Two-Bedroom Residential Income
For Sale
$169,500
6607 RAPID WATER WAY Unit 202, Glen Burnie, MD 21060
Condominium unit requiring extensive renovation within the established Cromwell Fountain community.
Property Size988 SF
Days on Market50
Property Features for 6607 RAPID WATER WAY Unit 202
General Information
Standard status
Active
Size
988 SF
Property subtype
Penthouse Unit/Flat/Apartment
Property Condition
Severity
Major Repairs Needed
Evidence
requires extensive renovation
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,500
Amenities
outdoor swimming pool
tennis courts
Building Details
Building Size
988 SF
Year Built
1999
Listing Agency:
Douglas Realty LLC
Listed By:
James J Rupert · License #633772
(443) 618-5917
Source:
Thehulsmangroup
Added: Sep 11
Changed: Oct 25
Last Checked: Oct 28 at 5:15PM
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 Douglas Realty LLC
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Investment Insights
Based on property information with market context.
This 2-bedroom, 2-bathroom condominium unit in Cromwell Fountain was built in 1999 and requires extensive renovation. The property is being sold strictly as-is, making the condition and scope of work central to any evaluation of the unit.
Residents of Cromwell Fountain have access to an outdoor swimming pool and tennis courts. The community is near shopping, restaurants, major highways, and everyday conveniences, with access to surrounding areas. The unit offers a residential income property format for buyers assessing a renovation project in an established condominium setting.
Residents of Cromwell Fountain have access to an outdoor swimming pool and tennis courts. The community is near shopping, restaurants, major highways, and everyday conveniences, with access to surrounding areas. The unit offers a residential income property format for buyers assessing a renovation project in an established condominium setting.
Key Highlights
- 2‑bedroom, 2‑bathroom condominium unit
- Built in 1999
- Requires extensive renovation
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,334
Cap Rate
7.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$266,680
$266.7K
Cap Rate 7%
$190,486
$190.5K
Cap Rate 9%
$148,156
$148.2K
Market Conditions
NOI Build-Up for 988 SF
Gross rent
$25.8K $26.16/SF
− Vacancy
−$1.6K −$1.62/SF
EGI
$24.2K $24.54/SF
− OpEx
−$10.9K −$11.04/SF
NOI
$13.3K $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%
$266,680
Cap Rate 7%
$190,486
Cap Rate 9%
$148,156
Alternative Uses
Best Use
Apartment 5plus
$190.5K
$166.7K – $222.2K
NOI $13,334 @ 7.0% cap · market cap 7.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$289.0K
$252.9K – $337.2K
NOI $20,231 @ 7.0% cap · market cap 11.94%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
727
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium unit requiring extensive renovation within the established Cromwell Fountain community.
Where is this residential income property located?
The property is located at 6607 RAPID WATER WAY Unit 202 Glen Burnie, MD.
What is the asking price?
The asking price for this property is $169,500.
What are key features of this property?
This property features: 2‑bedroom, 2‑bathroom condominium unit; Built in 1999; Requires extensive renovation
