Two-Unit
New
For Sale
$485,000
9349 READER LANE, Columbia, MD 21045
Two licensed residences offer separate layouts, with one currently occupied by a tenant.
Property Size2,081 SF
Days on Market5
Property Features for 9349 READER LANE
General Information
Standard status
Active
Size
2,081 SF
Property subtype
Duplex
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,234
Building Details
Building Size
2,081 SF
Year Built
1971
Listing Agency:
4th Colony Realty
Listed By:
Katerina Erhard · License #05995
(410) 980-6210
Source:
Thehulsmangroup
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 26 at 6:58AM
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 4th Colony Realty
Investment Insights
Based on property information with market context.
This two-unit townhouse contains a three-level main residence and a separate one-level apartment. The main unit has three bedrooms, two bathrooms, a galley kitchen with granite counters and stainless appliances, and updated flooring. Its walkout basement includes a recreation room, full bathroom, and storage and laundry space. The upper apartment has one bedroom, one bathroom, a living area, a galley kitchen, private laundry, and storage in the stairwell. Both units are licensed and lead-free; the upper apartment is tenant-occupied. The property was built in 1971.
A private backyard opens onto a shared common area. Oakland Mills Middle and High Schools, Blandair Regional Park, and a walking and jogging path are within walking distance. Shopping, dining, and major highways are nearby.
A private backyard opens onto a shared common area. Oakland Mills Middle and High Schools, Blandair Regional Park, and a walking and jogging path are within walking distance. Shopping, dining, and major highways are nearby.
Key Highlights
- Two licensed, lead‑free residences in a 2,081‑square‑foot property
- Three‑level main unit with 3 bedrooms and 2 bathrooms
- Separate upper apartment has 1 bedroom, 1 bathroom, private laundry, and storage
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
$30,237
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
6.23%
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%
$604,740
$604.7K
Cap Rate 7%
$431,957
$432.0K
Cap Rate 9%
$335,967
$336.0K
Market Conditions
NOI Build-Up for 2,081 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
$46.2K $22.20/SF
− Vacancy
−$3.0K −$1.44/SF
EGI
$43.2K $20.76/SF
− OpEx
−$13.0K −$6.23/SF
NOI
$30.2K $14.53/SF
Area
Columbia, 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%
$604,740
Cap Rate 7%
$431,957
Cap Rate 9%
$335,967
Alternative Uses
Best Use
Multifamily LT 5
$432.0K
$378.0K – $504.0K
NOI $30,237 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$386.5K
$338.2K – $450.9K
NOI $27,054 @ 7.0% cap · market cap 5.58%
Theoretical Best
Office A
$661.6K
$578.9K – $771.9K
NOI $46,312 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
333
Businesses Nearby
Explore this area
Business Placement
Demographics for 21045, MD
39,321
Population
15,826
Households
2.5
Avg Household Size
38
Median Age
57%
College-Educated
94%
High-School Grad
9.7 sq mi
ZIP Area
4,054
Density / Sq Mi
$117,323
Median Household Income
$62,522
Median Earnings
$1,768
Median Rent
$438,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two licensed residences offer separate layouts, with one currently occupied by a tenant.
Where is this duplex located?
The property is located at 9349 READER LANE Columbia, MD.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Two licensed, lead‑free residences in a 2,081‑square‑foot property; Three‑level main unit with 3 bedrooms and 2 bathrooms; Separate upper apartment has 1 bedroom, 1 bathroom, private laundry, and storage
