Updated Two-Bedroom Income
For Sale
$349,000
Pending
2002 PEGGY STEWART WAY Unit 205, Annapolis, MD 21401
Upper-level residence offers an open layout, two-and-a-half baths, private balcony, and extensive storage.
Property Size1,365 SF
Days on Market36
Property Features for 2002 PEGGY STEWART WAY Unit 205
General Information
Standard status
Pending
Size
1,365 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,100
Amenities
private balcony
storage
pool
fitness center
clubhouse
tennis courts
playgrounds
walk/bike paths
picnic area
Building Details
Building Size
1,365 SF
Year Built
1995
Listing Agency:
Keller Williams Capital Properties
(202) 486-5918
Listed By:
David F Thomas · License #BR98374505
(202) 486-5918
Source:
Bradkappel
Added: Jul 24
Changed: Aug 23
Last Checked: Aug 26 at 1:00PM
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 Keller Williams Capital Properties
Investment Insights
Based on property information with market context.
This updated upper-level residential income property at Tidewater Colony features two bedrooms and two-and-a-half bathrooms across a two-level layout. The open floor plan includes new flooring, numerous upgrades, a private balcony, and extensive storage. Built in 1995, the unit is positioned within a residential community with shared amenities and outdoor areas.
Community features include a pool, fitness center, clubhouse, tennis courts, playgrounds, walking and biking paths, a picnic area, and green space for outdoor sports. The property is within minutes of downtown Annapolis activities, restaurants, and shopping.
Community features include a pool, fitness center, clubhouse, tennis courts, playgrounds, walking and biking paths, a picnic area, and green space for outdoor sports. The property is within minutes of downtown Annapolis activities, restaurants, and shopping.
Key Highlights
- Two‑bedroom, 2.5‑bath upper unit with a two‑level layout
- Updated interior with new flooring and multiple upgrades
- Private balcony and extensive storage
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
$18,422
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
5.28%
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%
$368,440
$368.4K
Cap Rate 7%
$263,171
$263.2K
Cap Rate 9%
$204,689
$204.7K
Market Conditions
NOI Build-Up for 1,365 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
$35.7K $26.16/SF
− Vacancy
−$2.2K −$1.62/SF
EGI
$33.5K $24.54/SF
− OpEx
−$15.1K −$11.04/SF
NOI
$18.4K $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%
$368,440
Cap Rate 7%
$263,171
Cap Rate 9%
$204,689
Alternative Uses
Best Use
Apartment 5plus
$263.2K
$230.3K – $307.0K
NOI $18,422 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$399.3K
$349.4K – $465.9K
NOI $27,951 @ 7.0% cap · market cap 8.01%
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
593
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 - Upper-level residence offers an open layout, two-and-a-half baths, private balcony, and extensive storage.
Where is this residential income property located?
The property is located at 2002 PEGGY STEWART WAY Unit 205 Annapolis, MD.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Two‑bedroom, 2.5‑bath upper unit with a two‑level layout; Updated interior with new flooring and multiple upgrades; Private balcony and extensive storage
