Residential Income Property with
605-B ADMIRAL DRIVE Unit 307, Annapolis, MD 21401
For Sale
$389,000
Top-floor residence offers two bedrooms, two full baths, a private balcony, and a loft overlooking the main living area.
Property Size1,594 SF
Days on Market9
Property Features for 605-B ADMIRAL DRIVE Unit 307
General Information
Standard status
Size
Property subtype
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
Coldwell Banker Realty
Listed By:
Kara L. Leddy · License #662724
(410) 507-3417
Source:
Bradkappel
Added: Oct 30
Changed: Nov 7
Last Checked: Nov 6 at 3:18PM
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 Coldwell Banker Realty
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Investment Insights
Based on property information with market context.
This top-floor residence in Admiral Reach has two bedrooms, two full bathrooms, a vaulted-ceiling living area, and a loft overlooking the main room. A private balcony extends the living space. The kitchen includes quartz counters, a walk-in pantry, and stainless steel appliances, with a separate laundry area completing the layout.
Mechanical and appliance updates include a new HVAC system in 2025, hot water heater in 2022, garbage disposal in 2026, refrigerator and microwave in 2025, dishwasher in 2024, range in 2020, and washer and dryer in 2019. Flooring was updated in 2018. The property is near historic Downtown Annapolis, luxury shopping, and waterfront dining.
Mechanical and appliance updates include a new HVAC system in 2025, hot water heater in 2022, garbage disposal in 2026, refrigerator and microwave in 2025, dishwasher in 2024, range in 2020, and washer and dryer in 2019. Flooring was updated in 2018. The property is near historic Downtown Annapolis, luxury shopping, and waterfront dining.
Key Highlights
- Top‑floor unit with vaulted ceilings, a loft, and private balcony
- Two bedrooms and two full bathrooms
- Kitchen with quartz counters, walk‑in pantry, and stainless steel appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,513
Cap Rate
5.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$430,260
$430.3K
Cap Rate 7%
$307,329
$307.3K
Cap Rate 9%
$239,033
$239.0K
Market Conditions
NOI Build-Up for 1,594 SF
Gross rent
$41.7K $26.16/SF
− Vacancy
−$2.6K −$1.62/SF
EGI
$39.1K $24.54/SF
− OpEx
−$17.6K −$11.04/SF
NOI
$21.5K $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%
$430,260
Cap Rate 7%
$307,329
Cap Rate 9%
$239,033
Alternative Uses
Best Use
Apartment 5plus
$307.3K
$268.9K – $358.6K
NOI $21,513 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$466.3K
$408.0K – $544.0K
NOI $32,640 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,166
Businesses Nearby
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Business Placement
Demographics for 21401, MD
39,308
Population
19,293
Households
2
Avg Household Size
44
Median Age
61%
College-Educated
96%
High-School Grad
19.9 sq mi
ZIP Area
1,975
Density / Sq Mi
$119,296
Median Household Income
$67,845
Median Earnings
$2,106
Median Rent
$580,600
Median Home Value
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Market
Average Price Trend$/SF for Residential income properties in Anne Arundel County, MD
Properties on Market for Residential income properties in Anne Arundel County
Frequently Asked Questions
What type of property is this?
Residential income property - Top-floor residence offers two bedrooms, two full baths, a private balcony, and a loft overlooking the main living area.
Where is this residential income property located?
The property is located at 605-B ADMIRAL DRIVE Unit 307 Annapolis, MD.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Top‑floor unit with vaulted ceilings, a loft, and private balcony; Two bedrooms and two full bathrooms; Kitchen with quartz counters, walk‑in pantry, and stainless steel appliances
