First-Floor Residential Income
For Sale
$215,000
Pending
6604 RAPID WATER WAY Unit 102, Glen Burnie, MD 21060
Two-bedroom condo with an open living area, fireplace, private patio, and exterior ramp access.
Property Size966 SF
Days on Market91
Property Features for 6604 RAPID WATER WAY Unit 102
General Information
Standard status
Pending
Size
966 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,582
Amenities
fireplace
private patio
exterior ramp
Building Details
Building Size
966 SF
Year Built
1999
Listing Agency:
CENTURY 21 New Millennium
(240) 538-2641
Listed By:
Brittany A Russell · License #0663817
(240) 538-2641
Source:
Thehulsmangroup
Added: May 23
Changed: Aug 21
Last Checked: Aug 17 at 2:10PM
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 first-floor condominium includes two bedrooms, two full bathrooms, and an open arrangement connecting the kitchen and living room. A pass-through kitchen window with bar seating links the two spaces, while the living room includes a fireplace and sliding-door access to a private patio overlooking the common grounds. The primary bedroom has its own full bathroom, and both bedrooms are described as nicely sized.
The unit is located at 6604 Rapid Water Way, Unit 102, in Glen Burnie, Maryland. An exterior ramp serves this building, providing an additional access feature. The condominium was built in 1999 and is situated near multiple shopping centers.
The unit is located at 6604 Rapid Water Way, Unit 102, in Glen Burnie, Maryland. An exterior ramp serves this building, providing an additional access feature. The condominium was built in 1999 and is situated near multiple shopping centers.
Key Highlights
- First‑floor condominium with 2 bedrooms and 2 full bathrooms
- Open kitchen and living room layout with pass‑through window and bar seating
- Living room fireplace and sliding‑door access to a private patio
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
$13,037
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
6.06%
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%
$260,740
$260.7K
Cap Rate 7%
$186,243
$186.2K
Cap Rate 9%
$144,856
$144.9K
Market Conditions
NOI Build-Up for 966 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
$25.3K $26.16/SF
− Vacancy
−$1.6K −$1.62/SF
EGI
$23.7K $24.54/SF
− OpEx
−$10.7K −$11.04/SF
NOI
$13.0K $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%
$260,740
Cap Rate 7%
$186,243
Cap Rate 9%
$144,856
Alternative Uses
Best Use
Apartment 5plus
$186.2K
$163.0K – $217.3K
NOI $13,037 @ 7.0% cap · market cap 6.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$282.6K
$247.3K – $329.7K
NOI $19,781 @ 7.0% cap · market cap 9.20%
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
665
Businesses Nearby
Explore this area
Business Placement
Demographics for 21060, MD
38,269
Population
15,988
Households
2.4
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
13.0 sq mi
ZIP Area
2,944
Density / Sq Mi
$99,739
Median Household Income
$57,005
Median Earnings
$1,620
Median Rent
$352,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condo with an open living area, fireplace, private patio, and exterior ramp access.
Where is this residential income property located?
The property is located at 6604 RAPID WATER WAY Unit 102 Glen Burnie, MD.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: First‑floor condominium with 2 bedrooms and 2 full bathrooms; Open kitchen and living room layout with pass‑through window and bar seating; Living room fireplace and sliding‑door access to a private patio
