Updated Two-Bedroom Income
For Sale
$285,000
50 GREYSTONE COURT Unit D, Annapolis, MD 21403
Main-level condominium with an open layout, private patio, storage room, and seasonal community pool access.
Property Size1,217 SF
Days on Market10
Property Features for 50 GREYSTONE COURT Unit D
General Information
Standard status
Active
Size
1,217 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,517
Amenities
pool
Building Details
Building Size
1,217 SF
Year Built
1991
Listing Agency:
RE/MAX Advantage Realty
(410) 871-2600
Listed By:
Bruce F D'Anthony · License #74350
(410) 871-2600
Source:
Bradkappel
Added: Aug 18
Changed: Aug 21
Last Checked: Aug 26 at 1:47PM
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 Advantage Realty
Investment Insights
Based on property information with market context.
This 2-bedroom, 2-bathroom residential income property is a main-level condominium built in 1991. The interior has been updated with vinyl flooring, recessed lighting, chair rail and crown molding, while an open layout and natural light shape the living areas. The kitchen includes stainless steel appliances, a large island with a butcher block countertop, subway backsplash, built-in shelving, and a designated coffee-bar area.
French doors lead to a shaded patio or porch with private outdoor space. The property also includes an exterior storage room, and residents have access to a community pool during the summer months. It is located in Annapolis, with historic downtown less than 10 minutes away and offering waterfront dining, shopping, and entertainment.
French doors lead to a shaded patio or porch with private outdoor space. The property also includes an exterior storage room, and residents have access to a community pool during the summer months. It is located in Annapolis, with historic downtown less than 10 minutes away and offering waterfront dining, shopping, and entertainment.
Key Highlights
- 2‑bedroom, 2‑bathroom main‑level condominium
- Built in 1991 with updated interior finishes
- Kitchen with stainless steel appliances and butcher block island
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
$16,425
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
5.76%
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%
$328,500
$328.5K
Cap Rate 7%
$234,643
$234.6K
Cap Rate 9%
$182,500
$182.5K
Market Conditions
NOI Build-Up for 1,217 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
$29.9K $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%
$328,500
Cap Rate 7%
$234,643
Cap Rate 9%
$182,500
Alternative Uses
Best Use
Apartment 5plus
$234.6K
$205.3K – $273.8K
NOI $16,425 @ 7.0% cap · market cap 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$356.0K
$311.5K – $415.3K
NOI $24,920 @ 7.0% cap · market cap 8.74%
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
275
Businesses Nearby
Explore this area
Business Placement
Demographics for 21403, MD
31,521
Population
15,479
Households
2
Avg Household Size
42
Median Age
58%
College-Educated
91%
High-School Grad
9.3 sq mi
ZIP Area
3,389
Density / Sq Mi
$115,068
Median Household Income
$64,638
Median Earnings
$1,872
Median Rent
$566,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Main-level condominium with an open layout, private patio, storage room, and seasonal community pool access.
Where is this residential income property located?
The property is located at 50 GREYSTONE COURT Unit D Annapolis, MD.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑bathroom main‑level condominium; Built in 1991 with updated interior finishes; Kitchen with stainless steel appliances and butcher block island
