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 Market81
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
community center
indoor swimming pool
outdoor swimming pool
fitness center
clubhouse
library
billiards room
hot tub
bocce ball
pickleball
tennis courts
picnic areas
tot lots
community pier
gas fireplace
wet bar
Building Details
Year built
2024
Listing Agency:
Easton/St. Michaels MD Realty
(410) 770-3600
Listed By:
Margaret W. Moran
Added: Jul 24
Changed: Sep 22
Last Checked: Oct 12 at 5:06PM
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 fourth-floor penthouse condominium is an end unit with 2600 Sq Ft of living space, abundant natural light, and views toward the bay, trees, and walking trails. The residence includes 9 FT ceilings, tray ceilings in the living room and primary suite, a gas fireplace, wet bar, custom remote-controlled blinds, and extensive shiplap detailing. The kitchen features quartz countertops, premium appliances, and a Wolfe induction cooktop. The primary suite adds a sitting area or office, upgraded bath finishes, multiple shower heads, and custom his-and-hers walk-in closets. A large garage accommodates one vehicle and storage, with an additional interior storage room.
Community amenities include indoor and outdoor pools, a fitness center, clubhouse, library, billiards room, hot tub, Bocce Ball, pickleball and tennis courts, picnic areas, tot lots, and a pier overlooking the Chester River. The community center, pool, and pier are approximately a 1 mile walk from the residence, while shopping, dining, golf, marinas, and the Chesapeake Bay Bridge are minutes away.
Community amenities include indoor and outdoor pools, a fitness center, clubhouse, library, billiards room, hot tub, Bocce Ball, pickleball and tennis courts, picnic areas, tot lots, and a pier overlooking the Chester River. The community center, pool, and pier are approximately a 1 mile walk from the residence, while shopping, dining, golf, marinas, and the Chesapeake Bay Bridge are minutes away.
Key Highlights
- Fourth‑floor end‑unit penthouse condominium with bay, tree, and walking‑trail views
- 2600 Sq Ft residence built in 2024
- Kitchen with quartz countertops, premium appliances, and a Wolfe induction cooktop
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,234
Cap Rate
3.43%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - Fourth-floor penthouse condominium with bay views, extensive custom finishes, resort amenities, and dedicated garage storage.
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: Fourth‑floor end‑unit penthouse condominium with bay, tree, and walking‑trail views; 2600 Sq Ft residence built in 2024; Kitchen with quartz countertops, premium appliances, and a Wolfe induction cooktop
