Residential Income Property with
For Sale
$229,900
208 WATER FOUNTAIN COURT Unit 103, Glen Burnie, MD 21060
Ground-level two-bedroom, two-bath condo with updated finishes, in-unit laundry, secured entry, and a private outdoor space.
Property Size965 SF
Days on Market184
Property Features for 208 WATER FOUNTAIN COURT Unit 103
General Information
Standard status
Active
Size
965 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$2,580
Building Details
Building Size
965 SF
Year Built
1999
Listing Agency:
Century 21 Redwood Realty
(301) 404-5480
Listed By:
Michael J Burch · License #665246
(301) 404-5480
Source:
Thehulsmangroup
Added: Feb 18
Changed: Aug 20
Last Checked: Aug 21 at 10:11AM
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 Redwood Realty
Investment Insights
Based on property information with market context.
This ground-level condominium offers two bedrooms and two full bathrooms within an open layout suited to everyday living. Recent improvements include fresh interior paint, new kitchen appliances, a brand-new oven, and new carpet in the primary bedroom. The living room includes a wood-burning fireplace and connects to a private patio overlooking common grounds. A breakfast bar links the kitchen to the main living area, while the in-unit washer and dryer add practical convenience. The primary bedroom features an ensuite bath and generous closet space, with a second bedroom and hall bathroom providing additional flexibility.
The property is located in the Cromwell Fountain community, with secured building access and community amenities. Shopping, dining, parks, BWI Airport, and major commuter routes are nearby.
The property is located in the Cromwell Fountain community, with secured building access and community amenities. Shopping, dining, parks, BWI Airport, and major commuter routes are nearby.
Key Highlights
- Ground‑level condo with 2 bedrooms and 2 full bathrooms
- Fresh paint, new kitchen appliances, brand‑new oven, and new carpet in the primary bedroom
- Private patio overlooking common grounds
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
$13,024
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
5.67%
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%
$260,480
$260.5K
Cap Rate 7%
$186,057
$186.1K
Cap Rate 9%
$144,711
$144.7K
Market Conditions
NOI Build-Up for 965 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
$25.2K $26.16/SF
− Vacancy
−$1.6K −$1.62/SF
EGI
$23.7K $24.54/SF
− OpEx
−$10.7K −$11.04/SF
NOI
$13.0K $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%
$260,480
Cap Rate 7%
$186,057
Cap Rate 9%
$144,711
Alternative Uses
Best Use
Apartment 5plus
$186.1K
$162.8K – $217.1K
NOI $13,024 @ 7.0% cap · market cap 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$282.3K
$247.0K – $329.3K
NOI $19,760 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
727
Businesses Nearby
Explore this area
Business Placement
Demographics for 21060, MD
38,269
Population
15,988
Households
2.4
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
13.0 sq mi
ZIP Area
2,944
Density / Sq Mi
$99,739
Median Household Income
$57,005
Median Earnings
$1,620
Median Rent
$352,800
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Ground-level two-bedroom, two-bath condo with updated finishes, in-unit laundry, secured entry, and a private outdoor space.
Where is this residential income property located?
The property is located at 208 WATER FOUNTAIN COURT Unit 103 Glen Burnie, MD.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Ground‑level condo with 2 bedrooms and 2 full bathrooms; Fresh paint, new kitchen appliances, brand‑new oven, and new carpet in the primary bedroom; Private patio overlooking common grounds
