Residential Income Property with
For Sale
$287,500
Pending
2900 SHIPMASTER WAY Unit 215, Annapolis, MD 21401
Updated kitchen, dual private balconies, and access to community recreation and waterfront amenities.
Property Size1,008 SF
Days on Market13
Property Features for 2900 SHIPMASTER WAY Unit 215
General Information
Standard status
Pending
Size
1,008 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,164
Amenities
two private balconies
pools
tennis and pickleball courts
golf
clubhouse facilities
boat slips
kayak launch
Building Details
Building Size
1,008 SF
Year Built
1986
Listing Agency:
RE/MAX Leading Edge
Listed By:
Karen B Brooks · License #03501
(410) 956-4721
Source:
Bradkappel
Added: Sep 3
Changed: Sep 8
Last Checked: Sep 14 at 9:35AM
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 RE/MAX Leading Edge
Investment Insights
Based on property information with market context.
Unit 215 is a 2-bedroom, 2-full-bath residential property built in 1986. Interior features include an updated kitchen with granite countertops, vinyl flooring, a pantry near the dining area, and a pass-through window connecting the kitchen with the dining and living space. A walk-in closet adds storage, while private balconies extend from the living room and one bedroom.
Heritage Harbour provides water privileges and community amenities that include South River access, a kayak launch, boat slips, pools, tennis and pickleball courts, golf, and clubhouse facilities. The property is near shopping, dining, major routes, and Historic Annapolis.
Heritage Harbour provides water privileges and community amenities that include South River access, a kayak launch, boat slips, pools, tennis and pickleball courts, golf, and clubhouse facilities. The property is near shopping, dining, major routes, and Historic Annapolis.
Key Highlights
- 2‑bedroom, 2‑full‑bath unit at 2900 SHIPMASTER WAY Unit: 215
- Updated kitchen with granite countertops, vinyl flooring, pantry, and pass‑through window
- Two private balconies: one off the living room and one accessible from a bedroom
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
$13,604
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
4.73%
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%
$272,080
$272.1K
Cap Rate 7%
$194,343
$194.3K
Cap Rate 9%
$151,156
$151.2K
Market Conditions
NOI Build-Up for 1,008 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
$26.4K $26.16/SF
− Vacancy
−$1.6K −$1.62/SF
EGI
$24.7K $24.54/SF
− OpEx
−$11.1K −$11.04/SF
NOI
$13.6K $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%
$272,080
Cap Rate 7%
$194,343
Cap Rate 9%
$151,156
Alternative Uses
Best Use
Apartment 5plus
$194.3K
$170.1K – $226.7K
NOI $13,604 @ 7.0% cap · market cap 4.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$294.9K
$258.0K – $344.0K
NOI $20,641 @ 7.0% cap · market cap 7.18%
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
107
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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Frequently Asked Questions
What type of property is this?
Residential income property - Updated kitchen, dual private balconies, and access to community recreation and waterfront amenities.
Where is this residential income property located?
The property is located at 2900 SHIPMASTER WAY Unit 215 Annapolis, MD.
What is the asking price?
The asking price for this property is $287,500.
What are key features of this property?
This property features: 2‑bedroom, 2‑full‑bath unit at 2900 SHIPMASTER WAY Unit: 215; Updated kitchen with granite countertops, vinyl flooring, pantry, and pass‑through window; Two private balconies: one off the living room and one accessible from a bedroom
