Remodeled Residential Income
For Sale
$259,900
5355 SMOOTH MEADOW WAY Unit 6, Columbia, MD 21044
Top-level end-unit condo with an updated kitchen, covered patio, and water included.
Property Size931 SF
Days on Market9
Property Features for 5355 SMOOTH MEADOW WAY Unit 6
General Information
Standard status
Active
Size
931 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$3,614
Building Details
Building Size
931 SF
Year Built
1984
Listing Agency:
Redfin Corp
(443) 858-7385
Listed By:
Hezeldee Klinger
(443) 858-7385
Source:
Thehulsmangroup
Added: Aug 13
Changed: Aug 20
Last Checked: Aug 21 at 10:36AM
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 Redfin Corp
Investment Insights
Based on property information with market context.
This top-level end-unit condo includes 2 bedrooms and 2 full baths within a residential income property. The home has been remodeled with an updated kitchen featuring Calacatta quartz countertops and a peninsula, plus a tiled electric fireplace and additional windows that bring natural light into the living area. A covered patio has updated flooring, and the HVAC system was replaced in 2024. Water is included.
The property is in Columbia near shops, dining, commuter routes, Merriweather, the Lakefront, and Whole Foods. The combination of an upper-level end-unit layout, refreshed interior features, and recent HVAC replacement provides a clearly defined residential configuration.
The property is in Columbia near shops, dining, commuter routes, Merriweather, the Lakefront, and Whole Foods. The combination of an upper-level end-unit layout, refreshed interior features, and recent HVAC replacement provides a clearly defined residential configuration.
Key Highlights
- Top‑level end‑unit condo with 2 bedrooms and 2 full baths
- Remodeled interior with Calacatta quartz kitchen countertops
- Kitchen peninsula and tiled electric fireplace
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
$12,104
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
4.66%
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%
$242,080
$242.1K
Cap Rate 7%
$172,914
$172.9K
Cap Rate 9%
$134,489
$134.5K
Market Conditions
NOI Build-Up for 931 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
$23.5K $25.20/SF
− Vacancy
−$1.5K −$1.56/SF
EGI
$22.0K $23.64/SF
− OpEx
−$9.9K −$10.64/SF
NOI
$12.1K $13.00/SF
Area
Columbia, MD
Vacancy
6.20%
Lease Rate
$25.20 /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%
$242,080
Cap Rate 7%
$172,914
Cap Rate 9%
$134,489
Alternative Uses
Best Use
Apartment 5plus
$172.9K
$151.3K – $201.7K
NOI $12,104 @ 7.0% cap · market cap 4.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$296.0K
$259.0K – $345.3K
NOI $20,719 @ 7.0% cap · market cap 7.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
610
Businesses Nearby
Explore this area
Business Placement
Demographics for 21044, MD
44,284
Population
19,776
Households
2.2
Avg Household Size
39
Median Age
67%
College-Educated
96%
High-School Grad
11.9 sq mi
ZIP Area
3,721
Density / Sq Mi
$132,924
Median Household Income
$69,565
Median Earnings
$2,096
Median Rent
$541,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Top-level end-unit condo with an updated kitchen, covered patio, and water included.
Where is this residential income property located?
The property is located at 5355 SMOOTH MEADOW WAY Unit 6 Columbia, MD.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Top‑level end‑unit condo with 2 bedrooms and 2 full baths; Remodeled interior with Calacatta quartz kitchen countertops; Kitchen peninsula and tiled electric fireplace
