Residential Income
New
For Sale
$399,900
5 PARK PLACE Unit 531, Annapolis, MD 21401
A one-level residence combines an open living and dining area with in-unit laundry and a deeded parking space.
Property Size839 SF
Days on Market5
Property Features for 5 PARK PLACE Unit 531
General Information
Standard status
Active
Size
839 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$4,847
Amenities
outdoor pool
fitness center
billiard room
club and party rooms
meeting room
picnic area
dog park
outdoor lounge spaces
Building Details
Building Size
839 SF
Year Built
2007
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
Listed By:
David Orso · License #631291
(410) 777-9243
Source:
Bradkappel
Added: Oct 16
Changed: Oct 19
Last Checked: Oct 19 at 2:45PM
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 Berkshire Hathaway HomeServices PenFed Realty
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Investment Insights
Based on property information with market context.
This one-bedroom, one-bathroom residence in Park Place has a single-level layout with an open living and dining area and hardwood floors. The kitchen is equipped with a gas stove and stainless steel appliances. An HVAC system was purchased in 2025, and the refrigerator and dishwasher were installed in December 2020. Natural gas service, an in-unit washer and dryer, and a deeded parking space are also included.
Park Place offers residents an outdoor pool, fitness center, billiard room, club and party rooms, meeting room, picnic area, dog park, and outdoor lounge spaces. The landscaped grounds include gathering areas. The condominium was built in 2007 and is located in Annapolis, near dining, shopping, and waterfront attractions.
Park Place offers residents an outdoor pool, fitness center, billiard room, club and party rooms, meeting room, picnic area, dog park, and outdoor lounge spaces. The landscaped grounds include gathering areas. The condominium was built in 2007 and is located in Annapolis, near dining, shopping, and waterfront attractions.
Key Highlights
- One bedroom and one full bathroom in a one‑level layout
- Open living and dining area with hardwood floors
- Kitchen includes a gas stove and stainless steel appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,323
Cap Rate
2.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$226,460
$226.5K
Cap Rate 7%
$161,757
$161.8K
Cap Rate 9%
$125,811
$125.8K
Market Conditions
NOI Build-Up for 839 SF
Gross rent
$21.9K $26.16/SF
− Vacancy
−$1.4K −$1.62/SF
EGI
$20.6K $24.54/SF
− OpEx
−$9.3K −$11.04/SF
NOI
$11.3K $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%
$226,460
Cap Rate 7%
$161,757
Cap Rate 9%
$125,811
Alternative Uses
Best Use
Apartment 5plus
$161.8K
$141.5K – $188.7K
NOI $11,323 @ 7.0% cap · market cap 2.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$245.4K
$214.8K – $286.3K
NOI $17,180 @ 7.0% cap · market cap 4.30%
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
1,637
Businesses Nearby
Explore this area
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 - A one-level residence combines an open living and dining area with in-unit laundry and a deeded parking space.
Where is this residential income property located?
The property is located at 5 PARK PLACE Unit 531 Annapolis, MD.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: One bedroom and one full bathroom in a one‑level layout; Open living and dining area with hardwood floors; Kitchen includes a gas stove and stainless steel appliances
