Two-Bedroom Residential Income
New
For Sale
$269,900
8613 FALLS RUN ROAD Unit E, Ellicott City, MD 21043
Penthouse condo with updated finishes, private balcony, assigned parking, and access to a community pool and playground.
Property Size943 SF
Price / SF$286.21
Days on Market7
Property Features for 8613 FALLS RUN ROAD Unit E
General Information
Standard status
Active
Size
943 SF
Property subtype
Penthouse Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,656
Amenities
outdoor swimming pool
playground
common grounds
private balcony
in-unit washer and dryer
Building Details
Building Size
943 SF
Year Built
1989
Listing Agency:
Samson Properties
Listed By:
Fazal U Rehman · License #616194
(443) 465-1467
Source:
Thehulsmangroup
Added: Sep 17
Changed: Sep 19
Last Checked: Sep 22 at 10:52PM
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 Samson Properties
Investment Insights
Based on property information with market context.
This 943-square-foot penthouse condo in Montgomery Run offers two bedrooms, two full bathrooms, and an open living and dining arrangement. The home features luxury vinyl plank flooring, fresh designer paint, updated appliances, ample kitchen cabinetry, pantry storage, and a private balcony. The primary suite includes an en-suite bathroom and walk-in closet, while the second bedroom can accommodate guests, family, or office use. An in-unit washer and dryer, assigned parking, and vacant occupancy add practical convenience.
Community amenities include an outdoor swimming pool, playground, and maintained common grounds. The property is located in Ellicott City with access to shopping, dining, Columbia, BWI Airport, and major commuter routes. Built in 1989, the home offers a low-maintenance residential setup with exterior and common-area services covered through the condo fee.
Community amenities include an outdoor swimming pool, playground, and maintained common grounds. The property is located in Ellicott City with access to shopping, dining, Columbia, BWI Airport, and major commuter routes. Built in 1989, the home offers a low-maintenance residential setup with exterior and common-area services covered through the condo fee.
Key Highlights
- 943 SF penthouse condo with 2 bedrooms and 2 full bathrooms
- Private balcony extends the living space outdoors
- Primary bedroom includes an en‑suite bath and walk‑in closet
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
$12,857
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
4.76%
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%
$257,140
$257.1K
Cap Rate 7%
$183,671
$183.7K
Cap Rate 9%
$142,856
$142.9K
Market Conditions
NOI Build-Up for 943 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
$24.6K $26.04/SF
− Vacancy
−$1.2K −$1.25/SF
EGI
$23.4K $24.79/SF
− OpEx
−$10.5K −$11.16/SF
NOI
$12.9K $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%
$257,140
Cap Rate 7%
$183,671
Cap Rate 9%
$142,856
Alternative Uses
Best Use
Apartment 5plus
$183.7K
$160.7K – $214.3K
NOI $12,857 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$349.7K
$306.0K – $408.0K
NOI $24,480 @ 7.0% cap · market cap 9.07%
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
382
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - Penthouse condo with updated finishes, private balcony, assigned parking, and access to a community pool and playground.
Where is this residential income property located?
The property is located at 8613 FALLS RUN ROAD Unit E Ellicott City, MD.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: 943 SF penthouse condo with 2 bedrooms and 2 full bathrooms; Private balcony extends the living space outdoors; Primary bedroom includes an en‑suite bath and walk‑in closet
