Renovated Residential Income
For Sale
$260,000
6063 MAJORS LANE Unit 3, Columbia, MD 21045
Three-bedroom condominium with updated kitchen and baths, private balcony, and refreshed interior finishes.
Property Size1,280 SF
Days on Market27
Property Features for 6063 MAJORS LANE Unit 3
General Information
Standard status
Active
Size
1,280 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,324
Amenities
private balcony
Building Details
Building Size
1,280 SF
Year Built
1982
Listing Agency:
Samson Properties
Listed By:
Wendy Slaughter · License #605856
(410) 440-5914
Source:
Thehulsmangroup
Added: Aug 13
Changed: Sep 4
Last Checked: Sep 7 at 8:39AM
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 Samson Properties
Investment Insights
Based on property information with market context.
This condominium offers three bedrooms, two full baths, and a substantially refreshed interior. Improvements include luxury vinyl plank flooring installed in 2022, neutral paint, custom trim, and updated ceramic tile flooring, vanities, mirrors, toilets, and showerheads in both bathrooms. The kitchen includes white cabinetry, stainless steel appliances, a tile backsplash, and granite countertops, with direct flow into the dining area.
The living room features wainscoting and chair rail detailing, while the private balcony overlooks mature trees. The owner's suite includes a walk-in closet and en-suite bath, and the two additional bedrooms provide closet space and natural light. The property is near Routes 175 and 29, Snowden River Parkway, shopping, dining, parks, and Columbia amenities. Built in 1982.
The living room features wainscoting and chair rail detailing, while the private balcony overlooks mature trees. The owner's suite includes a walk-in closet and en-suite bath, and the two additional bedrooms provide closet space and natural light. The property is near Routes 175 and 29, Snowden River Parkway, shopping, dining, parks, and Columbia amenities. Built in 1982.
Key Highlights
- Fully renovated condominium with three bedrooms and two full baths
- Luxury vinyl plank flooring installed in 2022
- Updated kitchen with stainless steel appliances, granite counters, white cabinetry, and tile backsplash
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
$16,641
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
6.40%
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%
$332,820
$332.8K
Cap Rate 7%
$237,729
$237.7K
Cap Rate 9%
$184,900
$184.9K
Market Conditions
NOI Build-Up for 1,280 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
$32.3K $25.20/SF
− Vacancy
−$2.0K −$1.56/SF
EGI
$30.3K $23.64/SF
− OpEx
−$13.6K −$10.64/SF
NOI
$16.6K $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%
$332,820
Cap Rate 7%
$237,729
Cap Rate 9%
$184,900
Alternative Uses
Best Use
Apartment 5plus
$237.7K
$208.0K – $277.4K
NOI $16,641 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$406.9K
$356.1K – $474.8K
NOI $28,486 @ 7.0% cap · market cap 10.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
580
Businesses Nearby
Explore this area
Business Placement
Demographics for 21045, MD
39,321
Population
15,826
Households
2.5
Avg Household Size
38
Median Age
57%
College-Educated
94%
High-School Grad
9.7 sq mi
ZIP Area
4,054
Density / Sq Mi
$117,323
Median Household Income
$62,522
Median Earnings
$1,768
Median Rent
$438,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom condominium with updated kitchen and baths, private balcony, and refreshed interior finishes.
Where is this residential income property located?
The property is located at 6063 MAJORS LANE Unit 3 Columbia, MD.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Fully renovated condominium with three bedrooms and two full baths; Luxury vinyl plank flooring installed in 2022; Updated kitchen with stainless steel appliances, granite counters, white cabinetry, and tile backsplash
