdivision
LEGACY AT GATEWAY
Elementary school district
HARFORD COUNTY PUBLIC SCHOOLS
Middle school district
HARFORD COUNTY PUBLIC SCHOOLS
High school district
HARFORD COUNTY PUBLIC SCHOOLS
Standard status
Active
Amenities
intercom security
community party room
private balcony
gas fireplace
stainless steel appliances
granite counters
Building Details
Year built
2010
Listing Agency:
Bel Air
(410) 879-8080
Listed By:
Scott Sanders
(410) 967-3675
Added: May 13
Changed: Sep 5
Last Checked: Sep 5 at 10:06PM
MLS# MDHR2054774
Copyright © 2026 Long & Foster Real Estate. 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 2-bedroom, 2-bathroom residential income property offers 1,420 square feet of interior space in a 2010-built condominium community. Recent improvements include new crown molding, carpet, luxury vinyl plank flooring in the office, and fresh paint throughout. The living area includes a gas fireplace, while the kitchen is equipped with stainless steel appliances, granite countertops, and adjoining laundry. A private balcony extends the living space outdoors.
Community features include direct access to the Ma and Pa Trail through two paths, a party room, maintained common areas, an elevator, intercom security, and ample parking. The condominium permits two pets, including dogs with a combined maximum weight of 50 pounds. The seller is also providing a 1-year home warranty covering appliances, HVAC systems, plumbing, electric, and additional components.
Community features include direct access to the Ma and Pa Trail through two paths, a party room, maintained common areas, an elevator, intercom security, and ample parking. The condominium permits two pets, including dogs with a combined maximum weight of 50 pounds. The seller is also providing a 1-year home warranty covering appliances, HVAC systems, plumbing, electric, and additional components.
Key Highlights
- 2‑bedroom, 2‑bathroom condominium with 1,420 square feet
- New carpet, crown molding, office flooring, and interior paint
- Kitchen with stainless steel appliances and granite countertops
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
$19,015
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
6.45%
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%
$380,300
$380.3K
Cap Rate 7%
$271,643
$271.6K
Cap Rate 9%
$211,278
$211.3K
Market Conditions
NOI Build-Up for 1,420 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
$37.0K $26.04/SF
− Vacancy
−$2.4K −$1.69/SF
EGI
$34.6K $24.35/SF
− OpEx
−$15.6K −$10.96/SF
NOI
$19.0K $13.39/SF
Area
Harford County, MD
Vacancy
6.50%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$380,300
Cap Rate 7%
$271,643
Cap Rate 9%
$211,278
Alternative Uses
Best Use
Apartment 5plus
$271.6K
$237.7K – $316.9K
NOI $19,015 @ 7.0% cap · market cap 6.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$499.6K
$437.2K – $582.9K
NOI $34,975 @ 7.0% cap · market cap 11.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
987
Businesses Nearby
Explore this area
Business Placement
Demographics for 21014, MD
38,395
Population
14,975
Households
2.6
Avg Household Size
41
Median Age
45%
College-Educated
94%
High-School Grad
13.9 sq mi
ZIP Area
2,762
Density / Sq Mi
$113,825
Median Household Income
$59,656
Median Earnings
$1,571
Median Rent
$407,800
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Updated condo residence with a private balcony, gas fireplace, elevator access, and community trail connections.
Where is this residential income property located?
The property is located at 633 WALLINGFORD RD #201 Bel Air, MD.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑bathroom condominium with 1,420 square feet; New carpet, crown molding, office flooring, and interior paint; Kitchen with stainless steel appliances and granite countertops
