Two-Bedroom Residential Income
For Sale
$429,000
Pending
8911 CARLS COURT Unit F, Ellicott City, MD 21043
Third-floor condominium in a 55+ community with updated finishes, a fireplace, and private garage parking.
Property Size1,438 SF
Days on Market10
Property Features for 8911 CARLS COURT Unit F
General Information
Standard status
Pending
Size
1,438 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,231
Amenities
fireplace
clubhouse
fitness center
Building Details
Building Size
1,438 SF
Year Built
2018
Listing Agency:
Giant Realty, Inc.
(443) 653-0238
Listed By:
Susie Baik · License #0656401
(443) 653-0238
Source:
Thehulsmangroup
Added: Aug 19
Changed: Aug 24
Last Checked: Aug 23 at 8:56AM
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 Giant Realty, Inc.
Investment Insights
Based on property information with market context.
This third-floor condominium offers two bedrooms and two bathrooms within a 55+ residential community established in 2018. Interior features include cream cabinetry, granite countertops, stainless steel appliances, a fireplace, luxury vinyl plank flooring installed in 2025, and carpeting. A one-car garage provides dedicated parking and storage.
Residents have convenient access to the community clubhouse and fitness center, both within a short walk. Nearby markets support everyday errands, while the community setting provides access to shared amenities and social spaces.
Residents have convenient access to the community clubhouse and fitness center, both within a short walk. Nearby markets support everyday errands, while the community setting provides access to shared amenities and social spaces.
Key Highlights
- Two‑bedroom, two‑bathroom third‑floor condominium
- Located in a 55+ residential community established in 2018
- Kitchen includes cream cabinets, granite countertops, and stainless steel appliances
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
$19,606
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
4.57%
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%
$392,120
$392.1K
Cap Rate 7%
$280,086
$280.1K
Cap Rate 9%
$217,844
$217.8K
Market Conditions
NOI Build-Up for 1,438 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
$37.4K $26.04/SF
− Vacancy
−$1.8K −$1.25/SF
EGI
$35.6K $24.79/SF
− OpEx
−$16.0K −$11.16/SF
NOI
$19.6K $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%
$392,120
Cap Rate 7%
$280,086
Cap Rate 9%
$217,844
Alternative Uses
Best Use
Apartment 5plus
$280.1K
$245.1K – $326.8K
NOI $19,606 @ 7.0% cap · market cap 4.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$533.3K
$466.6K – $622.2K
NOI $37,330 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,330
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 - Third-floor condominium in a 55+ community with updated finishes, a fireplace, and private garage parking.
Where is this residential income property located?
The property is located at 8911 CARLS COURT Unit F Ellicott City, MD.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bathroom third‑floor condominium; Located in a 55+ residential community established in 2018; Kitchen includes cream cabinets, granite countertops, and stainless steel appliances
