Flex Condo with Roll-Up
For Sale
Contact for pricing
2110 Renard Court, Annapolis, MD 21401
Flex condominium combines built-out office space with a warehouse featuring a roll-up drive-in door and a mezzanine.
Property Size1,883 SF
Price / SF$243.04
Days on Market68
Property Features for 2110 Renard Court
General Information
Standard status
Active
Size
1,883 SF
Property subtype
Office
Zoning
W1
Additional Details
Business Included
Yes
Highway Access
Yes
Drive-In Doors
1
Listing Agency:
Douglas Commercial
Listed By:
Scott Douglas · License #MD 580592
(301) 655-8253
Source:
Crexi
Added: Jun 29
Changed: Aug 31
Last Checked: Sep 1 at 9:37AM
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 Douglas Commercial
Investment Insights
Based on property information with market context.
2110 Renard Court offers a well-appointed flex condominium with a combined office and warehouse layout. The unit includes built-out office space, a dedicated kitchen or break area, and two bathrooms for day-to-day functionality. The warehouse portion is served by a roll-up drive-in door, supporting convenient loading and deliveries, while a mezzanine level provides additional storage capacity.
The property is located in Annapolis just off Route 50, with immediate access to US Route 50 for direct connectivity toward Washington, DC and Baltimore. Interstate 97 is also minutes away, providing convenient north–south access across the Central Maryland region.
This offering is positioned as a condo unit with listed condo fees of $225 per month.
The property is located in Annapolis just off Route 50, with immediate access to US Route 50 for direct connectivity toward Washington, DC and Baltimore. Interstate 97 is also minutes away, providing convenient north–south access across the Central Maryland region.
This offering is positioned as a condo unit with listed condo fees of $225 per month.
Key Highlights
- 1,883 SF flex condominium with built‑out office and warehouse space
- Office includes dedicated kitchen/break area and 2 bathrooms
- Warehouse features a roll‑up drive‑in door for loading and deliveries
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
$22,517
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
4.92%
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%
$450,340
$450.3K
Cap Rate 7%
$321,671
$321.7K
Cap Rate 9%
$250,189
$250.2K
Market Conditions
NOI Build-Up for 1,883 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
$37.7K $20.04/SF
− Vacancy
−$3.1K −$1.64/SF
EGI
$34.6K $18.40/SF
− OpEx
−$12.1K −$6.44/SF
NOI
$22.5K $11.96/SF
Area
Anne Arundel County, MD
Vacancy
8.20%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
35.00%
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%
$450,340
Cap Rate 7%
$321,671
Cap Rate 9%
$250,189
Alternative Uses
Best Use
Flex RnD
$321.7K
$281.5K – $375.3K
NOI $22,517 @ 7.0% cap · market cap 4.92%
Second Best
Office B
$188.6K
$165.0K – $220.0K
NOI $13,202 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$550.8K
$482.0K – $642.6K
NOI $38,558 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,325
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Kona Ice of Annapolis — 2012 Renard Ct STE B, Annapolis, MD 21401
Frequently Asked Questions
What type of property is this?
Flex space - Flex condominium combines built-out office space with a warehouse featuring a roll-up drive-in door and a mezzanine.
Where is this flex space located?
The property is located at 2110 Renard Court Annapolis, MD.
What is the asking price?
The asking price for this property is $457,650.
What are key features of this property?
This property features: 1,883 SF flex condominium with built‑out office and warehouse space; Office includes dedicated kitchen/break area and 2 bathrooms; Warehouse features a roll‑up drive‑in door for loading and deliveries
