Waterfront Residential Income
For Sale
$625,000
7048 HARBOUR VILLAGE COURT Unit 202, Annapolis, MD 21403
Updated residential property with a flexible loft, wraparound deck, and access to Chesapeake Harbour community amenities.
Property Size1,592 SF
Days on Market24
Property Features for 7048 HARBOUR VILLAGE COURT Unit 202
General Information
Standard status
Active
Size
1,592 SF
Property subtype
Penthouse Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2.5BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,887
Amenities
gated community
private beach
swimming pools
tennis court
pickleball court
walking trails
marina
on-site restaurant/bar
wraparound deck
Building Details
Building Size
1,592 SF
Year Built
1986
Listing Agency:
Long & Foster Real Estate, Inc.
(301) 802-8151
Listed By:
Catherine A Hamel · License #31116
(301) 802-8151
Source:
Bradkappel
Added: Jul 30
Changed: Aug 20
Last Checked: Aug 21 at 10:39AM
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 Long & Foster Real Estate, Inc.
Investment Insights
Based on property information with market context.
This residential income property is a 2-bedroom, 2.5-bath condominium in Chesapeake Harbour, a gated waterfront community in Annapolis. Built in 1986, the home features a light-filled floor plan with an updated kitchen equipped with granite countertops, a center island, stainless steel appliances, and a built-in wine fridge. A loft with custom built-in shelves and a half bath provides flexible additional space for a home office, family room, or guest retreat. The expansive wraparound deck supports outdoor dining and relaxation.
Community amenities include a private beach, two swimming pools, tennis and pickleball courts, walking trails, a marina, and Beacon Waterfront Galley & Bar. Chesapeake Harbour is located minutes from Historic Downtown Annapolis. Residents also have the opportunity to join the Canton Kayak Club, with kayak access and launch sites throughout the region, including a launch within Chesapeake Harbour.
Community amenities include a private beach, two swimming pools, tennis and pickleball courts, walking trails, a marina, and Beacon Waterfront Galley & Bar. Chesapeake Harbour is located minutes from Historic Downtown Annapolis. Residents also have the opportunity to join the Canton Kayak Club, with kayak access and launch sites throughout the region, including a launch within Chesapeake Harbour.
Key Highlights
- 2‑bedroom, 2.5‑bath condominium in Chesapeake Harbour
- Updated kitchen with granite countertops, center island, stainless steel appliances, and built‑in wine fridge
- Loft with custom built‑in shelves and half bath
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
$21,486
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
3.44%
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%
$429,720
$429.7K
Cap Rate 7%
$306,943
$306.9K
Cap Rate 9%
$238,733
$238.7K
Market Conditions
NOI Build-Up for 1,592 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
$41.6K $26.16/SF
− Vacancy
−$2.6K −$1.62/SF
EGI
$39.1K $24.54/SF
− OpEx
−$17.6K −$11.04/SF
NOI
$21.5K $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%
$429,720
Cap Rate 7%
$306,943
Cap Rate 9%
$238,733
Alternative Uses
Best Use
Apartment 5plus
$306.9K
$268.6K – $358.1K
NOI $21,486 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$465.7K
$407.5K – $543.3K
NOI $32,599 @ 7.0% cap · market cap 5.22%
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
290
Businesses Nearby
Explore this area
Business Placement
Demographics for 21403, MD
31,521
Population
15,479
Households
2
Avg Household Size
42
Median Age
58%
College-Educated
91%
High-School Grad
9.3 sq mi
ZIP Area
3,389
Density / Sq Mi
$115,068
Median Household Income
$64,638
Median Earnings
$1,872
Median Rent
$566,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated residential property with a flexible loft, wraparound deck, and access to Chesapeake Harbour community amenities.
Where is this residential income property located?
The property is located at 7048 HARBOUR VILLAGE COURT Unit 202 Annapolis, MD.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 2‑bedroom, 2.5‑bath condominium in Chesapeake Harbour; Updated kitchen with granite countertops, center island, stainless steel appliances, and built‑in wine fridge; Loft with custom built‑in shelves and half bath
