Updated Two-Bedroom Residential Income
For Sale
$329,900
Pending
631 ADMIRAL DRIVE Unit 304, Annapolis, MD 21401
Third-floor unit with two full baths, in-unit laundry, and a covered private balcony.
Property Size1,282 SF
Days on Market50
Property Features for 631 ADMIRAL DRIVE Unit 304
General Information
Standard status
Pending
Size
1,282 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,193
Amenities
community swimming pool
exercise room
clubhouse
walking trails
basketball court
tennis courts
pickleball courts
in-unit laundry
Building Details
Building Size
1,282 SF
Year Built
1996
Listing Agency:
Taylor Properties
Listed By:
Robert James Shaw
(801) 573-8000
Source:
Bradkappel
Added: Sep 11
Changed: Oct 25
Last Checked: Oct 28 at 2:57PM
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 Taylor Properties
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Investment Insights
Based on property information with market context.
This 1996 condominium offers a two-bedroom, two-bathroom layout on the third floor, with luxury vinyl tile and carpet flooring throughout. The kitchen has been updated with new countertops and stainless-steel appliances, while an open interior arrangement supports everyday living. In-unit laundry and a private covered balcony add practical convenience and usable outdoor space.
The property is in Admiral Reach at Harbor Gates in Annapolis, near historic downtown Annapolis, the U.S. Naval Academy, and Luminis Health Anne Arundel Medical Center. Route 50 and I-97 provide access to major commuter routes. Community amenities include a swimming pool, exercise room, clubhouse, walking trails, basketball court, tennis courts, and pickleball courts.
The property is in Admiral Reach at Harbor Gates in Annapolis, near historic downtown Annapolis, the U.S. Naval Academy, and Luminis Health Anne Arundel Medical Center. Route 50 and I-97 provide access to major commuter routes. Community amenities include a swimming pool, exercise room, clubhouse, walking trails, basketball court, tennis courts, and pickleball courts.
Key Highlights
- Two‑bedroom, 2‑bathroom third‑floor condominium
- Updated kitchen with new countertops and stainless‑steel appliances
- Private covered balcony and in‑unit laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,302
Cap Rate
5.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$346,040
$346.0K
Cap Rate 7%
$247,171
$247.2K
Cap Rate 9%
$192,244
$192.2K
Market Conditions
NOI Build-Up for 1,282 SF
Gross rent
$33.5K $26.16/SF
− Vacancy
−$2.1K −$1.62/SF
EGI
$31.5K $24.54/SF
− OpEx
−$14.2K −$11.04/SF
NOI
$17.3K $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%
$346,040
Cap Rate 7%
$247,171
Cap Rate 9%
$192,244
Alternative Uses
Best Use
Apartment 5plus
$247.2K
$216.3K – $288.4K
NOI $17,302 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$375.0K
$328.1K – $437.5K
NOI $26,251 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,151
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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Frequently Asked Questions
What type of property is this?
Residential income property - Third-floor unit with two full baths, in-unit laundry, and a covered private balcony.
Where is this residential income property located?
The property is located at 631 ADMIRAL DRIVE Unit 304 Annapolis, MD.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Two‑bedroom, 2‑bathroom third‑floor condominium; Updated kitchen with new countertops and stainless‑steel appliances; Private covered balcony and in‑unit laundry
