Top-Floor Residential Income
For Sale
$232,500
Pending
7032 TOBY DRIVE Unit 7032, Baltimore, MD 21209
Two-bedroom condominium with two full bathrooms, a fireplace, fresh interior paint, and a private one-car garage.
Property Size1,165 SF
Days on Market94
Property Features for 7032 TOBY DRIVE Unit 7032
General Information
Standard status
Pending
Size
1,165 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,206
Amenities
fireplace
Building Details
Building Size
1,165 SF
Year Built
1995
Listing Agency:
Iron Valley Real Estate Crossroads
Listed By:
Frederick Squires Genau III · License #5003486
(240) 446-5153
Source:
Thehulsmangroup
Added: Jun 4
Changed: Aug 31
Last Checked: Aug 30 at 10:03PM
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 Iron Valley Real Estate Crossroads
Investment Insights
Based on property information with market context.
This top-level condominium contains two bedrooms and two full bathrooms, with an open living and dining arrangement centered around a fireplace. Fresh paint has been applied throughout, and the property includes a private one-car garage that provides secure parking and additional storage. A new water heater was installed in 2025.
The property is in Baltimore County near I-695 and I-83, providing access toward downtown Baltimore, Towson, and Hunt Valley. Nearby destinations include Quarry Lake at Greenspring, Greenspring Shopping Center, Lake Roland Park, grocery stores, restaurants, shopping, and entertainment venues.
The property is in Baltimore County near I-695 and I-83, providing access toward downtown Baltimore, Towson, and Hunt Valley. Nearby destinations include Quarry Lake at Greenspring, Greenspring Shopping Center, Lake Roland Park, grocery stores, restaurants, shopping, and entertainment venues.
Key Highlights
- Top‑floor condominium with 2 bedrooms and 2 full bathrooms
- Open living and dining area with fireplace
- Fresh paint throughout the interior
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
$15,178
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
6.53%
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%
$303,560
$303.6K
Cap Rate 7%
$216,829
$216.8K
Cap Rate 9%
$168,644
$168.6K
Market Conditions
NOI Build-Up for 1,165 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
$29.4K $25.20/SF
− Vacancy
−$1.8K −$1.51/SF
EGI
$27.6K $23.69/SF
− OpEx
−$12.4K −$10.66/SF
NOI
$15.2K $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%
$303,560
Cap Rate 7%
$216,829
Cap Rate 9%
$168,644
Alternative Uses
Best Use
Apartment 5plus
$216.8K
$189.7K – $253.0K
NOI $15,178 @ 7.0% cap · market cap 6.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$279.1K
$244.2K – $325.6K
NOI $19,537 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
228
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 two full bathrooms, a fireplace, fresh interior paint, and a private one-car garage.
Where is this residential income property located?
The property is located at 7032 TOBY DRIVE Unit 7032 Baltimore, MD.
What is the asking price?
The asking price for this property is $232,500.
What are key features of this property?
This property features: Top‑floor condominium with 2 bedrooms and 2 full bathrooms; Open living and dining area with fireplace; Fresh paint throughout the interior
