Penthouse Residential Income
For Sale
$385,000
619 ADMIRAL DRIVE Unit 401, Annapolis, MD 21401
Loft-style condo with updated finishes and access to community recreation amenities.
Property Size1,434 SF
Days on Market45
Property Features for 619 ADMIRAL DRIVE Unit 401
General Information
Standard status
Active
Size
1,434 SF
Property subtype
Penthouse Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,705
Amenities
pool
exercise room
tennis courts
basketball court
Building Details
Building Size
1,434 SF
Year Built
1996
Listing Agency:
CENTURY 21 New Millennium
(410) 271-3455
Listed By:
Michele T Hagan · License #601858
(410) 271-3455
Source:
Bradkappel
Added: Jul 9
Changed: Aug 19
Last Checked: Aug 21 at 10:27AM
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 CENTURY 21 New Millennium
Investment Insights
Based on property information with market context.
This penthouse condominium features a loft layout and was built in 1996. Recent updates include new flooring, appliances, granite countertops in the kitchen, fresh paint throughout, and new toilets. The residence also offers access to a community pool, exercise room, tennis courts, and basketball court.
The property is located near downtown Annapolis, shopping, Anne Arundel Medical Center, the U.S. Naval Academy, and major commuter routes to Washington, D.C., and Baltimore.
The property is located near downtown Annapolis, shopping, Anne Arundel Medical Center, the U.S. Naval Academy, and major commuter routes to Washington, D.C., and Baltimore.
Key Highlights
- Penthouse condominium with loft layout
- New flooring, appliances, granite kitchen countertop, paint, and toilets
- Community pool, exercise room, tennis courts, and basketball court
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
$19,353
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
5.03%
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%
$387,060
$387.1K
Cap Rate 7%
$276,471
$276.5K
Cap Rate 9%
$215,033
$215.0K
Market Conditions
NOI Build-Up for 1,434 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
$37.5K $26.16/SF
− Vacancy
−$2.3K −$1.62/SF
EGI
$35.2K $24.54/SF
− OpEx
−$15.8K −$11.04/SF
NOI
$19.4K $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 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%
$387,060
Cap Rate 7%
$276,471
Cap Rate 9%
$215,033
Alternative Uses
Best Use
Apartment 5plus
$276.5K
$241.9K – $322.6K
NOI $19,353 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$419.5K
$367.1K – $489.4K
NOI $29,364 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,444
Businesses Nearby
Explore this area
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Loft-style condo with updated finishes and access to community recreation amenities.
Where is this residential income property located?
The property is located at 619 ADMIRAL DRIVE Unit 401 Annapolis, MD.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Penthouse condominium with loft layout; New flooring, appliances, granite kitchen countertop, paint, and toilets; Community pool, exercise room, tennis courts, and basketball court
