Updated Residential Income
For Sale
$449,000
1204 DREAMS LANDING WAY Unit 1204, Annapolis, MD 21401
Condominium includes hardwood floors, quartz kitchen finishes, in-unit laundry, and a private storage unit.
Property Size981 SF
Days on Market10
Property Features for 1204 DREAMS LANDING WAY Unit 1204
General Information
Standard status
Active
Size
981 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,620
Amenities
waterside community pool
kayak storage
exercise room
private storage unit
in-unit washer/dryer
Building Details
Building Size
981 SF
Year Built
1936
Listing Agency:
Coldwell Banker Realty
(410) 980-8443
Listed By:
Joanna M Dalton · License #661326
(410) 980-8443
Source:
Bradkappel
Added: Aug 12
Changed: Aug 20
Last Checked: Aug 21 at 11:22AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This condominium is a 1936 residential income property with hardwood flooring, fresh paint, and an updated kitchen featuring quartz countertops, stainless steel appliances, white cabinetry, and backsplash. The full bathroom has been refreshed with shiplap detailing, a new vanity, lighting, and hardware. A stackable washer and dryer was installed in July 2026.
Community amenities include a waterside pool, kayak storage, and an exercise room. The property also includes a private lower-level storage unit with built-in shelving for bicycles, boating equipment, and additional belongings. Access to the Severn River supports kayaking and boating, while Downtown Annapolis, the U.S. Naval Academy, shopping, and dining are nearby.
Community amenities include a waterside pool, kayak storage, and an exercise room. The property also includes a private lower-level storage unit with built-in shelving for bicycles, boating equipment, and additional belongings. Access to the Severn River supports kayaking and boating, while Downtown Annapolis, the U.S. Naval Academy, shopping, and dining are nearby.
Key Highlights
- 1936‑built condominium with hardwood floors and fresh paint
- Updated kitchen with quartz countertops, stainless steel appliances, white cabinetry, and backsplash
- Stackable washer and dryer installed in July 2026
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
$13,240
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
2.95%
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%
$264,800
$264.8K
Cap Rate 7%
$189,143
$189.1K
Cap Rate 9%
$147,111
$147.1K
Market Conditions
NOI Build-Up for 981 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
$25.7K $26.16/SF
− Vacancy
−$1.6K −$1.62/SF
EGI
$24.1K $24.54/SF
− OpEx
−$10.8K −$11.04/SF
NOI
$13.2K $13.50/SF
Area
Anne Arundel County, MD
Vacancy
6.20%
Lease Rate
$26.16 /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%
$264,800
Cap Rate 7%
$189,143
Cap Rate 9%
$147,111
Alternative Uses
Best Use
Apartment 5plus
$189.1K
$165.5K – $220.7K
NOI $13,240 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$287.0K
$251.1K – $334.8K
NOI $20,088 @ 7.0% cap · market cap 4.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
70
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium includes hardwood floors, quartz kitchen finishes, in-unit laundry, and a private storage unit.
Where is this residential income property located?
The property is located at 1204 DREAMS LANDING WAY Unit 1204 Annapolis, MD.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 1936‑built condominium with hardwood floors and fresh paint; Updated kitchen with quartz countertops, stainless steel appliances, white cabinetry, and backsplash; Stackable washer and dryer installed in July 2026
