Renovated Residential Income
For Sale
$399,900
2016 GOV THOMAS BLADEN WAY Unit 102, Annapolis, MD 21401
Three-bedroom condominium with updated interiors, wooded views, and access to extensive community amenities.
Property Size1,316 SF
Days on Market21
Property Features for 2016 GOV THOMAS BLADEN WAY Unit 102
General Information
Standard status
Active
Size
1,316 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,651
Amenities
outdoor swimming pool
tennis courts
fitness center
clubhouse/community room
tot lots
walking trail
deck
Building Details
Building Size
1,316 SF
Year Built
1998
Listing Agency:
CENTURY 21 New Millennium
(410) 703-9202
Listed By:
Cynthia F Gardner · License #648469
(410) 703-9202
Source:
Bradkappel
Added: Aug 7
Changed: Aug 20
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 CENTURY 21 New Millennium
Investment Insights
Based on property information with market context.
This 1998-built residential income property is a three-bedroom, two-bath condominium with a reconfigured kitchen, hardwood flooring, crown molding, and updated bathrooms. The kitchen includes stainless steel appliances, Silestone countertops, and custom cabinetry extending into the breakfast area. A primary suite provides dual closets and an en-suite bath, while the living room opens to a deck overlooking a wooded setting and pond. Bedrooms 2 and 3 share the same peaceful outlook.
Recent system updates include replacement of the HVAC and clothes dryer in 2022 and the hot water heater in 2025. Community amenities include an outdoor pool, tennis courts, fitness center, clubhouse/community room, two tot lots, and a walking trail. The property is near shopping, restaurants, and daily conveniences, with access to historic Downtown Annapolis, Quiet Waters Park, Route 50, and Route 97 for travel toward Washington, D.C., and Baltimore.
Recent system updates include replacement of the HVAC and clothes dryer in 2022 and the hot water heater in 2025. Community amenities include an outdoor pool, tennis courts, fitness center, clubhouse/community room, two tot lots, and a walking trail. The property is near shopping, restaurants, and daily conveniences, with access to historic Downtown Annapolis, Quiet Waters Park, Route 50, and Route 97 for travel toward Washington, D.C., and Baltimore.
Key Highlights
- Three‑bedroom, two‑bath condominium built in 1998
- Updated kitchen with stainless steel appliances, Silestone countertops, and custom cabinetry
- Deck and wooded pond outlook from the living room, breakfast room, and two bedrooms
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
$17,761
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
4.44%
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%
$355,220
$355.2K
Cap Rate 7%
$253,729
$253.7K
Cap Rate 9%
$197,344
$197.3K
Market Conditions
NOI Build-Up for 1,316 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
$34.4K $26.16/SF
− Vacancy
−$2.1K −$1.62/SF
EGI
$32.3K $24.54/SF
− OpEx
−$14.5K −$11.04/SF
NOI
$17.8K $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%
$355,220
Cap Rate 7%
$253,729
Cap Rate 9%
$197,344
Alternative Uses
Best Use
Apartment 5plus
$253.7K
$222.0K – $296.0K
NOI $17,761 @ 7.0% cap · market cap 4.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$385.0K
$336.8K – $449.1K
NOI $26,947 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,058
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 - Three-bedroom condominium with updated interiors, wooded views, and access to extensive community amenities.
Where is this residential income property located?
The property is located at 2016 GOV THOMAS BLADEN WAY Unit 102 Annapolis, MD.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Three‑bedroom, two‑bath condominium built in 1998; Updated kitchen with stainless steel appliances, Silestone countertops, and custom cabinetry; Deck and wooded pond outlook from the living room, breakfast room, and two bedrooms
