Main-Floor Residential Income
For Sale
$365,000
8605 WANDERING FOX TRAIL #105, Odenton, MD 21113
Updated kitchen and private patio complement a spacious condo with garage access across the hall.
Property Size1,500 SF
Price / SF$243.33
Days on Market58
Property Features for 8605 WANDERING FOX TRAIL #105
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Amenities
Outdoor swimming pool
tennis courts
bocce courts
clubhouse
meeting room
party room
fitness center
Central A/C
Central
90% Forced Air
Built-In Microwave
Dishwasher
Disposal
Dryer
Energy Efficient Appliances
Oven/Range - Electric
Refrigerator
Washer
Building Details
Year Built
2004
Buildings
1
Listed By:
Tim Hodgin ABR CRS GRI · License #590637
(443) 745-2734
Source:
Kw
Added: Jul 29
Changed: Sep 23
Last Checked: Sep 22 at 9:11PM
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 Tim Hodgin ABR CRS GRI
Investment Insights
Based on property information with market context.
This 1,500-square-foot main-floor condominium in the Cedar Ridge 55+ community offers a two-bedroom layout with a bonus room that can serve as a den, office, or possible third bedroom. The home includes luxury vinyl plank flooring, an eat-in kitchen with Corian countertops, pantry storage, and a pass-through to the dining area. The primary suite features a sitting or dressing area, walk-in closet, second closet, and bathroom with double sinks and a glass-enclosed shower. A second bedroom also provides two closets, including a walk-in. Full-size laundry equipment is located in a separate room.
Sliding doors connect the living room to a patio that adjoins open space. Garage parking is accessible from inside the building, with the garage positioned across the hall, and a driveway is located in front of it. Community amenities include an outdoor pool, tennis and bocce courts, clubhouse, meeting and party rooms, and a fitness center.
Sliding doors connect the living room to a patio that adjoins open space. Garage parking is accessible from inside the building, with the garage positioned across the hall, and a driveway is located in front of it. Community amenities include an outdoor pool, tennis and bocce courts, clubhouse, meeting and party rooms, and a fitness center.
Key Highlights
- 1,500 total square feet in a main‑floor condominium
- Cedar Ridge 55+ community in Piney Orchard
- Bonus room offers den, home office, or possible third‑bedroom flexibility
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
$20,244
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
5.55%
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%
$404,880
$404.9K
Cap Rate 7%
$289,200
$289.2K
Cap Rate 9%
$224,933
$224.9K
Market Conditions
NOI Build-Up for 1,500 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
$39.2K $26.16/SF
− Vacancy
−$2.4K −$1.62/SF
EGI
$36.8K $24.54/SF
− OpEx
−$16.6K −$11.04/SF
NOI
$20.2K $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%
$404,880
Cap Rate 7%
$289,200
Cap Rate 9%
$224,933
Alternative Uses
Best Use
Apartment 5plus
$289.2K
$253.1K – $337.4K
NOI $20,244 @ 7.0% cap · market cap 5.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$438.8K
$383.9K – $511.9K
NOI $30,715 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
197
Businesses Nearby
Explore this area
Business Placement
Demographics for 21113, MD
35,670
Population
16,103
Households
2.2
Avg Household Size
36
Median Age
51%
College-Educated
98%
High-School Grad
15.0 sq mi
ZIP Area
2,378
Density / Sq Mi
$125,081
Median Household Income
$68,955
Median Earnings
$2,152
Median Rent
$401,900
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated kitchen and private patio complement a spacious condo with garage access across the hall.
Where is this residential income property located?
The property is located at 8605 WANDERING FOX TRAIL #105 Odenton, MD.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: 1,500 total square feet in a main‑floor condominium; Cedar Ridge 55+ community in Piney Orchard; Bonus room offers den, home office, or possible third‑bedroom flexibility
