Two-Bedroom Residential Income
For Sale
$490,000
2010 QUAY VILLAGE COURT Unit 101, Annapolis, MD 21403
Two-bedroom, two-bath unit with community pools, tennis courts, beach access, and walking trails.
Property Size1,280 SF
Days on Market332
Property Features for 2010 QUAY VILLAGE COURT Unit 101
General Information
Standard status
Active
Size
1,280 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$4,662
Amenities
24 hour security
swimming pools
tennis courts
beach
walking trails
Building Details
Building Size
1,280 SF
Year Built
1987
Tenancy
null
Listing Agency:
TTR Sotheby's International Realty
(410) 271-1714
Listed By:
Minnie C Ramirez · License #67378
(410) 271-1714
Source:
Bradkappel
Added: Oct 1, 2025
Changed: Aug 24
Last Checked: Aug 26 at 1:30PM
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 TTR Sotheby's International Realty
Investment Insights
Based on property information with market context.
This residential income property is a two-bedroom, two-bath unit built in 1987, with a distant view of the Bay. The second bedroom windows were replaced in 2024. The property is offered in as-is condition.
Community amenities include 24-hour security, swimming pools, tennis courts, a beach, and walking trails. Access to Washington, DC, and Baltimore is available via Bay Ridge Road, Route 50, and Route 97.
Community amenities include 24-hour security, swimming pools, tennis courts, a beach, and walking trails. Access to Washington, DC, and Baltimore is available via Bay Ridge Road, Route 50, and Route 97.
Key Highlights
- Two‑bedroom, two‑bath unit with a distant Bay view
- Second bedroom windows replaced in 2024
- Built in 1987
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
$17,275
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
3.53%
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%
$345,500
$345.5K
Cap Rate 7%
$246,786
$246.8K
Cap Rate 9%
$191,944
$191.9K
Market Conditions
NOI Build-Up for 1,280 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
$33.5K $26.16/SF
− Vacancy
−$2.1K −$1.62/SF
EGI
$31.4K $24.54/SF
− OpEx
−$14.1K −$11.04/SF
NOI
$17.3K $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%
$345,500
Cap Rate 7%
$246,786
Cap Rate 9%
$191,944
Alternative Uses
Best Use
Apartment 5plus
$246.8K
$215.9K – $287.9K
NOI $17,275 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$374.4K
$327.6K – $436.8K
NOI $26,210 @ 7.0% cap · market cap 5.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Null-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
330
Businesses Nearby
Explore this area
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom, two-bath unit with community pools, tennis courts, beach access, and walking trails.
Where is this residential income property located?
The property is located at 2010 QUAY VILLAGE COURT Unit 101 Annapolis, MD.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath unit with a distant Bay view; Second bedroom windows replaced in 2024; Built in 1987
