Updated Two-Bedroom Residential Income
New
For Sale
$344,900
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 Market5
Property Features for 631 ADMIRAL DRIVE Unit 304
General Information
Standard status
Active
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: Sep 13
Last Checked: Sep 14 at 9:48AM
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
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 = 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
$17,302
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
5.02%
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%
$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
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
$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 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%
$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 5.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$375.0K
$328.1K – $437.5K
NOI $26,251 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,151
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
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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 $344,900.
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
