Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers

    509 OVERHILL Drive Edgewater, MD 21037

    View on Map
    Claim this Listing
    For Sale
    $280,000

    LAND - EDGEWATER, MD

    Lot size:
    0.48 Acres
    Added:
    Jun 27, 2025
    Days on Market:
    314
    Last Refresh:
    May 6 at 9:06 pm

    Property Features for 509 OVERHILL Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    0.48 Acres

    Taxes and HOA fees

    Tax Annual Amount
    2167

    Utilities

    Water front features
    Navigable Water

    We can help!

    Listing Contact
    Michelle L Faig

    Listing agent Michelle L Faig

    Listing office CENTURY 21 New Millennium 1730 West Street unit: 200, Gainesville, MD

    Listing date Jun 27, 2025

    MLS# MDAA2119312 Listing URL

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Buildable 0.48‑acre lot in a desirable water‑privileged community.
    • No builder tie‑in, offering freedom to choose your own builder and timeline.
    • Potential water views from main and upper levels, depending on construction.
    • Enjoy community amenities including a pier, boat launch, picnic area, park, and free library.
    • Convenient location near shopping, dining, marinas, Route 2, Route 50, Annapolis, and Washington, DC.
    • Existing building permit and site plans are available, providing a head start for development.

    Overview

    Buildable Lot in Edgewater, MD

    Located in Edgewater, Maryland, the 0.48-acre buildable lot at 509 Overhill Drive presents an opportunity to design and build a custom home in Anne Arundel County. Situated in a water-privileged community, the property offers potential water views from the main and upper levels, depending on construction and home design. The lot is located on a quiet street within a voluntary HOA community that includes a community pier, boat launch, picnic area, park, and a little free library. There is no builder tie-in, allowing freedom in choosing a builder and timeline. The location is near shopping, waterfront dining, marinas, and everyday amenities, with convenient access to Route 2, Route 50, Annapolis, and Washington, DC. An existing building permit and site plans are available in the disclosures. This residential lot is located in a sought-after water-privileged neighborhood.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Edgewater
    County
    Anne Arundel
    State
    Maryland
    Longitude
    -76.52711
    Latitude
    38.90004

    Nearby Similar for Sale

    • $18,000,000

      Waterfront Land with Development Potential

      26+ acres of waterfront property on the South River.
      27 OLD SOUTH RIVER Road, EDGEWATER, MD 21037
      View Details
    • $149,000

      Residential Lot in Edgewater, MD

      Vacant lot in established waterfront community, Anne Arundel County.
      OAK Lane, EDGEWATER, MD 21037
      View Details
    • $538,320

      Office Building on Mayo Road

      Office building with ample parking in high-density retail area.
      132 Mayo Road, Edgewater, MD 21037
      View Details
    • $285,000

      Corner Lot in Edgewater

      Flat, open lot near shops, restaurants, and commuter routes.
      122 MULBERRY CT, EDGEWATER, MD 21037
      View Details
    • $799,000

      Edgewater Land Parcel For Sale

      Five-acre parcel in Edgewater water community, near Annapolis.
      BIRD OF PARADISE Court, EDGEWATER, MD 21037
      View Details
    • $109,900

      Partially Wooded Lot with Marina

      Partially wooded lot in waterfront community with marina privileges.
      176 SOUTHDOWN RD, EDGEWATER, MD 21037
      View Details
    • $5,500,000

      Waterfront Marina with Extensive Storage

      6.56 acre waterfront marina with wet slips and storage.
      Cadle Creek Rd, Edgewater, MD
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 0.48-acre lot in water-privileged community near Annapolis and DC.
    Where is this residential land & home lot located?
    The property is located at 509 OVERHILL Drive Edgewater, MD.
    What is the asking price?
    The asking price for this property is $280,000.
    What are key features of this property?
    This property features: Buildable 0.48‑acre lot in a desirable water‑privileged community.; No builder tie‑in, offering freedom to choose your own builder and timeline.; Potential water views from main and upper levels, depending on construction.
    (301) 908-3439
    We can help!
    Listing Contact
    Michelle L Faig
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    509 OVERHILL Drive, EDGEWATER, MD 21037
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!