Residential Income
For Sale
$400,000
600 MCKINSEY PARK DRIVE Unit 502, Severna Park, MD 21146
The 55+ residence includes an enclosed sunroom facing a pond and mature trees.
Property Size1,231 SF
Price / SF$324.94
Days on Market88
Property Features for 600 MCKINSEY PARK DRIVE Unit 502
General Information
Standard status
Active
Size
1,231 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,978
Amenities
glassed in sun room
storage shed
coded front entry
community room and activities
Building Details
Building Size
1,231 SF
Year Built
1985
Listing Agency:
Keller Williams Select Realtors of Annapolis
Listed By:
George C McDowell III · License #605137
(410) 218-3612
Source:
Chesapeakerealestateassociates
Added: Aug 3
Changed: Oct 26
Last Checked: Oct 26 at 12:09PM
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 Keller Williams Select Realtors of Annapolis
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Investment Insights
Based on property information with market context.
This 1,404-square-foot condominium was built in 1998 and is designated for residents age 55 and older. The unit has an enclosed sunroom with views of a pond and trees, plus a storage shed. Furnishings are available. Recent and scheduled equipment updates include HVAC dated 2026, a refrigerator from 2025, and a washer from 2024.
Entry to the building is controlled by a code. Residents have access to a community room and organized activities. Grocery, restaurant, and other retail options are nearby. Rental income is identified as a property feature.
Entry to the building is controlled by a code. Residents have access to a community room and organized activities. Grocery, restaurant, and other retail options are nearby. Rental income is identified as a property feature.
Key Highlights
- 1,404‑square‑foot condominium built in 1998
- 55+ residence with enclosed sunroom overlooking a pond and trees
- HVAC dated 2026; refrigerator from 2025; washer from 2024
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,614
Cap Rate
4.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$332,280
$332.3K
Cap Rate 7%
$237,343
$237.3K
Cap Rate 9%
$184,600
$184.6K
Market Conditions
NOI Build-Up for 1,231 SF
Gross rent
$32.2K $26.16/SF
− Vacancy
−$2.0K −$1.62/SF
EGI
$30.2K $24.54/SF
− OpEx
−$13.6K −$11.04/SF
NOI
$16.6K $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%
$332,280
Cap Rate 7%
$237,343
Cap Rate 9%
$184,600
Alternative Uses
Best Use
Apartment 5plus
$237.3K
$207.7K – $276.9K
NOI $16,614 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$360.1K
$315.1K – $420.1K
NOI $25,207 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,109
Businesses Nearby
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Business Placement
Demographics for 21146, MD
28,593
Population
10,329
Households
2.8
Avg Household Size
43
Median Age
60%
College-Educated
96%
High-School Grad
10.1 sq mi
ZIP Area
2,831
Density / Sq Mi
$169,835
Median Household Income
$87,575
Median Earnings
$1,619
Median Rent
$643,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The 55+ residence includes an enclosed sunroom facing a pond and mature trees.
Where is this residential income property located?
The property is located at 600 MCKINSEY PARK DRIVE Unit 502 Severna Park, MD.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 1,404‑square‑foot condominium built in 1998; 55+ residence with enclosed sunroom overlooking a pond and trees; HVAC dated 2026; refrigerator from 2025; washer from 2024
