Updated End-Unit Residential
New
For Sale
$245,000
229 CANDLE LIGHT LANE Unit 229, Glen Burnie, MD 21061
Three-bedroom, one-and-a-half-bath condominium with recent updates in Heritage Hills.
Property Size1,216 SF
Days on Market5
Property Features for 229 CANDLE LIGHT LANE Unit 229
General Information
Standard status
Active
Size
1,216 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,515
Building Details
Building Size
1,216 SF
Year Built
1974
Listing Agency:
Cummings & Co. Realtors
Listed By:
Gilda Day · License #680698
(443) 340-5680
Source:
Thehulsmangroup
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 14 at 11:13AM
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 Cummings & Co. Realtors
Investment Insights
Based on property information with market context.
This end-unit condominium offers three bedrooms and one-and-a-half baths, with recent updates completed before listing. The residence was built in 1974 and is located within Heritage Hills at 229 Candle Light Lane, Unit 229, in Glen Burnie, Maryland.
Key Highlights
- End‑unit condominium configuration
- Three bedrooms and one‑and‑a‑half baths
- Recently updated interior
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
$16,411
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
6.70%
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%
$328,220
$328.2K
Cap Rate 7%
$234,443
$234.4K
Cap Rate 9%
$182,344
$182.3K
Market Conditions
NOI Build-Up for 1,216 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
$31.8K $26.16/SF
− Vacancy
−$2.0K −$1.62/SF
EGI
$29.8K $24.54/SF
− OpEx
−$13.4K −$11.04/SF
NOI
$16.4K $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%
$328,220
Cap Rate 7%
$234,443
Cap Rate 9%
$182,344
Alternative Uses
Best Use
Apartment 5plus
$234.4K
$205.1K – $273.5K
NOI $16,411 @ 7.0% cap · market cap 6.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$355.7K
$311.3K – $415.0K
NOI $24,900 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
334
Businesses Nearby
Explore this area
Business Placement
Demographics for 21061, MD
57,352
Population
23,196
Households
2.5
Avg Household Size
36
Median Age
26%
College-Educated
90%
High-School Grad
12.2 sq mi
ZIP Area
4,701
Density / Sq Mi
$86,081
Median Household Income
$48,429
Median Earnings
$1,661
Median Rent
$326,000
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom, one-and-a-half-bath condominium with recent updates in Heritage Hills.
Where is this residential income property located?
The property is located at 229 CANDLE LIGHT LANE Unit 229 Glen Burnie, MD.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: End‑unit condominium configuration; Three bedrooms and one‑and‑a‑half baths; Recently updated interior
