Updated Residential Income
For Sale
$247,500
5366 SMOOTH MEADOW WAY #1, Columbia, MD 21044
Two-bedroom condominium with refreshed interiors, in-unit laundry, private outdoor space, and access to regional employment centers.
Property Size931 SF
Price / SF$265.84
Days on Market11
Property Features for 5366 SMOOTH MEADOW WAY #1
General Information
Standard status
Active
Size
931 SF
Property subtype
Apartment
Building Details
Year Built
1984
Listing Agency:
The Blackstone Real Estate LLC
(301) 408-8877
Listed By:
Roma Elhabashy
(301) 408-8877
Source:
Cummingsrealtors
Added: Aug 21
Changed: Aug 30
Last Checked: Aug 31 at 2:04PM
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 The Blackstone Real Estate LLC
Investment Insights
Based on property information with market context.
This residential income property is a 931-square-foot condominium with two bedrooms and two full bathrooms. Interior improvements include a renovated kitchen with granite countertops, a deep stainless-steel undermount sink, breakfast bar, and oversized walk-in pantry. Fresh paint, newer carpet, and a newer HVAC system further update the unit. Both bedrooms feature walk-in closets, while the home also includes a wood-burning fireplace, in-unit washer and dryer, and a patio or balcony with a planter.
Built in 1984, the condominium offers ample parking and access to Fort Meade, Baltimore, and Washington, DC. Columbia Mall, Whole Foods, the lake, trails, and Centennial Park are within walking distance.
Built in 1984, the condominium offers ample parking and access to Fort Meade, Baltimore, and Washington, DC. Columbia Mall, Whole Foods, the lake, trails, and Centennial Park are within walking distance.
Key Highlights
- 931 SF condominium with 2 bedrooms and 2 full bathrooms
- Updated kitchen with granite counters, breakfast bar, stainless‑steel sink, and walk‑in pantry
- Newer HVAC system, fresh paint, and newer carpet
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
4.89%
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 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$296.0K
$259.0K – $345.3K
NOI $20,719 @ 7.0% cap · market cap 8.37%
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 - Two-bedroom condominium with refreshed interiors, in-unit laundry, private outdoor space, and access to regional employment centers.
Where is this residential income property located?
The property is located at 5366 SMOOTH MEADOW WAY #1 Columbia, MD.
What is the asking price?
The asking price for this property is $247,500.
What are key features of this property?
This property features: 931 SF condominium with 2 bedrooms and 2 full bathrooms; Updated kitchen with granite counters, breakfast bar, stainless‑steel sink, and walk‑in pantry; Newer HVAC system, fresh paint, and newer carpet
