New Construction Residential Income
For Sale
$632,400
76 OLD MILL BOTTOM ROAD N Unit 310, Annapolis, MD 21409
Condominium residence with private balcony and reserved parking.
Property Size1,558 SF
Days on Market182
Property Features for 76 OLD MILL BOTTOM ROAD N Unit 310
General Information
Standard status
Active
Size
1,558 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Building Details
Building Size
1,558 SF
Year Built
2024
Listing Agency:
McWilliams/Ballard, Inc.
(240) 486-6769
Listed By:
Dee Hodge · License #5016749
(240) 486-6769
Source:
Bradkappel
Added: Feb 21
Changed: Aug 21
Last Checked: Aug 21 at 8:29AM
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 McWilliams/Ballard, Inc.
Investment Insights
Based on property information with market context.
This 2024 residential income property is a newly constructed condominium residence with a bright interior, southern exposure, and a private balcony overlooking forest retention. The open living and dining arrangement connects to a kitchen equipped with quartz countertops, upgraded cabinetry, stainless steel appliances, and a large center island.
The primary suite includes a walk-in closet and a spa-style bathroom with upgraded finishes. A full-size washer and dryer, window treatments, additional storage, and reserved parking are included. The home is part of the Element at Mill Creek condominium community and is designed for low-maintenance living.
The primary suite includes a walk-in closet and a spa-style bathroom with upgraded finishes. A full-size washer and dryer, window treatments, additional storage, and reserved parking are included. The home is part of the Element at Mill Creek condominium community and is designed for low-maintenance living.
Key Highlights
- Built in 2024 as part of the new Element at Mill Creek condominium community
- Southern exposure with a private balcony and forest retention views
- Kitchen includes quartz countertops, upgraded cabinetry, stainless steel appliances, and a large center island
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
$21,027
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
3.32%
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%
$420,540
$420.5K
Cap Rate 7%
$300,386
$300.4K
Cap Rate 9%
$233,633
$233.6K
Market Conditions
NOI Build-Up for 1,558 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
$40.8K $26.16/SF
− Vacancy
−$2.5K −$1.62/SF
EGI
$38.2K $24.54/SF
− OpEx
−$17.2K −$11.04/SF
NOI
$21.0K $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%
$420,540
Cap Rate 7%
$300,386
Cap Rate 9%
$233,633
Alternative Uses
Best Use
Apartment 5plus
$300.4K
$262.8K – $350.5K
NOI $21,027 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$455.8K
$398.8K – $531.7K
NOI $31,903 @ 7.0% cap · market cap 5.04%
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
140
Businesses Nearby
Explore this area
Business Placement
Demographics for 21409, MD
20,326
Population
7,541
Households
2.7
Avg Household Size
41
Median Age
57%
College-Educated
98%
High-School Grad
14.0 sq mi
ZIP Area
1,452
Density / Sq Mi
$146,667
Median Household Income
$71,840
Median Earnings
$2,007
Median Rent
$499,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence with private balcony and reserved parking.
Where is this residential income property located?
The property is located at 76 OLD MILL BOTTOM ROAD N Unit 310 Annapolis, MD.
What is the asking price?
The asking price for this property is $632,400.
What are key features of this property?
This property features: Built in 2024 as part of the new Element at Mill Creek condominium community; Southern exposure with a private balcony and forest retention views; Kitchen includes quartz countertops, upgraded cabinetry, stainless steel appliances, and a large center island
