Top-Floor Residential Income
1409 WIGEON WAY Unit 304, Gambrills, MD 21054
For Sale
$460,000
Located in a 55+ community, the unit includes a private balcony and access to a clubhouse, fitness room, and outdoor pool.
Property Size1,782 SF
Days on Market49
Property Features for 1409 WIGEON WAY Unit 304
General Information
Standard status
Size
Total Parking Spaces
Elevators
Property subtype
Units
Unit Mix
Multifamily Units
Parking per Unit
Additional Details
Highway Access
Taxes and HOA fees
Annual Taxes
Amenities
clubhouse
fitness room
outdoor pool
billiard room
party room
grilling patio
picnic areas
walking paths
private balcony
Building Details
Building Size
Year Built
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
Listed By:
Melanie F Wood · License MD #659821
(410) 980-5732
Source:
Bradkappel
Added: Sep 23
Changed: Nov 10
Last Checked: Nov 8 at 4:49PM
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 Berkshire Hathaway HomeServices PenFed Realty
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Investment Insights
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This top-floor end residence in a 55+ community has three bedrooms, two bathrooms, a private balcony, and an elevator building. The kitchen is equipped with granite countertops, stainless steel appliances, a gas cooktop, double wall ovens, and pantry storage. The primary suite includes a built-in closet and an updated bathroom with dual vanities and a walk-in ceramic-tile shower. A separate laundry and utility room provides additional cabinetry and storage. The property also includes an oversized, heated, accessible one-car garage and an additional parking space.
Community amenities include a clubhouse, fitness room, outdoor pool, billiard and party rooms, grilling patio, picnic areas, and walking paths. The residence is across the street from The Village at Waugh Chapel and minutes from Waugh Chapel Towne Centre. Route 3, I-97, and Route 32 provide regional connections.
Community amenities include a clubhouse, fitness room, outdoor pool, billiard and party rooms, grilling patio, picnic areas, and walking paths. The residence is across the street from The Village at Waugh Chapel and minutes from Waugh Chapel Towne Centre. Route 3, I-97, and Route 32 provide regional connections.
Key Highlights
- Three bedrooms and two bathrooms in a top‑floor end residence
- Oversized, heated, accessible one‑car garage plus an additional parking space
- Kitchen features granite countertops, gas cooktop, double wall ovens, and stainless steel appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,050
Cap Rate
5.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$481,000
$481.0K
Cap Rate 7%
$343,571
$343.6K
Cap Rate 9%
$267,222
$267.2K
Market Conditions
NOI Build-Up for 1,782 SF
Gross rent
$46.6K $26.16/SF
− Vacancy
−$2.9K −$1.62/SF
EGI
$43.7K $24.54/SF
− OpEx
−$19.7K −$11.04/SF
NOI
$24.0K $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 Rate 5%
$481,000
Cap Rate 7%
$343,571
Cap Rate 9%
$267,222
Alternative Uses
Best Use
Apartment 5plus
$343.6K
$300.6K – $400.8K
NOI $24,050 @ 7.0% cap · market cap 5.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$521.3K
$456.1K – $608.2K
NOI $36,490 @ 7.0% cap · market cap 7.93%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
494
Businesses Nearby
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Business Placement
Demographics for 21054, MD
13,970
Population
5,377
Households
2.6
Avg Household Size
40
Median Age
58%
College-Educated
94%
High-School Grad
15.9 sq mi
ZIP Area
879
Density / Sq Mi
$153,976
Median Household Income
$67,193
Median Earnings
$2,351
Median Rent
$587,700
Median Home Value
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Market
Average Price Trend$/SF for Residential income properties in Anne Arundel County, MD
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Frequently Asked Questions
What type of property is this?
Residential income property - Located in a 55+ community, the unit includes a private balcony and access to a clubhouse, fitness room, and outdoor pool.
Where is this residential income property located?
The property is located at 1409 WIGEON WAY Unit 304 Gambrills, MD.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Three bedrooms and two bathrooms in a top‑floor end residence; Oversized, heated, accessible one‑car garage plus an additional parking space; Kitchen features granite countertops, gas cooktop, double wall ovens, and stainless steel appliances
