116 OYSTER COVE DRIVE Unit 1D, Grasonville, MD 21638

Building Details

Building Size 1,651 SF More

Year Built 1987 More

Listing Agency: RE/MAX Executive

Listed By: Pamela Doll · License #602449 Show Phone

Source: Chesapeakerealestateassociates

Added: Jun 6 Changed: Nov 5 Last Checked: Nov 7 at 7:04AM

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Investment Insights

Based on property information with market context.

This 1,651-square-foot, three-bedroom condominium was built in 1987 and offers a single-level layout with two full bathrooms. The living and dining areas connect to a waterfront deck, while the interior features wide-plank wood flooring in the main living spaces, stone countertops, fresh paint, and newer bedroom carpeting. Exterior updates include siding and windows.

Oyster Cove residents have access to two marinas, a swimming pool, two tennis courts, a walking and jogging path, and a clubhouse with a fitness room. Restaurants, shops, coffee spots, ice cream parlors, and dock bars are within walking distance. The Chesapeake Bay Bridge is a short drive away.

Key Highlights

• 1,651 square feet with three bedrooms and two full bathrooms
• Waterfront deck with views over Eastern Bay and The Narrows
• Single‑level layout with open living and dining areas

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$21,739

Cap Rate

3.75%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$434,780 $434.8K

Cap Rate 7%

$310,557 $310.6K

Cap Rate 9%

$241,544 $241.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,651 SF

Gross rent

$41.6K $25.20/SF

− Vacancy

−$2.1K −$1.26/SF

EGI

$39.5K $23.94/SF

− OpEx

−$17.8K −$10.77/SF

NOI

$21.7K $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%

$434,780

Cap Rate 7%

$310,557

Cap Rate 9%

$241,544

Alternative Uses

Best Use

Apartment 5plus

$310.6K

$271.7K – $362.3K (±1% cap)

NOI $21,739 @ 7.0% cap · market cap 3.75%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$395.5K

$346.1K – $461.5K (±1% cap)

NOI $27,687 @ 7.0% cap · market cap 4.77%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Lease Details

1

Residential units

Location Intelligence

Trade Area within ½ mile

96

Businesses Nearby

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Demographics for 21638, MD

5,058

Population

2,219

Households

2.3

Avg Household Size

44

Median Age

43%

College-Educated

93%

High-School Grad

9.9 sq mi

ZIP Area

511

Density / Sq Mi

$130,804

Median Household Income

$60,981

Median Earnings

$1,630

Median Rent

$491,000

Median Home Value

Frequently Asked Questions

What type of property is this?

Residential income property - The single-level residence has three bedrooms, two full bathrooms, and a deck overlooking the water.

Where is this residential income property located?

The property is located at 116 OYSTER COVE DRIVE Unit 1D Grasonville, MD.

What is the asking price?

The asking price for this property is $579,900.

What are key features of this property?

This property features: 1,651 square feet with three bedrooms and two full bathrooms; Waterfront deck with views over Eastern Bay and The Narrows; Single‑level layout with open living and dining areas