Top-Floor Residential Income
For Sale
$500,000
Pending
8501 COLTRANE COURT Unit 407, Ellicott City, MD 21043
Corner residence with refreshed interiors, stainless-steel appliances, and a full-size washer and dryer.
Property Size1,963 SF
Days on Market112
Property Features for 8501 COLTRANE COURT Unit 407
General Information
Standard status
Pending
Size
1,963 SF
Total Parking Spaces
1
Property subtype
Penthouse Unit/Flat/Apartment
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,012
Amenities
clubhouse
exercise room
pool
storage unit
Building Details
Building Size
1,963 SF
Year Built
2014
Listing Agency:
Long & Foster Real Estate, Inc.
Listed By:
Anton Vanas · License #660035
(240) 252-9111
Source:
Thehulsmangroup
Added: May 20
Changed: Sep 7
Last Checked: Aug 30 at 1:09AM
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 top-floor corner condominium is part of a 55+ community and offers 3 bedrooms and 2 bathrooms. The interior has fresh neutral paint, new carpet, and updated light fixtures. The kitchen includes stainless-steel Whirlpool appliances, with a new stove/oven and dishwasher, while a full-size side-by-side washer and dryer are located within the unit.
The property includes a large first-floor storage area deeded separately and a deep one-car garage with freshly painted walls and floor. Residents have access to a clubhouse with an exercise room and pool. The condominium is near Route 29 and I-70, with shopping, dining, and Walmart nearby. Built in 2014.
The property includes a large first-floor storage area deeded separately and a deep one-car garage with freshly painted walls and floor. Residents have access to a clubhouse with an exercise room and pool. The condominium is near Route 29 and I-70, with shopping, dining, and Walmart nearby. Built in 2014.
Key Highlights
- 3‑bedroom, 2‑bathroom top‑floor corner condominium
- 55+ community with clubhouse, exercise room, and pool
- Stainless‑steel Whirlpool appliances, including new stove/oven and dishwasher
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
$26,765
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
5.35%
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%
$535,300
$535.3K
Cap Rate 7%
$382,357
$382.4K
Cap Rate 9%
$297,389
$297.4K
Market Conditions
NOI Build-Up for 1,963 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
$51.1K $26.04/SF
− Vacancy
−$2.5K −$1.25/SF
EGI
$48.7K $24.79/SF
− OpEx
−$21.9K −$11.16/SF
NOI
$26.8K $13.63/SF
Area
Howard County, MD
Vacancy
4.80%
Lease Rate
$26.04 /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%
$535,300
Cap Rate 7%
$382,357
Cap Rate 9%
$297,389
Alternative Uses
Best Use
Apartment 5plus
$382.4K
$334.6K – $446.1K
NOI $26,765 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$728.0K
$637.0K – $849.3K
NOI $50,959 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
604
Businesses Nearby
Explore this area
Business Placement
Demographics for 21043, MD
48,775
Population
17,978
Households
2.7
Avg Household Size
39
Median Age
64%
College-Educated
95%
High-School Grad
17.1 sq mi
ZIP Area
2,852
Density / Sq Mi
$141,846
Median Household Income
$77,574
Median Earnings
$1,964
Median Rent
$607,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Corner residence with refreshed interiors, stainless-steel appliances, and a full-size washer and dryer.
Where is this residential income property located?
The property is located at 8501 COLTRANE COURT Unit 407 Ellicott City, MD.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 3‑bedroom, 2‑bathroom top‑floor corner condominium; 55+ community with clubhouse, exercise room, and pool; Stainless‑steel Whirlpool appliances, including new stove/oven and dishwasher
