Duplex with Above-Garage
For Sale
$550,000
678 209TH STREET, Pasadena, MD 21122
Duplex property includes a separate apartment above the garage currently occupied by a long-term tenant.
Property Size2,736 SF
Price / SF$201.02
Days on Market76
Property Features for 678 209TH STREET
General Information
Standard status
Active
Size
2,736 SF
Property subtype
Duplex
Building Details
Year Built
1975
Listing Agency:
Keller Williams Keystone Realty
(717) 755-5599
Listed By:
Kev Orwig · License #RS372463
(717) 318-6679
Source:
Cummingsrealtors
Added: Jun 22
Changed: Sep 4
Last Checked: Sep 4 at 5:51AM
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 Keller Williams Keystone Realty
Investment Insights
Based on property information with market context.
This duplex property features a primary Colonial-style home with spacious indoor and outdoor living areas, along with a separate apartment above the garage. The main residence includes multiple gathering spaces, a country-style kitchen with an island and upgraded countertops, and a finished lower level anchored by a wood-burning fireplace. Additional interior details include built-ins, wood floors, detailed trim work, and multiple fireplaces. Outside, the property offers an enormous screened porch, a spacious deck, patio areas, a hot tub, and an above-ground pool.
The apartment above the garage is occupied by a long-term tenant, providing established rental income. The property sits on nearly three-quarters of an acre and is located in the Green Haven community, with nearby access to Green Haven Wharf for fishing, kayaking, boating, and waterfront activities, as well as Green Haven Park and Downs Park.
Overall, the layout supports flexible living arrangements alongside supplemental income from the separate unit.
The apartment above the garage is occupied by a long-term tenant, providing established rental income. The property sits on nearly three-quarters of an acre and is located in the Green Haven community, with nearby access to Green Haven Wharf for fishing, kayaking, boating, and waterfront activities, as well as Green Haven Park and Downs Park.
Overall, the layout supports flexible living arrangements alongside supplemental income from the separate unit.
Key Highlights
- Built in 1975, nearly 3/4‑acre lot in Pasadena’s Green Haven community with extensive outdoor space for entertaining.
- Over 3,100 finished SF with 4 bedrooms and 3.5 baths, plus spacious living and dining areas.
- Country‑style kitchen with island and upgraded countertops, designed for gathering.
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
$39,754
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
7.23%
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%
$795,080
$795.1K
Cap Rate 7%
$567,914
$567.9K
Cap Rate 9%
$441,711
$441.7K
Market Conditions
NOI Build-Up for 2,736 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
$60.7K $22.20/SF
− Vacancy
−$3.9K −$1.44/SF
EGI
$56.8K $20.76/SF
− OpEx
−$17.0K −$6.23/SF
NOI
$39.8K $14.53/SF
Area
Anne Arundel County, MD
Vacancy
6.50%
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%
$795,080
Cap Rate 7%
$567,914
Cap Rate 9%
$441,711
Alternative Uses
Best Use
Multifamily LT 5
$567.9K
$496.9K – $662.6K
NOI $39,754 @ 7.0% cap · market cap 7.23%
Second Best
Apartment 5plus
$527.5K
$461.6K – $615.4K
NOI $36,925 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$800.4K
$700.3K – $933.8K
NOI $56,025 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
387
Businesses Nearby
Explore this area
Business Placement
Demographics for 21122, MD
62,368
Population
23,624
Households
2.6
Avg Household Size
40
Median Age
32%
College-Educated
93%
High-School Grad
31.4 sq mi
ZIP Area
1,986
Density / Sq Mi
$121,732
Median Household Income
$63,687
Median Earnings
$2,077
Median Rent
$412,100
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 - Duplex property includes a separate apartment above the garage currently occupied by a long-term tenant.
Where is this duplex located?
The property is located at 678 209TH STREET Pasadena, MD.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Built in 1975, nearly 3/4‑acre lot in Pasadena’s Green Haven community with extensive outdoor space for entertaining.; Over 3,100 finished SF with 4 bedrooms and 3.5 baths, plus spacious living and dining areas.; Country‑style kitchen with island and upgraded countertops, designed for gathering.
