Apartment Property with Converted
For Sale
$250,000
Pending
8224 FORT SMALLWOOD Rd, Baltimore, MD 21226
Two adjoining lots contain five residential units across two homes and a converted barn building.
Property Size822 SF
Days on Market127
Property Features for 8224 FORT SMALLWOOD Rd
General Information
Standard status
Pending
Size
822 SF
Property subtype
Investment
Zoning
C3
Occupancy
20%
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$2,987
Building Details
Building Size
822 SF
Year Built
1900
Buildings
3
Units
4
Listing Agency:
A.J. Billig & Company
(410) 296-8440
Listed By:
Daniel M Billig · License #42780
(410) 296-8440
Source:
Elliman
Added: Apr 27
Changed: Aug 29
Last Checked: Aug 30 at 9:52PM
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 A.J. Billig & Company
Investment Insights
Based on property information with market context.
This apartment property comprises two adjoining lots improved with two homes and a converted barn building. The improvements have been operated as five residential units, with one unit currently occupied. The property was built in 1900 and is zoned C3, general commercial.
Located at 8224 Fort Smallwood Rd in Baltimore, the site is car-dependent, with a Walk Score of 14 and a Bike Score of 26. The property is offered as an entirety rather than as separate lots. Existing residential operations and the C3 zoning provide a basis for evaluating continued multifamily use alongside commercial redevelopment plans.
Located at 8224 Fort Smallwood Rd in Baltimore, the site is car-dependent, with a Walk Score of 14 and a Bike Score of 26. The property is offered as an entirety rather than as separate lots. Existing residential operations and the C3 zoning provide a basis for evaluating continued multifamily use alongside commercial redevelopment plans.
Key Highlights
- Five residential units across two homes and a converted barn building
- Two adjoining lots offered together as one property
- One residential unit currently occupied
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
$10,709
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
4.28%
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%
$214,180
$214.2K
Cap Rate 7%
$152,986
$153.0K
Cap Rate 9%
$118,989
$119.0K
Market Conditions
NOI Build-Up for 822 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
$20.7K $25.20/SF
− Vacancy
−$1.2K −$1.51/SF
EGI
$19.5K $23.69/SF
− OpEx
−$8.8K −$10.66/SF
NOI
$10.7K $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%
$214,180
Cap Rate 7%
$152,986
Cap Rate 9%
$118,989
Alternative Uses
Best Use
Apartment 5plus
$153.0K
$133.9K – $178.5K
NOI $10,709 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$196.9K
$172.3K – $229.8K
NOI $13,785 @ 7.0% cap · market cap 5.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
20%
Occupancy
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
Explore this area
Business Placement
Demographics for 21226, MD
7,368
Population
3,093
Households
2.4
Avg Household Size
37
Median Age
34%
College-Educated
87%
High-School Grad
9.8 sq mi
ZIP Area
752
Density / Sq Mi
$79,712
Median Household Income
$52,750
Median Earnings
$1,338
Median Rent
$318,500
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?
Apartment building - Two adjoining lots contain five residential units across two homes and a converted barn building.
Where is this apartment building located?
The property is located at 8224 FORT SMALLWOOD Rd Baltimore, MD.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Five residential units across two homes and a converted barn building; Two adjoining lots offered together as one property; One residential unit currently occupied
