Corner Residential Income
For Sale
$625,000
1915 TOWNE CENTRE BOULEVARD Unit 303, Annapolis, MD 21401
Two-bedroom corner residence with den, balcony, in-unit laundry, assigned parking, and access to rooftop and fitness amenities.
Property Size1,602 SF
Days on Market12
Property Features for 1915 TOWNE CENTRE BOULEVARD Unit 303
General Information
Standard status
Active
Size
1,602 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$7,317
Amenities
rooftop pool
fitness center
concierge service
bar/lounge
in-unit laundry
assigned parking
electric vehicle charging stations
private balcony
Building Details
Building Size
1,602 SF
Year Built
2009
Listing Agency:
Coldwell Banker Realty
(410) 991-6047
Listed By:
Mary K Gordon · License #80220
(410) 991-6047
Source:
Bradkappel
Added: Aug 16
Changed: Aug 27
Last Checked: Aug 26 at 1:45PM
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 2-bedroom, 2-bathroom corner unit features an open layout with 10' ceilings, crown molding, and recessed lighting. The kitchen includes upgraded countertops, a built-in microwave, wall oven, and Miele Induction cooktop. A den provides additional flexible space, while the private balcony extends the living area. In-unit laundry is included, along with assigned parking and access to electric vehicle charging stations.
Completed in 2009, the building offers a rooftop pool, rooftop bar, fitness center, concierge service, and bar/lounge. The property also provides access to shopping, dining, downtown Annapolis, the Naval Academy, and area marinas.
Completed in 2009, the building offers a rooftop pool, rooftop bar, fitness center, concierge service, and bar/lounge. The property also provides access to shopping, dining, downtown Annapolis, the Naval Academy, and area marinas.
Key Highlights
- 2‑bedroom, 2‑bathroom corner unit with 10' ceilings
- Kitchen includes upgraded countertops, built‑in microwave, wall oven, and Miele Induction cooktop
- Den, private balcony, crown molding, and recessed lighting
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
$21,621
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
3.46%
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%
$432,420
$432.4K
Cap Rate 7%
$308,871
$308.9K
Cap Rate 9%
$240,233
$240.2K
Market Conditions
NOI Build-Up for 1,602 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
$41.9K $26.16/SF
− Vacancy
−$2.6K −$1.62/SF
EGI
$39.3K $24.54/SF
− OpEx
−$17.7K −$11.04/SF
NOI
$21.6K $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%
$432,420
Cap Rate 7%
$308,871
Cap Rate 9%
$240,233
Alternative Uses
Best Use
Apartment 5plus
$308.9K
$270.3K – $360.4K
NOI $21,621 @ 7.0% cap · market cap 3.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$468.6K
$410.1K – $546.7K
NOI $32,804 @ 7.0% cap · market cap 5.25%
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
2,885
Businesses Nearby
Explore this area
Business Placement
Demographics for 21401, MD
39,308
Population
19,293
Households
2
Avg Household Size
44
Median Age
61%
College-Educated
96%
High-School Grad
19.9 sq mi
ZIP Area
1,975
Density / Sq Mi
$119,296
Median Household Income
$67,845
Median Earnings
$2,106
Median Rent
$580,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom corner residence with den, balcony, in-unit laundry, assigned parking, and access to rooftop and fitness amenities.
Where is this residential income property located?
The property is located at 1915 TOWNE CENTRE BOULEVARD Unit 303 Annapolis, MD.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑bathroom corner unit with 10' ceilings; Kitchen includes upgraded countertops, built‑in microwave, wall oven, and Miele Induction cooktop; Den, private balcony, crown molding, and recessed lighting
