Building Details

Building Size 1,100 SF

Year Built 2007

Listing Agency: Berkshire Hathaway HomeServices Homesale Realty

Listed By: Jay P Cinquegrani · License #82448 Show Phone

Source: Thehulsmangroup

Added: Sep 17 Changed: Sep 19 Last Checked: Sep 21 at 8:00AM

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Investment Insights

Based on property information with market context.

This first-floor condominium in the Homeland community offers one-level living with level access from the parking area through the lobby and into the residence. The home includes 2 bedrooms, 2 full baths, 9-foot ceilings, natural gas heat, central air conditioning, luxury vinyl plank flooring, and wide interior hallways and doors. Fresh paint and a vacant condition support immediate occupancy. The 17' x 12' eat-in kitchen includes 42" oak cabinetry, a corner natural gas fireplace, and a full appliance package with a new refrigerator dated 2026. A separate laundry room, private storage locker, primary suite with walk-in closet, and ceramic-tile bath with walk-in shower add practical functionality.

Homeland is a 55+ age-restricted condominium community on Homeland Drive, which ends in a quiet cul-de-sac. A community party room is available in Building #1597. Restaurants, shopping, grocery stores, churches, Walmart, Kohl's, and the local library are all within approximately one mile.

Key Highlights

• 55+ age‑restricted condominium community
• First‑floor, level‑entry residence with no steps from parking through the lobby
• 2 bedrooms, 2 full baths, and 9‑foot ceilings

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

$12,349

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

4.84%

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%

$246,980 $247.0K

Cap Rate 7%

$176,414 $176.4K

Cap Rate 9%

$137,211 $137.2K

Market Conditions

NOI Build-Up for 1,100 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

$23.8K $21.60/SF

− Vacancy

−$1.3K −$1.19/SF

EGI

$22.5K $20.41/SF

− OpEx

−$10.1K −$9.19/SF

NOI

$12.3K $11.23/SF

Area

Carroll County, MD

Vacancy

5.50%

Lease Rate

$21.60 /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%

$246,980

Cap Rate 7%

$176,414

Cap Rate 9%

$137,211

Alternative Uses

Best Use

Apartment 5plus

$176.4K

$154.4K – $205.8K (±1% cap)

NOI $12,349 @ 7.0% cap · market cap 4.84%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$407.9K

$357.0K – $475.9K (±1% cap)

NOI $28,556 @ 7.0% cap · market cap 11.20%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Residential income properties

Suggested Use

Top Pick Parking Lot & Garage HVAC Service Locksmith Storage Facility Law Firm (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Residential units

Location Intelligence

Trade Area within ½ mile

838

Businesses Nearby

Explore this area Business Placement

Demographics for 21784, MD

40,028

Population

13,664

Households

2.9

Avg Household Size

41

Median Age

53%

College-Educated

96%

High-School Grad

56.1 sq mi

ZIP Area

714

Density / Sq Mi

$141,228

Median Household Income

$71,145

Median Earnings

$1,673

Median Rent

$478,200

Median Home Value

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Frequently Asked Questions

What type of property is this?

Residential income property - Level-entry condominium with accessible design, updated finishes, and community amenities for residents age 55 and older.

Where is this residential income property located?

The property is located at 1599 HOMELAND DRIVE Unit 1D Sykesville, MD.

What is the asking price?

The asking price for this property is $255,000.

What are key features of this property?

This property features: 55+ age‑restricted condominium community; First‑floor, level‑entry residence with no steps from parking through the lobby; 2 bedrooms, 2 full baths, and 9‑foot ceilings