Residential Income Property with
For Sale
$750,000
1915 TOWNE CENTRE BOULEVARD Unit 1014, Annapolis, MD 21401
Two-bedroom condominium with ensuite baths, private balcony, and extensive interior improvements.
Property Size1,672 SF
Days on Market78
Property Features for 1915 TOWNE CENTRE BOULEVARD Unit 1014
General Information
Standard status
Active
Size
1,672 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$7,557
Building Details
Building Size
1,672 SF
Year Built
2009
Listing Agency:
Coldwell Banker Realty
(410) 487-5980
Listed By:
David C Yee · License #633947
(410) 487-5980
Source:
Barnesrealestatecompany
Added: Jun 5
Changed: Aug 15
Last Checked: Aug 21 at 10:52AM
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.
Residence 1014 is a two-bedroom, two-bath condominium with ensuite baths and a den on the 10th floor of GrandView Luxury Condominiums. The unit has southern exposure, a private balcony, and views extending more than 20 miles into Southern Maryland. Interior improvements include a 2025 hot water heater, 2025 primary-suite draperies, and a complete KitchenAid appliance package installed in 2026. Swedish walnut hardwood flooring was added to the living room, dining room, and den in 2026, alongside fresh paint in the dining room and den, new carpeting in the primary bedroom, and luxury area rugs. Custom draperies, California Closets, and built-in den cabinetry add further finished details.
The property is steps from Annapolis Town Center, with Whole Foods, Target, CVS, Bin 201 Wine & Spirits, restaurants, and gathering places within walking distance. Historic downtown Annapolis is minutes away, with Washington, D.C., Baltimore, and Maryland’s Eastern Shore also described as accessible from the location.
The property is steps from Annapolis Town Center, with Whole Foods, Target, CVS, Bin 201 Wine & Spirits, restaurants, and gathering places within walking distance. Historic downtown Annapolis is minutes away, with Washington, D.C., Baltimore, and Maryland’s Eastern Shore also described as accessible from the location.
Key Highlights
- 10th‑floor residence with unobstructed southern exposure and views extending more than 20 miles into Southern Maryland
- Two‑bedroom, two‑bath layout with ensuite baths, den, and private balcony
- KitchenAid refrigerator, oven, dishwasher, and microwave added in 2026
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
$22,565
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
3.01%
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%
$451,300
$451.3K
Cap Rate 7%
$322,357
$322.4K
Cap Rate 9%
$250,722
$250.7K
Market Conditions
NOI Build-Up for 1,672 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
$43.7K $26.16/SF
− Vacancy
−$2.7K −$1.62/SF
EGI
$41.0K $24.54/SF
− OpEx
−$18.5K −$11.04/SF
NOI
$22.6K $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%
$451,300
Cap Rate 7%
$322,357
Cap Rate 9%
$250,722
Alternative Uses
Best Use
Apartment 5plus
$322.4K
$282.1K – $376.1K
NOI $22,565 @ 7.0% cap · market cap 3.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$489.1K
$428.0K – $570.6K
NOI $34,237 @ 7.0% cap · market cap 4.56%
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 condominium with ensuite baths, private balcony, and extensive interior improvements.
Where is this residential income property located?
The property is located at 1915 TOWNE CENTRE BOULEVARD Unit 1014 Annapolis, MD.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 10th‑floor residence with unobstructed southern exposure and views extending more than 20 miles into Southern Maryland; Two‑bedroom, two‑bath layout with ensuite baths, den, and private balcony; KitchenAid refrigerator, oven, dishwasher, and microwave added in 2026
