Elevator-Accessible Residential Income
For Sale
$480,000
1516 ENYART WAY #304, Annapolis, MD 21409
Maintained 55+ condominium with a loft, covered terrace, garage access, and community recreation amenities.
Property Size1,516 SF
Price / SF$316.62
Days on Market11
Property Features for 1516 ENYART WAY #304
General Information
Standard status
Active
Size
1,516 SF
Elevators
Yes
Property subtype
Apartment
Additional Details
Multifamily Units
1
Amenities
clubhouse
fitness center
outdoor pool
billiards and card room
gathering spaces
walking paths
landscaped common areas
covered outdoor terrace
Building Details
Year Built
2007
Listing Agency:
Long & Foster Real Estate, Inc.
(619) 708-9992
Listed By:
Marion Brenner · License #5006659
(619) 708-9992
Source:
Cummingsrealtors
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 29 at 3:15PM
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 Long & Foster Real Estate, Inc.
Investment Insights
Based on property information with market context.
This 1,516-square-foot third-floor condominium is part of Four Seasons at St. Margarets, a 55+ active adult community. The elevator-accessible residence has an open layout connecting the kitchen, dining area, and living room, along with a covered terrace. Two bedrooms and two full baths include a primary suite with a private bath and walk-in closet. A loft adds flexible space for an office, den, or guests. The property also includes a garage with interior building access and storage near the elevator.
Community amenities include a clubhouse, fitness center, outdoor pool, billiards and card room, gathering areas, walking paths, and landscaped common grounds. The residence is near downtown Annapolis, the U.S. Naval Academy, St. John's College, shopping, restaurants, medical facilities, and major commuter routes. Stainless steel appliances, interior paint, and carpeting in both bedrooms are identified as 2026 upgrades.
Community amenities include a clubhouse, fitness center, outdoor pool, billiards and card room, gathering areas, walking paths, and landscaped common grounds. The residence is near downtown Annapolis, the U.S. Naval Academy, St. John's College, shopping, restaurants, medical facilities, and major commuter routes. Stainless steel appliances, interior paint, and carpeting in both bedrooms are identified as 2026 upgrades.
Key Highlights
- 1,516‑square‑foot third‑floor condominium at 1516 ENYART WAY #304, ANNAPOLIS, MD 21409
- 55+ active adult community with clubhouse, fitness center, outdoor pool, and walking paths
- Two‑bedroom, two‑full‑bath layout with primary suite, private bath, and walk‑in closet
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
$20,460
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
4.26%
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%
$409,200
$409.2K
Cap Rate 7%
$292,286
$292.3K
Cap Rate 9%
$227,333
$227.3K
Market Conditions
NOI Build-Up for 1,516 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
$39.7K $26.16/SF
− Vacancy
−$2.5K −$1.62/SF
EGI
$37.2K $24.54/SF
− OpEx
−$16.7K −$11.04/SF
NOI
$20.5K $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%
$409,200
Cap Rate 7%
$292,286
Cap Rate 9%
$227,333
Alternative Uses
Best Use
Apartment 5plus
$292.3K
$255.8K – $341.0K
NOI $20,460 @ 7.0% cap · market cap 4.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$443.5K
$388.0K – $517.4K
NOI $31,043 @ 7.0% cap · market cap 6.47%
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
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 - Maintained 55+ condominium with a loft, covered terrace, garage access, and community recreation amenities.
Where is this residential income property located?
The property is located at 1516 ENYART WAY #304 Annapolis, MD.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: 1,516‑square‑foot third‑floor condominium at 1516 ENYART WAY #304, ANNAPOLIS, MD 21409; 55+ active adult community with clubhouse, fitness center, outdoor pool, and walking paths; Two‑bedroom, two‑full‑bath layout with primary suite, private bath, and walk‑in closet
