Marina-View Residential Income
For Sale
$685,000
2102 CHESAPEAKE HARBOUR DRIVE E Unit 202, Annapolis, MD 21403
Gated condominium residence with an open layout, high ceilings, and flexible loft space overlooking the main living area.
Property Size1,666 SF
Days on Market19
Property Features for 2102 CHESAPEAKE HARBOUR DRIVE E Unit 202
General Information
Standard status
Active
Size
1,666 SF
Property subtype
Penthouse Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$7,436
Amenities
pool
tennis/pickleball courts
kayak access
walking trails
beaches
dock bar
waterfront dining
Building Details
Building Size
1,666 SF
Year Built
1988
Listing Agency:
Compass
(856) 986-2642
Listed By:
Lorna Kaim · License #665299
(856) 986-2642
Source:
Bradkappel
Added: Aug 3
Changed: Aug 20
Last Checked: Aug 21 at 12:00PM
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 Compass
Investment Insights
Based on property information with market context.
This residential income property is a condominium residence with 3 bedrooms and 3 full baths. High ceilings and an open-concept floor plan create an airy interior arranged for entertaining, while the upper-level loft provides flexible space for a third bedroom or home office. The residence was built in 1988 and includes views toward the marina.
Located in Annapolis within the gated Chesapeake Harbour community, the property offers access to 2 pools, tennis and pickleball courts, kayak access, walking trails, beaches, a dock bar, and The Beacon Restaurant. The combination of residential space, marina-oriented surroundings, and community amenities defines the offering.
Located in Annapolis within the gated Chesapeake Harbour community, the property offers access to 2 pools, tennis and pickleball courts, kayak access, walking trails, beaches, a dock bar, and The Beacon Restaurant. The combination of residential space, marina-oriented surroundings, and community amenities defines the offering.
Key Highlights
- 3‑bedroom, 3‑full‑bath condominium residence
- Upper‑level loft can function as a third bedroom or home office
- Marina views within the gated Chesapeake Harbour community
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
$22,484
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
3.28%
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%
$449,680
$449.7K
Cap Rate 7%
$321,200
$321.2K
Cap Rate 9%
$249,822
$249.8K
Market Conditions
NOI Build-Up for 1,666 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
$43.6K $26.16/SF
− Vacancy
−$2.7K −$1.62/SF
EGI
$40.9K $24.54/SF
− OpEx
−$18.4K −$11.04/SF
NOI
$22.5K $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%
$449,680
Cap Rate 7%
$321,200
Cap Rate 9%
$249,822
Alternative Uses
Best Use
Apartment 5plus
$321.2K
$281.1K – $374.7K
NOI $22,484 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$487.3K
$426.4K – $568.6K
NOI $34,114 @ 7.0% cap · market cap 4.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
290
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 - Gated condominium residence with an open layout, high ceilings, and flexible loft space overlooking the main living area.
Where is this residential income property located?
The property is located at 2102 CHESAPEAKE HARBOUR DRIVE E Unit 202 Annapolis, MD.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: 3‑bedroom, 3‑full‑bath condominium residence; Upper‑level loft can function as a third bedroom or home office; Marina views within the gated Chesapeake Harbour community
