Top-Floor Residential Income
For Sale
$220,000
350 GATEWATER COURT Unit 301 E, Glen Burnie, MD 21060
Updated two-bedroom condo with a private balcony, community recreation, and convenient parking.
Property Size1,011 SF
Days on Market12
Property Features for 350 GATEWATER COURT Unit 301 E
General Information
Standard status
Active
Size
1,011 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,077
Amenities
water access
community pool
tot lots
dog park
private balcony
parking
Building Details
Building Size
1,011 SF
Year Built
1975
Listing Agency:
Keller Williams Realty Centre
(240) 462-7095
Listed By:
Anthony H Lacey · License #576437
(240) 462-7095
Source:
Thehulsmangroup
Added: Aug 11
Changed: Aug 21
Last Checked: Aug 22 at 11:44AM
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 Keller Williams Realty Centre
Investment Insights
Based on property information with market context.
This top-floor condominium at 350 Gatewater Court, Unit 301 E, was built in 1975 and has been substantially updated. The two-bedroom, one-bath layout includes wood flooring, refreshed bathroom finishes, modernized lighting and plumbing fixtures, a newer HVAC system, and a newer hot water heater. A new washer and dryer are included, while the private balcony faces a park-like setting.
Community features include water access for kayaking and other outdoor recreation, a pool, tot lots, and a dog park. The property also offers convenient parking and access to shopping, dining, public transportation, Jalapenos Market, and Cedar Morris Hill Park in Glen Burnie, Maryland.
Community features include water access for kayaking and other outdoor recreation, a pool, tot lots, and a dog park. The property also offers convenient parking and access to shopping, dining, public transportation, Jalapenos Market, and Cedar Morris Hill Park in Glen Burnie, Maryland.
Key Highlights
- Top‑floor two‑bedroom, one‑bath condominium
- Wood flooring and updated bathroom, lighting, and plumbing fixtures
- Newer HVAC system and newer hot water heater
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
$13,644
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
6.20%
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%
$272,880
$272.9K
Cap Rate 7%
$194,914
$194.9K
Cap Rate 9%
$151,600
$151.6K
Market Conditions
NOI Build-Up for 1,011 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
$24.8K $24.54/SF
− OpEx
−$11.2K −$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%
$272,880
Cap Rate 7%
$194,914
Cap Rate 9%
$151,600
Alternative Uses
Best Use
Apartment 5plus
$194.9K
$170.6K – $227.4K
NOI $13,644 @ 7.0% cap · market cap 6.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$295.7K
$258.8K – $345.0K
NOI $20,702 @ 7.0% cap · market cap 9.41%
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
83
Businesses Nearby
Explore this area
Business Placement
Demographics for 21060, MD
38,269
Population
15,988
Households
2.4
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
13.0 sq mi
ZIP Area
2,944
Density / Sq Mi
$99,739
Median Household Income
$57,005
Median Earnings
$1,620
Median Rent
$352,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated two-bedroom condo with a private balcony, community recreation, and convenient parking.
Where is this residential income property located?
The property is located at 350 GATEWATER COURT Unit 301 E Glen Burnie, MD.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Top‑floor two‑bedroom, one‑bath condominium; Wood flooring and updated bathroom, lighting, and plumbing fixtures; Newer HVAC system and newer hot water heater
