Active Adult
2606 CHAPEL LAKE DRIVE Unit 208, Gambrills, MD 21054
For Sale
$399,000
Two primary suites, a den, and in-unit laundry are part of this condominium in a 55+ community.
Property Size1,620 SF
Price / SF$246.30
Days on Market130
Property Features for 2606 CHAPEL LAKE DRIVE Unit 208
General Information
Standard status
Size
Total Parking Spaces
Elevators
Property subtype
Units
Unit Mix
Multifamily Units
Parking per Unit
Taxes and HOA fees
Annual Taxes
Amenities
in-unit laundry
Building Details
Building Size
Year Built
Buildings
Stories
Listing Agency:
Straight Source Real Estate Brokers, LLC
Listed By:
Philip Adzima · License #303502
(301) 332-5958
Source:
Canopy-re
Added: Jul 1
Changed: Nov 7
Last Checked: Nov 7 at 1:10PM
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 Straight Source Real Estate Brokers, LLC
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Investment Insights
Based on property information with market context.
This 1,620-square-foot condominium occupies the second floor of a four-story elevator building constructed in 2004. The layout includes two bedrooms, 2.5 bathrooms, and a den with built-in desk and cabinetry. Both bedrooms are primary suites with en suite baths and walk-in closets. Hardwood flooring, an upgraded kitchen countertop, and in-unit laundry are additional interior features.
A deeded assigned parking space is located in the garage. The home is within a 55+ active adult community, with shopping, dining, walking paths, medical offices, banks, and community amenities described as within walking distance.
A deeded assigned parking space is located in the garage. The home is within a 55+ active adult community, with shopping, dining, walking paths, medical offices, banks, and community amenities described as within walking distance.
Key Highlights
- 1,620‑square‑foot residence with two bedrooms, 2.5 bathrooms, and a den
- Two primary bedroom suites, each with an en suite bathroom and walk‑in closet
- Den includes a built‑in desk and cabinets
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,863
Cap Rate
5.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$437,260
$437.3K
Cap Rate 7%
$312,329
$312.3K
Cap Rate 9%
$242,922
$242.9K
Market Conditions
NOI Build-Up for 1,620 SF
Gross rent
$42.4K $26.16/SF
− Vacancy
−$2.6K −$1.62/SF
EGI
$39.8K $24.54/SF
− OpEx
−$17.9K −$11.04/SF
NOI
$21.9K $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 Rate 5%
$437,260
Cap Rate 7%
$312,329
Cap Rate 9%
$242,922
Alternative Uses
Best Use
Apartment 5plus
$312.3K
$273.3K – $364.4K
NOI $21,863 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$473.9K
$414.7K – $552.9K
NOI $33,172 @ 7.0% cap · market cap 8.31%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
665
Businesses Nearby
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Business Placement
Demographics for 21054, MD
13,970
Population
5,377
Households
2.6
Avg Household Size
40
Median Age
58%
College-Educated
94%
High-School Grad
15.9 sq mi
ZIP Area
879
Density / Sq Mi
$153,976
Median Household Income
$67,193
Median Earnings
$2,351
Median Rent
$587,700
Median Home Value
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Market
Average Price Trend$/SF for Residential income properties in Anne Arundel County, MD
Properties on Market for Residential income properties in Anne Arundel County
Frequently Asked Questions
What type of property is this?
Residential income property - Two primary suites, a den, and in-unit laundry are part of this condominium in a 55+ community.
Where is this residential income property located?
The property is located at 2606 CHAPEL LAKE DRIVE Unit 208 Gambrills, MD.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,620‑square‑foot residence with two bedrooms, 2.5 bathrooms, and a den; Two primary bedroom suites, each with an en suite bathroom and walk‑in closet; Den includes a built‑in desk and cabinets
