Residential Income Property with
For Sale
$549,000
1915 TOWNE CENTRE BOULEVARD Unit 513, Annapolis, MD 21401
Fifth-floor residence with two bedrooms, assigned parking, and access to resort-style building amenities.
Property Size1,485 SF
Days on Market153
Property Features for 1915 TOWNE CENTRE BOULEVARD Unit 513
General Information
Standard status
Active
Size
1,485 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$5,439
Building Details
Building Size
1,485 SF
Year Built
2009
Listing Agency:
Coldwell Banker Realty
(410) 487-5980
Listed By:
David C Yee · License #633947
(410) 487-5980
Source:
Bradkappel
Added: Apr 1
Changed: Aug 31
Last Checked: Aug 30 at 11:14PM
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 fifth-floor residential income property presents a two-bedroom condominium layout with expansive closets, hardwood flooring, 10-foot ceilings, and granite countertops. New appliances, fresh paint, and custom window treatments update the interior, while southern exposure brings abundant daylight. A private balcony extends the living area and captures broad views. The residence includes two assigned parking spaces.
Building amenities include a rooftop pool, fitness center, club rooms, and concierge service. The property is located within Annapolis Town Center, placing shopping, dining, entertainment, and local boutiques within walking distance. Built in 2009, the condominium combines private outdoor space with access to shared recreational and resident services.
Building amenities include a rooftop pool, fitness center, club rooms, and concierge service. The property is located within Annapolis Town Center, placing shopping, dining, entertainment, and local boutiques within walking distance. Built in 2009, the condominium combines private outdoor space with access to shared recreational and resident services.
Key Highlights
- Fifth‑floor two‑bedroom condominium with expansive closets and 10‑foot ceilings
- Hardwood flooring throughout; no carpet
- Granite countertops, new appliances, fresh paint, and custom window treatments
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
$20,041
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
3.65%
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%
$400,820
$400.8K
Cap Rate 7%
$286,300
$286.3K
Cap Rate 9%
$222,678
$222.7K
Market Conditions
NOI Build-Up for 1,485 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
$38.8K $26.16/SF
− Vacancy
−$2.4K −$1.62/SF
EGI
$36.4K $24.54/SF
− OpEx
−$16.4K −$11.04/SF
NOI
$20.0K $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%
$400,820
Cap Rate 7%
$286,300
Cap Rate 9%
$222,678
Alternative Uses
Best Use
Apartment 5plus
$286.3K
$250.5K – $334.0K
NOI $20,041 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$434.4K
$380.1K – $506.8K
NOI $30,408 @ 7.0% cap · market cap 5.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Fifth-floor residence with two bedrooms, assigned parking, and access to resort-style building amenities.
Where is this residential income property located?
The property is located at 1915 TOWNE CENTRE BOULEVARD Unit 513 Annapolis, MD.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Fifth‑floor two‑bedroom condominium with expansive closets and 10‑foot ceilings; Hardwood flooring throughout; no carpet; Granite countertops, new appliances, fresh paint, and custom window treatments
