Ground-Level Residential Income
New
For Sale
$339,900
657 BURTONS COVE WAY Unit 4, Annapolis, MD 21401
Ground-floor condominium with a private patio, gas fireplace, and flexible bonus room for work or guests.
Property Size1,126 SF
Days on Market5
Property Features for 657 BURTONS COVE WAY Unit 4
General Information
Standard status
Active
Size
1,126 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,184
Amenities
gas fireplace
private patio
built-in bookshelves
Building Details
Building Size
1,126 SF
Year Built
1998
Listing Agency:
Keller Williams Select Realtors of Annapolis
(410) 972-4000
Listed By:
Bill E Burris · License #320668
(410) 972-4000
Source:
Bradkappel
Added: Aug 18
Changed: Aug 21
Last Checked: Aug 21 at 5:12AM
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 Keller Williams Select Realtors of Annapolis
Investment Insights
Based on property information with market context.
This ground-level condominium offers a practical residential layout with a living room centered around a gas fireplace and direct access to a private patio. A flexible third bedroom, den, or home office includes built-in bookshelves, creating adaptable space for household needs, guests, work, or hobbies. The patio sits near the parking lot for convenient daily access.
Built in 1998, the property is positioned near shopping, dining, and employment centers in Annapolis. Major commuter routes provide connections between Annapolis and Baltimore, adding transportation convenience to the residential setting.
Built in 1998, the property is positioned near shopping, dining, and employment centers in Annapolis. Major commuter routes provide connections between Annapolis and Baltimore, adding transportation convenience to the residential setting.
Key Highlights
- Ground‑level condominium with direct patio access
- Living room includes a gas fireplace
- Private patio located near the parking lot
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
$15,196
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
4.47%
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%
$303,920
$303.9K
Cap Rate 7%
$217,086
$217.1K
Cap Rate 9%
$168,844
$168.8K
Market Conditions
NOI Build-Up for 1,126 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
$29.5K $26.16/SF
− Vacancy
−$1.8K −$1.62/SF
EGI
$27.6K $24.54/SF
− OpEx
−$12.4K −$11.04/SF
NOI
$15.2K $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%
$303,920
Cap Rate 7%
$217,086
Cap Rate 9%
$168,844
Alternative Uses
Best Use
Apartment 5plus
$217.1K
$190.0K – $253.3K
NOI $15,196 @ 7.0% cap · market cap 4.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$329.4K
$288.2K – $384.3K
NOI $23,057 @ 7.0% cap · market cap 6.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,906
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 - Ground-floor condominium with a private patio, gas fireplace, and flexible bonus room for work or guests.
Where is this residential income property located?
The property is located at 657 BURTONS COVE WAY Unit 4 Annapolis, MD.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: Ground‑level condominium with direct patio access; Living room includes a gas fireplace; Private patio located near the parking lot
