Residential Income Condo
New
For Sale
$237,500
2011 RUDY SERRA DRIVE Unit 2B, Eldersburg, MD 21784
Two-bedroom condominium with updated appliances, in-unit laundry, a deck, and a primary suite with a private bath.
Property Size990 SF
Days on Market4
Property Features for 2011 RUDY SERRA DRIVE Unit 2B
General Information
Standard status
Active
Size
990 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,698
Building Details
Building Size
990 SF
Year Built
2001
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
Listed By:
JoAnn S Walton · License #502695
(410) 259-2650
Source:
Thehulsmangroup
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 23 at 2:43AM
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 Berkshire Hathaway HomeServices Homesale Realty
Investment Insights
Based on property information with market context.
This residential income property is a well-maintained condominium unit with 2 BR and 2 Baths. The interior includes a living room opening through French doors to a deck facing the common area, along with a dining space and kitchen equipped with a new dishwasher, built-in microwave, walk-in pantry, and laundry area. Luxury laminate flooring adds a contemporary finish.
The split-bedroom layout places the primary bedroom on one side of the unit with a full bath, walk-in closet, and ceiling fan, while the second bedroom and main bathroom are positioned separately. A new gas furnace and a water heater updated in 2022 are among the recent improvements. Water, sewer, and trash removal are included in the condo fees. The condominium was built in 2001 and is located in Eldersburg, Maryland.
The split-bedroom layout places the primary bedroom on one side of the unit with a full bath, walk-in closet, and ceiling fan, while the second bedroom and main bathroom are positioned separately. A new gas furnace and a water heater updated in 2022 are among the recent improvements. Water, sewer, and trash removal are included in the condo fees. The condominium was built in 2001 and is located in Eldersburg, Maryland.
Key Highlights
- 2 BR and 2 Baths in a condominium unit
- Deck overlooks the common area
- New dishwasher, built‑in microwave, and washer/dryer
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
$11,114
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
4.68%
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%
$222,280
$222.3K
Cap Rate 7%
$158,771
$158.8K
Cap Rate 9%
$123,489
$123.5K
Market Conditions
NOI Build-Up for 990 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
$21.4K $21.60/SF
− Vacancy
−$1.2K −$1.19/SF
EGI
$20.2K $20.41/SF
− OpEx
−$9.1K −$9.19/SF
NOI
$11.1K $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%
$222,280
Cap Rate 7%
$158,771
Cap Rate 9%
$123,489
Alternative Uses
Best Use
Apartment 5plus
$158.8K
$138.9K – $185.2K
NOI $11,114 @ 7.0% cap · market cap 4.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$367.1K
$321.3K – $428.3K
NOI $25,700 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
401
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium with updated appliances, in-unit laundry, a deck, and a primary suite with a private bath.
Where is this residential income property located?
The property is located at 2011 RUDY SERRA DRIVE Unit 2B Eldersburg, MD.
What is the asking price?
The asking price for this property is $237,500.
What are key features of this property?
This property features: 2 BR and 2 Baths in a condominium unit; Deck overlooks the common area; New dishwasher, built‑in microwave, and washer/dryer
