Two-Bedroom Residential Income
New
For Sale
$185,000
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 Market5
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: Sep 13
Last Checked: Sep 14 at 10:02AM
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
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 = 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
$13,334
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
7.21%
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%
$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
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
$25.8K $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 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%
$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 7.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$289.0K
$252.9K – $337.2K
NOI $20,231 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
727
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
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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 $185,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑bathroom condominium unit; Built in 1999; Requires extensive renovation
