Updated Residential Income
New
For Sale
$257,000
213 VICTOR PARKWAY Unit 213F, Annapolis, MD 21403
Renovated unit features refreshed bathrooms, in-home laundry, and a modernized kitchen with stainless steel appliances.
Property Size932 SF
Days on Market5
Property Features for 213 VICTOR PARKWAY Unit 213F
General Information
Standard status
Active
Size
932 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,759
Amenities
washer/dryer in unit
Building Details
Building Size
932 SF
Year Built
1971
Year Renovated
2022
Listing Agency:
Anne Arundel Properties, Inc.
Listed By:
Ryan Briggs · License #530145
(301) 318-0022
Source:
Bradkappel
Added: Sep 1
Changed: Sep 4
Last Checked: Sep 4 at 2:28PM
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 Anne Arundel Properties, Inc.
Investment Insights
Based on property information with market context.
Unit 213F at 213 Victor Parkway is a residential income property that received extensive updates in 2022. Improvements include luxury vinyl plank flooring, newer carpeting, upgraded lighting, fresh paint, and a remodeled kitchen with white shaker cabinets, updated countertops, a garbage disposal, and stainless steel appliances. Both full bathrooms feature refreshed tile and upgraded vanities.
The primary bedroom includes a private full bathroom, a large closet with mirrored sliding doors, and a separate dressing or makeup area. A washer and dryer combination is located within the unit, and the heating and air-conditioning system was replaced in March 2024.
The property is in the Fairwinds community in Annapolis, near Quiet Waters Park and a range of shopping, dining, banking, medical, and professional services. Quiet Waters Park offers seasonal events, live music, ice skating, playgrounds, dog parks, walking trails, and waterfront recreation.
The primary bedroom includes a private full bathroom, a large closet with mirrored sliding doors, and a separate dressing or makeup area. A washer and dryer combination is located within the unit, and the heating and air-conditioning system was replaced in March 2024.
The property is in the Fairwinds community in Annapolis, near Quiet Waters Park and a range of shopping, dining, banking, medical, and professional services. Quiet Waters Park offers seasonal events, live music, ice skating, playgrounds, dog parks, walking trails, and waterfront recreation.
Key Highlights
- Extensively updated in 2022 with new finishes, lighting, carpeting, and fresh paint
- Remodeled kitchen with white shaker cabinetry, updated countertops, disposal, and stainless steel appliances
- Both full bathrooms refreshed with tile and upgraded vanities
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
$12,578
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
4.89%
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%
$251,560
$251.6K
Cap Rate 7%
$179,686
$179.7K
Cap Rate 9%
$139,756
$139.8K
Market Conditions
NOI Build-Up for 932 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
$24.4K $26.16/SF
− Vacancy
−$1.5K −$1.62/SF
EGI
$22.9K $24.54/SF
− OpEx
−$10.3K −$11.04/SF
NOI
$12.6K $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%
$251,560
Cap Rate 7%
$179,686
Cap Rate 9%
$139,756
Alternative Uses
Best Use
Apartment 5plus
$179.7K
$157.2K – $209.6K
NOI $12,578 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$272.6K
$238.6K – $318.1K
NOI $19,084 @ 7.0% cap · market cap 7.43%
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
463
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 - Renovated unit features refreshed bathrooms, in-home laundry, and a modernized kitchen with stainless steel appliances.
Where is this residential income property located?
The property is located at 213 VICTOR PARKWAY Unit 213F Annapolis, MD.
What is the asking price?
The asking price for this property is $257,000.
What are key features of this property?
This property features: Extensively updated in 2022 with new finishes, lighting, carpeting, and fresh paint; Remodeled kitchen with white shaker cabinetry, updated countertops, disposal, and stainless steel appliances; Both full bathrooms refreshed with tile and upgraded vanities
