Three-Bedroom Residential Income
8820 SHINING OCEANS WAY Unit 308, Columbia, MD 21045
For Sale
$509,900
The condominium is part of a gated 55+ community with a clubhouse, fitness center, and swimming pool.
Property Size1,838 SF
Price / SF$277.42
Days on Market54
Property Features for 8820 SHINING OCEANS WAY Unit 308
General Information
Standard status
Size
Total Parking Spaces
Elevators
Property subtype
Site & Location
Neighborhood
Units
Multifamily Units
Parking per Unit
Taxes and HOA fees
Annual Taxes
Amenities
clubhouse
fitness center
swimming pool
guardhouse
under-building parking garage
Building Details
Building Size
Year Built
Listing Agency:
RE/MAX Advantage Realty
Listed By:
Greg M Kinnear · License #513388
(410) 423-5280
Source:
Gallerycollectivere
Added: Sep 17
Changed: Nov 7
Last Checked: Nov 8 at 8:40PM
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 RE/MAX Advantage Realty
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Investment Insights
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This three-bedroom condominium is located in the Ovation building within Snowden Overlook, a gated community for residents age 55 and older. The residence has an open layout, 9-foot ceilings, wood flooring, crown molding, and quartz bathroom counters. The building, constructed in 2007, has two elevators and an under-building parking garage; one reserved space is included. HVAC replacement occurred in June 2018, and the gas water heater was replaced in December 2024.
Community facilities include a staffed clubhouse, fitness center, and swimming pool. A guardhouse is staffed nightly from 8 PM to 5 AM. Guest parking is available around the Ovation building.
Community facilities include a staffed clubhouse, fitness center, and swimming pool. A guardhouse is staffed nightly from 8 PM to 5 AM. Guest parking is available around the Ovation building.
Key Highlights
- Three‑bedroom condominium in a gated 55+ community
- Ovation building has two elevators and an under‑building garage
- One reserved garage parking space; guest parking around the building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,895
Cap Rate
4.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$477,900
$477.9K
Cap Rate 7%
$341,357
$341.4K
Cap Rate 9%
$265,500
$265.5K
Market Conditions
NOI Build-Up for 1,838 SF
Gross rent
$46.3K $25.20/SF
− Vacancy
−$2.9K −$1.56/SF
EGI
$43.4K $23.64/SF
− OpEx
−$19.6K −$10.64/SF
NOI
$23.9K $13.00/SF
Area
Columbia, MD
Vacancy
6.20%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$477,900
Cap Rate 7%
$341,357
Cap Rate 9%
$265,500
Alternative Uses
Best Use
Apartment 5plus
$341.4K
$298.7K – $398.3K
NOI $23,895 @ 7.0% cap · market cap 4.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$584.3K
$511.3K – $681.7K
NOI $40,904 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,132
Businesses Nearby
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Business Placement
Demographics for 21045, MD
39,321
Population
15,826
Households
2.5
Avg Household Size
38
Median Age
57%
College-Educated
94%
High-School Grad
9.7 sq mi
ZIP Area
4,054
Density / Sq Mi
$117,323
Median Household Income
$62,522
Median Earnings
$1,768
Median Rent
$438,500
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The condominium is part of a gated 55+ community with a clubhouse, fitness center, and swimming pool.
Where is this residential income property located?
The property is located at 8820 SHINING OCEANS WAY Unit 308 Columbia, MD.
What is the asking price?
The asking price for this property is $509,900.
What are key features of this property?
This property features: Three‑bedroom condominium in a gated 55+ community; Ovation building has two elevators and an under‑building garage; One reserved garage parking space; guest parking around the building
