Building Details

Building Size 1,000 SF

Year Built 1999

Listing Agency: Coldwell Banker Realty

Listed By: Teresa E. Ashe · License #669178 Show Phone

Source: Thehulsmangroup

Added: Jun 2 Changed: Sep 12 Last Checked: Sep 14 at 7:59AM

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Investment Insights

Based on property information with market context.

This ground-level residence at Winifred Manor provides 2 bedrooms and 2 full baths within a 55+ independent-living community. The layout includes an open kitchen with breakfast island, a combined dining and living area, a laundry and pantry zone, and a primary suite with a walk-in closet. French doors connect the living room to a landscaped patio, while double-key entry and elevator access support convenience and security. Assigned parking space #75 is positioned near the building, with additional guest parking available.

Community features include an on-site hall for resident activities and property management professionals. The monthly condo fee covers water, landscaping, snow removal, and trash services. Updates include a water heater, dishwasher, stove, rangehood, primary-bedroom paint, and hallway lighting in 2026; LVP flooring and carpet from 2022; a refrigerator from 2024; a washer/dryer from 2021; and HVAC from 2019. The property is near shopping, restaurants, the Carroll County Senior Center, Liberty Reservoir, Patapsco Valley State Park, and downtown Sykesville.

Key Highlights

• 55+ independent‑living residence with 2 bedrooms and 2 full baths
• Ground‑floor location with landscaped patio access through living room French doors
• Assigned parking space #75 plus guest overflow parking

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

$11,227

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

4.99%

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%

$224,540 $224.5K

Cap Rate 7%

$160,386 $160.4K

Cap Rate 9%

$124,744 $124.7K

Market Conditions

NOI Build-Up for 1,000 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

$21.6K $21.60/SF

− Vacancy

−$1.2K −$1.19/SF

EGI

$20.4K $20.41/SF

− OpEx

−$9.2K −$9.19/SF

NOI

$11.2K $11.23/SF

Area

Carroll County, MD

Vacancy

5.50%

Lease Rate

$21.60 /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%

$224,540

Cap Rate 7%

$160,386

Cap Rate 9%

$124,744

Alternative Uses

Best Use

Apartment 5plus

$160.4K

$140.3K – $187.1K (±1% cap)

NOI $11,227 @ 7.0% cap · market cap 4.99%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$370.9K

$324.5K – $432.7K (±1% cap)

NOI $25,960 @ 7.0% cap · market cap 11.54%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Senior Housing / Retirement ...

Suggested Use

Top Pick Law Firm Building Supply (Bike/Boat/Book/etc) Store Cafe & Coffee Shop Nail Salon Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Residential units

Location Intelligence

Trade Area within ½ mile

401

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 21784, MD

40,028

Population

13,664

Households

2.9

Avg Household Size

41

Median Age

53%

College-Educated

96%

High-School Grad

56.1 sq mi

ZIP Area

714

Density / Sq Mi

$141,228

Median Household Income

$71,145

Median Earnings

$1,673

Median Rent

$478,200

Median Home Value

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What type of property is this? Where is this senior housing / retirement homes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Senior housing / Retirement Home - 55+ independent-living residence with an open kitchen, private patio access, and community amenities.

Where is this senior housing / retirement home located?

The property is located at 2003 RUDY SERRA DRIVE Unit 1C Eldersburg, MD.

What is the asking price?

The asking price for this property is $224,900.

What are key features of this property?

This property features: 55+ independent‑living residence with 2 bedrooms and 2 full baths; Ground‑floor location with landscaped patio access through living room French doors; Assigned parking space #75 plus guest overflow parking