Two-Level Residential Income
2704 SUMMERVIEW WAY Unit 304, Annapolis, MD 21401
For Sale
$405,000
Top-floor residence pairs flexible loft space with a private deck and access to community recreation and waterfront amenities.
Property Size1,934 SF
Days on Market18
Property Features for 2704 SUMMERVIEW WAY Unit 304
General Information
Standard status
Size
Property subtype
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
scenic walking paths
tennis courts
pickleball courts
basketball courts
playground
picnic areas
private pier
kayak storage
canoe storage
storage unit on main level of building
Building Details
Building Size
Year Built
Listing Agency:
Deep Roots Real Estate
Listed By:
Tracy Showalter · License #677075
(267) 266-4944
Source:
Bradkappel
Added: Oct 21
Changed: Nov 7
Last Checked: Nov 7 at 1:14PM
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 Deep Roots Real Estate
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Investment Insights
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Built in 1989, this top-floor, two-level residence has an open living and dining area, a sunroom-style nook, and red oak hardwood floors. The kitchen includes stainless steel appliances, a farmhouse sink, and a breakfast peninsula; the stove is new, and the dishwasher was replaced in 2023. The primary suite has a sitting area, walk-in closet, ensuite bath, and direct access to a private deck. Upstairs, a loft with a wet bar offers additional living space, alongside a second bedroom, full bath, and laundry closet. A separate storage unit is located on the building’s main level.
Riva Trace community amenities include walking paths, wooded fitness trails, tennis and pickleball courts, basketball courts, a playground, and picnic areas. The waterfront setting includes a private pier with floating dock on Gingerville Creek, kayak and canoe storage, and water access for paddling.
Riva Trace community amenities include walking paths, wooded fitness trails, tennis and pickleball courts, basketball courts, a playground, and picnic areas. The waterfront setting includes a private pier with floating dock on Gingerville Creek, kayak and canoe storage, and water access for paddling.
Key Highlights
- Top‑floor residence with two levels and a flexible loft featuring a built‑in wet bar
- Private deck accessed from the primary suite
- Red oak hardwood floors; upstairs loft has newer luxury vinyl plank flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,101
Cap Rate
6.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$522,020
$522.0K
Cap Rate 7%
$372,871
$372.9K
Cap Rate 9%
$290,011
$290.0K
Market Conditions
NOI Build-Up for 1,934 SF
Gross rent
$50.6K $26.16/SF
− Vacancy
−$3.1K −$1.62/SF
EGI
$47.5K $24.54/SF
− OpEx
−$21.4K −$11.04/SF
NOI
$26.1K $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%
$522,020
Cap Rate 7%
$372,871
Cap Rate 9%
$290,011
Alternative Uses
Best Use
Apartment 5plus
$372.9K
$326.3K – $435.0K
NOI $26,101 @ 7.0% cap · market cap 6.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$565.7K
$495.0K – $660.0K
NOI $39,602 @ 7.0% cap · market cap 9.78%
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
647
Businesses Nearby
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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
$580,600
Median Home Value
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Market
Average Price Trend$/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 - Top-floor residence pairs flexible loft space with a private deck and access to community recreation and waterfront amenities.
Where is this residential income property located?
The property is located at 2704 SUMMERVIEW WAY Unit 304 Annapolis, MD.
What is the asking price?
The asking price for this property is $405,000.
What are key features of this property?
This property features: Top‑floor residence with two levels and a flexible loft featuring a built‑in wet bar; Private deck accessed from the primary suite; Red oak hardwood floors; upstairs loft has newer luxury vinyl plank flooring
