Residential Income Property with
For Sale
$255,000
7 PIPE HILL COURT Unit 7B, Baltimore, MD 21209
Two-bedroom condominium with flexible living space, private deck, community amenities, and access to I-695 and I-83.
Property Size1,429 SF
Price / SF$177.58
Days on Market33
Property Features for 7 PIPE HILL COURT Unit 7B
General Information
Standard status
Active
Size
1,429 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,303
Amenities
wood burning fireplace
private deck
secure intercom entry system
hardwood and ceramic tile flooring
ceiling fans
outdoor pool
clubhouse
tennis courts
Building Details
Building Size
1,429 SF
Year Built
1990
Listing Agency:
NetRealtyNow.com, LLC
(703) 581-8605
Listed By:
Thomas S Hennerty · License #5092
(703) 581-8605
Source:
Thehulsmangroup
Added: Jul 20
Changed: Aug 15
Last Checked: Aug 20 at 11:41AM
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 NetRealtyNow.com, LLC
Investment Insights
Based on property information with market context.
This 1,436-square-foot condominium, built in 1990, offers two bedrooms and two full bathrooms in a layout that includes a separate lounge, living and dining areas, and an eat-in kitchen. A wood-burning fireplace with glass doors adds a distinct interior feature. The primary suite includes an attached bath and walk-in closet, while the kitchen provides a pantry and built-in microwave, range, refrigerator, dishwasher, and disposal. Hardwood, ceramic tile, and carpeting are used throughout the residence. A private deck extends the usable living area, and an intercom entry system provides controlled access.
Community amenities include an outdoor pool, clubhouse, tennis courts, and maintained common grounds. The property is located near I-695 and I-83, with shopping, dining, grocery stores, entertainment, and recreational destinations including Quarry Lake at Greenspring, Greenspring Shopping Center, and Lake Roland Park nearby.
Community amenities include an outdoor pool, clubhouse, tennis courts, and maintained common grounds. The property is located near I-695 and I-83, with shopping, dining, grocery stores, entertainment, and recreational destinations including Quarry Lake at Greenspring, Greenspring Shopping Center, and Lake Roland Park nearby.
Key Highlights
- 1,436‑square‑foot condominium with 2 bedrooms and 2 full bathrooms
- Wood‑burning fireplace with glass doors
- Primary suite with attached full bath and walk‑in closet
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
$18,709
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
7.34%
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%
$374,180
$374.2K
Cap Rate 7%
$267,271
$267.3K
Cap Rate 9%
$207,878
$207.9K
Market Conditions
NOI Build-Up for 1,436 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
$36.2K $25.20/SF
− Vacancy
−$2.2K −$1.51/SF
EGI
$34.0K $23.69/SF
− OpEx
−$15.3K −$10.66/SF
NOI
$18.7K $13.03/SF
Area
Baltimore, MD
Vacancy
6.00%
Lease Rate
$25.20 /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%
$374,180
Cap Rate 7%
$267,271
Cap Rate 9%
$207,878
Alternative Uses
Best Use
Apartment 5plus
$267.3K
$233.9K – $311.8K
NOI $18,709 @ 7.0% cap · market cap 7.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$344.0K
$301.0K – $401.4K
NOI $24,082 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
257
Businesses Nearby
Explore this area
Business Placement
Demographics for 21209, MD
28,659
Population
12,086
Households
2.4
Avg Household Size
37
Median Age
60%
College-Educated
96%
High-School Grad
6.5 sq mi
ZIP Area
4,409
Density / Sq Mi
$87,669
Median Household Income
$57,694
Median Earnings
$1,640
Median Rent
$418,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium with flexible living space, private deck, community amenities, and access to I-695 and I-83.
Where is this residential income property located?
The property is located at 7 PIPE HILL COURT Unit 7B Baltimore, MD.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: 1,436‑square‑foot condominium with 2 bedrooms and 2 full bathrooms; Wood‑burning fireplace with glass doors; Primary suite with attached full bath and walk‑in closet
