Renovated Residential Income
For Sale
$635,000
Pending
772 FAIRVIEW AVENUE Unit 772 E, Annapolis, MD 21403
Top-floor condominium with a private deck, deeded boat slip, and updated three-bedroom layout.
Property Size1,347 SF
Days on Market9
Property Features for 772 FAIRVIEW AVENUE Unit 772 E
General Information
Standard status
Pending
Size
1,347 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$7,459
Amenities
waterfront pool
kayak, canoe, and paddle board racks
community watercraft launch
community pavilion
bike storage
wood shop
water taxi access
on-site management
mature canopy trees
native gardens
Building Details
Building Size
1,347 SF
Year Built
2020
Year Renovated
2020
Listing Agency:
TTR Sotheby's International Realty
(410) 279-9476
Listed By:
Bradley R Kappel · License #0639620
(410) 279-9476
Source:
Bradkappel
Added: Aug 13
Changed: Aug 21
Last Checked: Aug 19 at 2:36PM
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 TTR Sotheby's International Realty
Investment Insights
Based on property information with market context.
This top-floor condominium at Severn House offers three bedrooms and two baths within a residence rebuilt in 2020. The interior includes an open living and dining arrangement, a ventless gas fireplace, custom built-in cabinetry, and a renovated kitchen with quartz counters, stainless-steel appliances, gas cooking, shaker cabinets, built-in microwave, and recessed lighting. The primary bedroom has an ensuite bath, a large closet, ceiling fan, and plantation shutters. Two additional bedrooms include generous closets, ceiling fans, and plantation shutters, while a stacked washer and dryer occupies a dedicated closet. A private deck overlooks Back Creek, and the property includes a deeded storage unit.
The deeded boat slip, identified as #C18, accommodates 40+ ft. vessels and provides electric and water service. Severn House features a waterfront pool, community watercraft launch, kayak, canoe, and paddle board racks, pavilion, bike storage, wood shop, water taxi access, on-site management, mature canopy trees, and native gardens. Gas and water are included in the condo fee. The property is minutes from Downtown Annapolis, the U.S. Naval Academy, and Eastport restaurants and shops.
The deeded boat slip, identified as #C18, accommodates 40+ ft. vessels and provides electric and water service. Severn House features a waterfront pool, community watercraft launch, kayak, canoe, and paddle board racks, pavilion, bike storage, wood shop, water taxi access, on-site management, mature canopy trees, and native gardens. Gas and water are included in the condo fee. The property is minutes from Downtown Annapolis, the U.S. Naval Academy, and Eastport restaurants and shops.
Key Highlights
- Top‑floor 3‑bedroom, 2‑bath condominium rebuilt in 2020
- Deeded boat slip #C18 accommodates 40+ ft. vessels and includes electric and water
- Private deck with views of Back Creek
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
$18,179
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
2.86%
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%
$363,580
$363.6K
Cap Rate 7%
$259,700
$259.7K
Cap Rate 9%
$201,989
$202.0K
Market Conditions
NOI Build-Up for 1,347 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
$35.2K $26.16/SF
− Vacancy
−$2.2K −$1.62/SF
EGI
$33.1K $24.54/SF
− OpEx
−$14.9K −$11.04/SF
NOI
$18.2K $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%
$363,580
Cap Rate 7%
$259,700
Cap Rate 9%
$201,989
Alternative Uses
Best Use
Apartment 5plus
$259.7K
$227.2K – $303.0K
NOI $18,179 @ 7.0% cap · market cap 2.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$394.0K
$344.8K – $459.7K
NOI $27,582 @ 7.0% cap · market cap 4.34%
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
775
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 - Top-floor condominium with a private deck, deeded boat slip, and updated three-bedroom layout.
Where is this residential income property located?
The property is located at 772 FAIRVIEW AVENUE Unit 772 E Annapolis, MD.
What is the asking price?
The asking price for this property is $635,000.
What are key features of this property?
This property features: Top‑floor 3‑bedroom, 2‑bath condominium rebuilt in 2020; Deeded boat slip #C18 accommodates 40+ ft. vessels and includes electric and water; Private deck with views of Back Creek
