Waterfront Residential Income
For Sale
$998,000
111 MARSHGRASS WAY #41, Chester, MD 21619
CHESTER, MD
Property Size2,600 SF
Price / SF$383.85
Days on Market36
Property Features for 111 MARSHGRASS WAY #41
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 2, Bedroom 3, Bedroom 1
Subdivision
FOUR SEASONS AT KENT ISLAND
Elementary school district
QUEEN ANNE'S COUNTY PUBLIC SCHOOLS
Middle school district
QUEEN ANNE'S COUNTY PUBLIC SCHOOLS
High school district
QUEEN ANNE'S COUNTY PUBLIC SCHOOLS
Standard status
Active
Amenities
pool
community center
pier
walking trails
gas fireplace
Building Details
Year built
2024
Listing Agency:
Easton/St. Michaels MD Realty
(410) 770-3600
Listed By:
Margaret W. Moran
Added: Jul 24
Changed: Aug 23
Last Checked: Aug 28 at 3:06AM
MLS# MDQA2017940
Copyright © 2026 Long & Foster Real Estate. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,600-square-foot, fourth-floor penthouse condominium is an end unit with three bedrooms, abundant natural light, and views across walking trails toward the bay, water, and trees. Built in 2024, the residence includes 9-foot ceilings, tray ceilings in the living room and primary suite, a gas fireplace, a wet bar, remote-controlled custom blinds, and extensive custom millwork. The kitchen features quartz countertops, premium appliances, and a Wolfe induction cooktop. The primary suite adds a sitting or office area, walk-in closets, and a bath with upgraded tile, enhanced storage, multiple shower heads, and illuminated vanity mirrors.
A private garage provides room for one car plus storage, including space for a refrigerator, and an additional interior storage room is included. The community center, pool, and pier are approximately 1 mile from the residence by walking trails.
A private garage provides room for one car plus storage, including space for a refrigerator, and an additional interior storage room is included. The community center, pool, and pier are approximately 1 mile from the residence by walking trails.
Key Highlights
- 2,600‑square‑foot fourth‑floor penthouse condominium
- Three‑bedroom end unit with bay and waterfront views
- Built in 2024 with 9‑foot ceilings and tray ceilings
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
$34,234
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
3.43%
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%
$684,680
$684.7K
Cap Rate 7%
$489,057
$489.1K
Cap Rate 9%
$380,378
$380.4K
Market Conditions
NOI Build-Up for 2,600 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
$65.5K $25.20/SF
− Vacancy
−$3.3K −$1.26/SF
EGI
$62.2K $23.94/SF
− OpEx
−$28.0K −$10.77/SF
NOI
$34.2K $13.17/SF
Area
Queen Anne's County, MD
Vacancy
5.00%
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%
$684,680
Cap Rate 7%
$489,057
Cap Rate 9%
$380,378
Alternative Uses
Best Use
Apartment 5plus
$489.1K
$427.9K – $570.6K
NOI $34,234 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$622.9K
$545.0K – $726.7K
NOI $43,602 @ 7.0% cap · market cap 4.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
40
Businesses Nearby
Explore this area
Business Placement
Demographics for 21619, MD
6,598
Population
3,002
Households
2.2
Avg Household Size
48
Median Age
37%
College-Educated
92%
High-School Grad
9.3 sq mi
ZIP Area
709
Density / Sq Mi
$100,359
Median Household Income
$55,450
Median Earnings
$1,845
Median Rent
$459,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Fourth-floor end-unit condominium with bay views, upgraded interiors, private storage, and access to community recreation amenities.
Where is this residential income property located?
The property is located at 111 MARSHGRASS WAY #41 Chester, MD.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: 2,600‑square‑foot fourth‑floor penthouse condominium; Three‑bedroom end unit with bay and waterfront views; Built in 2024 with 9‑foot ceilings and tray ceilings
