Renovated Triplex in Murray
For Sale
$1,148,000
805 SPA ROAD, Annapolis, MD 21401
Completely renovated 9-bedroom triplex in desirable Murray Hill neighborhood.
Property Size2,800 SF
Days on Market144
Property Features for 805 SPA ROAD
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$5,051
Building Details
Building Size
2,800 SF
Year Built
1948
Listing Agency:
Bennett Realty Solutions
(301) 675-4259
Listed By:
Stephanie G Henry · License #502000
(301) 675-4259
Source:
Barnesrealestatecompany
Added: Apr 10
Changed: Aug 28
Last Checked: Aug 31 at 12:04AM
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 Bennett Realty Solutions
Investment Insights
Based on property information with market context.
Located in the Murray Hill community of Annapolis, this triplex property at 805 Spa Rd. presents an investment opportunity. The building features 9 bedrooms and 4.5 bathrooms across three separate units, all under one roof. Unit 1 includes 4 bedrooms and 2.5 bathrooms, Unit 2 has 3 bedrooms and 1 bathroom, and the basement unit offers 2 bedrooms and 1 bathroom. Each unit has a separate entrance. The property has been completely renovated, including new wiring, plumbing, three new kitchens, and 4.5 new bathrooms. Additional updates include new HVAC, a new hot water heater for the second unit, a sprinkler system in all units, granite countertops, stainless steel appliances, new flooring throughout, and an enclosed porch with new windows. Ample parking is available for up to 8 cars. The property is suitable for short or long-term rental investment, multi-generational living, or owner-occupied arrangements. The location has a bike score of 60, making it bikeable, a walk score of 83, indicating it is very walkable, and a transit score of 41, suggesting some transit options are available. Murray Hill is known as a desirable residential neighborhood with single-family homes and walkability to downtown Annapolis.
Key Highlights
- Fully renovated triplex featuring 9 bedrooms and 4.5 bathrooms, ready for immediate rental income.
- Located in the desirable Murray Hill neighborhood, walkable to downtown Annapolis.
- Three separate units, each with its own entrance, offering flexible rental options or multi‑generational living.
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
$40,684
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
3.54%
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%
$813,680
$813.7K
Cap Rate 7%
$581,200
$581.2K
Cap Rate 9%
$452,044
$452.0K
Market Conditions
NOI Build-Up for 2,800 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
$62.2K $22.20/SF
− Vacancy
−$4.0K −$1.44/SF
EGI
$58.1K $20.76/SF
− OpEx
−$17.4K −$6.23/SF
NOI
$40.7K $14.53/SF
Area
Anne Arundel County, MD
Vacancy
6.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$813,680
Cap Rate 7%
$581,200
Cap Rate 9%
$452,044
Alternative Uses
Best Use
Multifamily LT 5
$581.2K
$508.6K – $678.1K
NOI $40,684 @ 7.0% cap · market cap 3.54%
Second Best
Apartment 5plus
$539.8K
$472.4K – $629.8K
NOI $37,789 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$819.1K
$716.7K – $955.6K
NOI $57,335 @ 7.0% cap · market cap 4.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,647
Businesses Nearby
Explore this area
Business Placement
Demographics for 21401, MD
39,308
Population
19,293
Households
2
Avg Household Size
44
Median Age
61%
College-Educated
96%
High-School Grad
19.9 sq mi
ZIP Area
1,975
Density / Sq Mi
$119,296
Median Household Income
$67,845
Median Earnings
$2,106
Median Rent
$580,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Completely renovated 9-bedroom triplex in desirable Murray Hill neighborhood.
Where is this triplex located?
The property is located at 805 SPA ROAD Annapolis, MD.
What is the asking price?
The asking price for this property is $1,148,000.
What are key features of this property?
This property features: Fully renovated triplex featuring 9 bedrooms and 4.5 bathrooms, ready for immediate rental income.; Located in the desirable Murray Hill neighborhood, walkable to downtown Annapolis.; Three separate units, each with its own entrance, offering flexible rental options or multi‑generational living.
