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    507 WALNUT Drive Riva, MD 21140

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    Claim this Listing
    For Sale
    $825,000

    LAND - RIVA, MD

    Lot size:
    0.25 Acres
    Added:
    Jan 13, 2026
    Days on Market:
    101
    Last Refresh:
    Apr 24 at 6:06 am

    Property Features for 507 WALNUT Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    0.25 Acres

    Taxes and HOA fees

    Tax Annual Amount
    573

    Utilities

    Water front features
    Navigable Water

    We can help!

    Listing Contact
    Bonnie L McGurn
    Bonnie L McGurn

    Listing agent Bonnie L McGurn License #586482

    Listing office Berkshire Hathaway HomeServices PenFed Realty 1997 ANNAPOLIS EXCHANGE Parkway unit: 101, Alexandria, MD

    Listing date Jan 13, 2026

    MLS# MDAA2134640 Listing URL

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Riva Land with Water Views

    This property offers a rare opportunity to own land within a private water-privileged community, featuring water views and a total of 0.66 acres, including two additional lots. The setting provides privacy and room to expand. This unique property is grandfathered in with no HOA or covenant fees in a community that offers marina slips, a beach, a boat ramp, a clubhouse, and year-round activities. The property includes a beautifully landscaped yard with a workshop, two storage sheds, a trampoline, and a custom playground. The owners utilize the extra lots, with a 50 amp hookup, for RV/motorhome storage. The property is completely fenced-in, making it pet-friendly. It provides easy access to metropolitan areas, historic Annapolis, and the eastern shore. The location is within the Blue Ribbon Davidsonville school district. Lots 24 and 25 combined are a separate 0.25 acre tax record. The sellers are including them in the sale of 510 Hilltop Dr., which is 3 lots totaling 0.44 acres. Explore endless expansion opportunities to add a guest home, garage, and or 2nd home. Glen Isle is a private South River waterfront community.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Building Supply Gym & Fitness Center Auto Repair Shop Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Riva
    County
    Anne Arundel
    State
    Maryland
    Longitude
    -76.589425
    Latitude
    38.9590407

    FAQs

    What type of property is this?
    Residential land & home lot - Land with water views in a private, amenity-rich community.
    Where is this residential land & home lot located?
    The property is located at 507 WALNUT Drive Riva, MD.
    What is the asking price?
    The asking price for this property is $825,000.
    What are key features of this property?
    This property features: Private water‑privileged community with water views, marina slips, beach, boat ramp, clubhouse, and year‑round activities.; Total of .66 acres including 2 additional lots, offering privacy and room to expand; additional lots can be used to add a guest home, garage, and or 2nd home.; No HOA or covenant fees.
    (410) 507-9301
    We can help!
    Listing Contact
    Bonnie L McGurn
    Bonnie L McGurn
    Real Estate License ID: 586482
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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