Residential Income Property with
For Sale
$280,000
2610 CHAPEL LAKE DRIVE #312, Gambrills, MD 21054
Spacious secured-building residence with elevator access, assigned garage parking, and community amenities.
Property Size1,216 SF
Price / SF$230.26
Days on Market23
Property Features for 2610 CHAPEL LAKE DRIVE #312
General Information
Standard status
Active
Size
1,216 SF
Total Parking Spaces
1
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x 1BR+Den
Multifamily Units
1
Amenities
fireplace
balcony
in-unit washer/dryer
community room
workout room
jogging trail
lake
Fireplace
Forced Air
Central
Central A/C
Dryer
Washer
Dishwasher
Exhaust Fan
Disposal
Microwave
Refrigerator
Icemaker
Stove
Building Details
Year Built
2004
Listing Agency:
Greater Howard County
Listed By:
Jay Fischetti · License #323674
(301) 674-2929
Source:
Kw
Added: Aug 17
Changed: Sep 7
Last Checked: Sep 7 at 2:38PM
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 Greater Howard County
Investment Insights
Based on property information with market context.
This 1,216-square-foot residential income property offers a one-bedroom layout with a den, a living room fireplace, and a primary suite featuring multiple closets, including a walk-in closet. The primary bedroom also includes a sitting or office area and balcony access. A full-size washer and dryer room provides additional storage. The unit includes an assigned handicap parking space in the garage, while the secured building has elevator service.
Building and unit updates include a roof replacement in 2024, HVAC replacement on February 4, 2021, water heater replacement on July 12, 2018, a renovated primary bathroom on June 6, 2018, and appliance replacements in March 2018. Residents have access to a community room with a workout room and 72-inch TV, along with a jogging trail and lake. The 55+ community is near shops, restaurants, the Baltimore-Annapolis bike trail, and Piney Orchard Nature Preserve hiking trails.
Building and unit updates include a roof replacement in 2024, HVAC replacement on February 4, 2021, water heater replacement on July 12, 2018, a renovated primary bathroom on June 6, 2018, and appliance replacements in March 2018. Residents have access to a community room with a workout room and 72-inch TV, along with a jogging trail and lake. The 55+ community is near shops, restaurants, the Baltimore-Annapolis bike trail, and Piney Orchard Nature Preserve hiking trails.
Key Highlights
- 1,216‑square‑foot one‑bedroom residence with a den
- Assigned handicap garage parking space
- Primary bedroom includes multiple closets and a walk‑in closet
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
5.86%
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 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$355.7K
$311.3K – $415.0K
NOI $24,900 @ 7.0% cap · market cap 8.89%
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
665
Businesses Nearby
Explore this area
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Spacious secured-building residence with elevator access, assigned garage parking, and community amenities.
Where is this residential income property located?
The property is located at 2610 CHAPEL LAKE DRIVE #312 Gambrills, MD.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: 1,216‑square‑foot one‑bedroom residence with a den; Assigned handicap garage parking space; Primary bedroom includes multiple closets and a walk‑in closet
