Renovated Triplex with Separate
For Sale
$1,148,000
805 SPA Road, Annapolis, MD 21401
MULTI_FAMILY - Colonial - ANNAPOLIS, MD
Property Size2,800 SF
Lot Size0.23 Acres
Price / SF$410
Days on Market144
Property Features for 805 SPA Road
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement, Dining Room
Parking
8
Parking features
Parking Lot, Off Street
Interior features
2nd Kitchen, Bathroom - Stall Shower, Bathroom - Walk-In Shower, Breakfast Area, Ceiling Fan(s), Combination Dining/Living, Combination Kitchen/Dining, Dining Area, Entry Level Bedroom, Kitchen - Eat-In, Primary Bath(s), Sprinkler System, Store/Office, Upgraded Countertops, Window Treatments, Wood Floors
Appliances
Built-In Microwave, Built-In Range, Dishwasher, Disposal, Dryer - Electric, Exhaust Fan, Icemaker, Microwave, Oven/Range - Electric, Refrigerator, Stainless Steel Appliances, Stove, Washer
Elementary school district
ANNE ARUNDEL COUNTY PUBLIC SCHOOLS
Middle school district
ANNE ARUNDEL COUNTY PUBLIC SCHOOLS
High school district
ANNE ARUNDEL COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
2,800 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Annual Amount
5051
Utilities
Heating system
Baseboard, Electric (Heating), Forced Air
Cooling system
Central Air, Window Unit(s), Ceiling Fan(s)
Amenities
enclosed porch
Building Details
Year built
1948
Number of units
3
Building materials
Aluminum Siding
Architectural style
Colonial
Listing Agency:
Bennett Realty Solutions
(301) 459-5040
Listed By:
Stephanie G Henry · License #502000
(301) 675-4259
Added: Apr 10
Changed: Aug 7
Last Checked: Aug 31 at 2:06PM
MLS# MDAA2141884
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.
Investment Insights
Based on property information with market context.
This 2,800-square-foot Colonial triplex at 805 Spa Road in Annapolis contains three independent units under one roof, with a total of 9 bedrooms and 4.5 bathrooms. The layout includes a four-bedroom, 2.5-bath main unit, a rear three-bedroom unit with one bathroom, and a two-bedroom basement unit with one bathroom. Each unit has its own entrance, supporting separate occupancy arrangements.
The property has undergone extensive renovation, including new wiring, plumbing, flooring, HVAC, kitchens, and bathrooms. Additional features include granite countertops, stainless steel appliances, a sprinkler system serving all units, an enclosed porch with new windows, and off-street parking for up to 8 cars. Situated on 0.23 acres in Annapolis's Murray Hill community, the property is near downtown and offers access to the 21401 area.
The property has undergone extensive renovation, including new wiring, plumbing, flooring, HVAC, kitchens, and bathrooms. Additional features include granite countertops, stainless steel appliances, a sprinkler system serving all units, an enclosed porch with new windows, and off-street parking for up to 8 cars. Situated on 0.23 acres in Annapolis's Murray Hill community, the property is near downtown and offers access to the 21401 area.
Key Highlights
- Three‑unit property with 9 bedrooms and 4.5 bathrooms
- 2,800 square feet on a 0.23‑acre lot
- Separate entrances for all 3 units
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
$40,684
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
3.54%
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%
$813,680
$813.7K
Cap Rate 7%
$581,200
$581.2K
Cap Rate 9%
$452,044
$452.0K
Market Conditions
NOI Build-Up for 2,800 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
$62.2K $22.20/SF
− Vacancy
−$4.0K −$1.44/SF
EGI
$58.1K $20.76/SF
− OpEx
−$17.4K −$6.23/SF
NOI
$40.7K $14.53/SF
Area
Anne Arundel County, 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%
$813,680
Cap Rate 7%
$581,200
Cap Rate 9%
$452,044
Alternative Uses
Best Use
Multifamily LT 5
$581.2K
$508.6K – $678.1K
NOI $40,684 @ 7.0% cap · market cap 3.54%
Second Best
Apartment 5plus
$539.8K
$472.4K – $629.8K
NOI $37,789 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$819.1K
$716.7K – $955.6K
NOI $57,335 @ 7.0% cap · market cap 4.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,647
Businesses Nearby
Explore this area
Business Placement
Demographics for 21401, MD
39,308
Population
19,293
Households
2
Avg Household Size
44
Median Age
61%
College-Educated
96%
High-School Grad
19.9 sq mi
ZIP Area
1,975
Density / Sq Mi
$119,296
Median Household Income
$67,845
Median Earnings
$2,106
Median Rent
$580,600
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?
Triplex - Three-unit Annapolis property with updated kitchens, HVAC, separate entrances, and off-street parking.
Where is this triplex located?
The property is located at 805 SPA Road Annapolis, MD.
What is the asking price?
The asking price for this property is $1,148,000.
What are key features of this property?
This property features: Three‑unit property with 9 bedrooms and 4.5 bathrooms; 2,800 square feet on a 0.23‑acre lot; Separate entrances for all 3 units
