Ground-Level Residential Income
For Sale
$394,900
1503 BROADNECK PLACE Unit 101, Annapolis, MD 21409
Two-bedroom condominium with updated finishes, private storage, and access to community recreation amenities.
Property Size1,258 SF
Days on Market25
Property Features for 1503 BROADNECK PLACE Unit 101
General Information
Standard status
Active
Size
1,258 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,896
Amenities
club house
gym
pool
library
electric car chargers
Building Details
Building Size
1,258 SF
Year Built
2010
Listing Agency:
Coldwell Banker Realty
(410) 562-3687
Listed By:
Mark Feen · License #592167
(410) 562-3687
Source:
Bradkappel
Added: Aug 7
Changed: Aug 29
Last Checked: Aug 31 at 12:01AM
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 ground-level, two-bedroom, two-bathroom condominium was built in 2010 and features a practical residential layout with hardwood flooring in the living room and ceramic tile in the bathrooms. The kitchen includes stainless steel appliances, granite countertops, a ceramic tile backsplash, crown molding, and recessed lighting. Additional features include dual sinks in the primary bathroom, large walk-in closets, storage space, and access to rear parking.
Recent updates include carpet and a hot water heater installed in 2025, a refrigerator installed in 2024, and an HVAC system installed in 2019. Residents have access to a clubhouse, gym, pool, and library, along with three newly installed electric vehicle chargers. The property is near shopping centers, banks, dry cleaners, restaurants, a hardware store, and gas stations.
Recent updates include carpet and a hot water heater installed in 2025, a refrigerator installed in 2024, and an HVAC system installed in 2019. Residents have access to a clubhouse, gym, pool, and library, along with three newly installed electric vehicle chargers. The property is near shopping centers, banks, dry cleaners, restaurants, a hardware store, and gas stations.
Key Highlights
- Ground‑level 2‑bedroom, 2‑bathroom condominium
- Built in 2010 with hardwood flooring in the living room and ceramic tile in bathrooms
- Carpet and hot water heater installed in 2025
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
$16,978
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
4.30%
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%
$339,560
$339.6K
Cap Rate 7%
$242,543
$242.5K
Cap Rate 9%
$188,644
$188.6K
Market Conditions
NOI Build-Up for 1,258 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
$32.9K $26.16/SF
− Vacancy
−$2.0K −$1.62/SF
EGI
$30.9K $24.54/SF
− OpEx
−$13.9K −$11.04/SF
NOI
$17.0K $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%
$339,560
Cap Rate 7%
$242,543
Cap Rate 9%
$188,644
Alternative Uses
Best Use
Apartment 5plus
$242.5K
$212.2K – $283.0K
NOI $16,978 @ 7.0% cap · market cap 4.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$368.0K
$322.0K – $429.3K
NOI $25,760 @ 7.0% cap · market cap 6.52%
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
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 - Two-bedroom condominium with updated finishes, private storage, and access to community recreation amenities.
Where is this residential income property located?
The property is located at 1503 BROADNECK PLACE Unit 101 Annapolis, MD.
What is the asking price?
The asking price for this property is $394,900.
What are key features of this property?
This property features: Ground‑level 2‑bedroom, 2‑bathroom condominium; Built in 2010 with hardwood flooring in the living room and ceramic tile in bathrooms; Carpet and hot water heater installed in 2025
