Residential Income Property with
New
For Sale
$299,900
20 GREYSTONE COURT Unit I, Annapolis, MD 21403
Two-bedroom condominium unit with private outdoor space, in-unit laundry, assigned parking, and access to community amenities.
Property Size1,229 SF
Price / SF$244.02
Days on Market4
Property Features for 20 GREYSTONE COURT Unit I
General Information
Standard status
Active
Size
1,229 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,156
Amenities
wood-burning fireplace
stacked washer and dryer
walk-in closet
private deck
outdoor pool
exercise room
playground
Building Details
Building Size
1,229 SF
Year Built
1991
Construction
garden-style
Listing Agency:
Compass
Listed By:
Shane C Hall · License #649545
(410) 991-1382
Source:
Bradkappel
Added: Sep 12
Changed: Sep 14
Last Checked: Sep 14 at 8:49AM
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 Compass
Investment Insights
Based on property information with market context.
This 1,229-square-foot residential income property is a two-bedroom, two-bath unit built in 1991. The garden-style layout places the living and dining areas within an open central space, complemented by recessed lighting and a wood-burning fireplace. The kitchen includes upgraded countertops, a built-in microwave, dishwasher, and self-cleaning electric oven. A stacked washer and dryer are located inside the unit. The primary bedroom has a walk-in closet and private bathroom, while a deck extends the living area outdoors.
The property is located in Annapolis, Maryland, within the Annapolis Overlook community. Residents have access to an outdoor pool, exercise room, and playground. Assigned parking is provided, and maintenance services are included through the association. Furniture may also be purchased with the unit for a furnished setup.
The property is located in Annapolis, Maryland, within the Annapolis Overlook community. Residents have access to an outdoor pool, exercise room, and playground. Assigned parking is provided, and maintenance services are included through the association. Furniture may also be purchased with the unit for a furnished setup.
Key Highlights
- 1,229‑square‑foot two‑bedroom, two‑bath unit
- Built in 1991 with an open living and dining layout
- Wood‑burning fireplace, recessed lighting, and private deck
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
$16,587
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
5.53%
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%
$331,740
$331.7K
Cap Rate 7%
$236,957
$237.0K
Cap Rate 9%
$184,300
$184.3K
Market Conditions
NOI Build-Up for 1,229 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
$32.2K $26.16/SF
− Vacancy
−$2.0K −$1.62/SF
EGI
$30.2K $24.54/SF
− OpEx
−$13.6K −$11.04/SF
NOI
$16.6K $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%
$331,740
Cap Rate 7%
$236,957
Cap Rate 9%
$184,300
Alternative Uses
Best Use
Apartment 5plus
$237.0K
$207.3K – $276.5K
NOI $16,587 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$359.5K
$314.6K – $419.4K
NOI $25,166 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
371
Businesses Nearby
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Business Placement
Demographics for 21403, MD
31,521
Population
15,479
Households
2
Avg Household Size
42
Median Age
58%
College-Educated
91%
High-School Grad
9.3 sq mi
ZIP Area
3,389
Density / Sq Mi
$115,068
Median Household Income
$64,638
Median Earnings
$1,872
Median Rent
$566,900
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium unit with private outdoor space, in-unit laundry, assigned parking, and access to community amenities.
Where is this residential income property located?
The property is located at 20 GREYSTONE COURT Unit I Annapolis, MD.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1,229‑square‑foot two‑bedroom, two‑bath unit; Built in 1991 with an open living and dining layout; Wood‑burning fireplace, recessed lighting, and private deck
