Top-Floor Residential Income
For Sale
$415,000
Pending
1501 BROADNECK PLACE Unit 402, Annapolis, MD 21409
Three-bedroom condo in a gated 55+ community with elevator access, private balcony, and extensive resident amenities.
Property Size1,335 SF
Days on Market11
Property Features for 1501 BROADNECK PLACE Unit 402
General Information
Standard status
Pending
Size
1,335 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$4,109
Amenities
community center
outdoor pool
fitness center
meeting room
gathering room
gated
in-unit laundry
private balcony
Building Details
Building Size
1,335 SF
Year Built
2007
Listing Agency:
Douglas Realty LLC
(443) 618-5917
Listed By:
James J Rupert · License #633772
(443) 618-5917
Source:
Bradkappel
Added: Jul 30
Changed: Aug 8
Last Checked: Aug 8 at 9:38AM
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 Douglas Realty LLC
Investment Insights
Based on property information with market context.
This top-floor condominium offers three bedrooms, two full bathrooms, and an open main living area with original hardwood flooring and vaulted ceilings. A finished loft or storage area sits above the living room, while a private balcony extends from the bright central living space. The kitchen includes wood cabinetry, a center island with an eat-in ledge, backsplash, cooktop, double wall oven, pantry, and recessed lighting. A separate dining area, in-unit laundry room, and primary suite with walk-in closet, custom organization, double vanity, and tiled glass-enclosed shower complete the interior. A new heating and cooling system was installed. Built in 2007, the residence is located in the gated Four Seasons at St. Margarets community, which includes a community center, outdoor pool, fitness center, meeting room, and gathering room. The property is near shopping, restaurants, parks, and Route 50.
Key Highlights
- Top‑floor 3‑bedroom, 2‑bath condominium with elevator access
- Private balcony and finished loft/storage area above the living room
- 12' x 13' primary suite with organized walk‑in closet and private bath
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
$18,017
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
4.34%
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%
$360,340
$360.3K
Cap Rate 7%
$257,386
$257.4K
Cap Rate 9%
$200,189
$200.2K
Market Conditions
NOI Build-Up for 1,335 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
$34.9K $26.16/SF
− Vacancy
−$2.2K −$1.62/SF
EGI
$32.8K $24.54/SF
− OpEx
−$14.7K −$11.04/SF
NOI
$18.0K $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 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%
$360,340
Cap Rate 7%
$257,386
Cap Rate 9%
$200,189
Alternative Uses
Best Use
Apartment 5plus
$257.4K
$225.2K – $300.3K
NOI $18,017 @ 7.0% cap · market cap 4.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$390.5K
$341.7K – $455.6K
NOI $27,337 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
201
Businesses Nearby
Explore this area
Business Placement
Demographics for 21409, MD
20,326
Population
7,541
Households
2.7
Avg Household Size
41
Median Age
57%
College-Educated
98%
High-School Grad
14.0 sq mi
ZIP Area
1,452
Density / Sq Mi
$146,667
Median Household Income
$71,840
Median Earnings
$2,007
Median Rent
$499,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom condo in a gated 55+ community with elevator access, private balcony, and extensive resident amenities.
Where is this residential income property located?
The property is located at 1501 BROADNECK PLACE Unit 402 Annapolis, MD.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Top‑floor 3‑bedroom, 2‑bath condominium with elevator access; Private balcony and finished loft/storage area above the living room; 12' x 13' primary suite with organized walk‑in closet and private bath
