Two-Bedroom Residential Income
For Sale
$388,000
Pending
936 BAY RIDGE AVENUE Unit 201, Annapolis, MD 21403
Elevator-served condominium residence with secure entry, assigned parking, and convenient access to shopping and downtown Annapolis.
Property Size1,175 SF
Days on Market65
Property Features for 936 BAY RIDGE AVENUE Unit 201
General Information
Standard status
Pending
Size
1,175 SF
Total Parking Spaces
1
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,394
Amenities
secure building entry
security camera monitoring
common garden
planting spaces
French balcony
stainless steel appliances
gas heat
ceiling fans
washer/dryer
pantry
utility room
guest parking
free shuttle service
Building Details
Building Size
1,175 SF
Year Built
1996
Listing Agency:
Coldwell Banker Realty
(443) 995-6625
Listed By:
Florence M Calvert · License #67011
(443) 995-6625
Source:
Bradkappel
Added: Jun 18
Changed: Aug 15
Last Checked: Aug 14 at 12:00PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 1996 condominium residence offers two bedrooms and two full baths within a low-maintenance layout. The home includes an open living area, multiple windows, a sliding door to a French balcony, terra cotta-style tile flooring, stainless steel appliances, gas heat, ceiling fans, and an all-in-one washer and dryer. The primary bedroom has two closets and a private bath, while the second bedroom can accommodate guests, family members, or office use. Additional storage includes a living-area closet and kitchen pantry, with the utility room also housing the water heater and HVAC system.
The building features elevator service, controlled access, security glass entry doors, and camera monitoring. Residents also have access to a landscaped common garden with outdoor seating and small planting areas. The property is across from Eastport Shopping Center, with restaurants, coffee, pharmacy, fitness, and other services nearby. Downtown Annapolis, the U.S. Naval Academy, Eastport marinas, parks, and waterfront destinations are within easy reach. One assigned parking space conveys, with guest parking available in the community lot.
The building features elevator service, controlled access, security glass entry doors, and camera monitoring. Residents also have access to a landscaped common garden with outdoor seating and small planting areas. The property is across from Eastport Shopping Center, with restaurants, coffee, pharmacy, fitness, and other services nearby. Downtown Annapolis, the U.S. Naval Academy, Eastport marinas, parks, and waterfront destinations are within easy reach. One assigned parking space conveys, with guest parking available in the community lot.
Key Highlights
- Two‑bedroom, two‑bath condominium residence built in 1996
- Elevator access, controlled entry, security glass doors, and camera monitoring
- French balcony, open floor plan, and terra cotta‑style tile flooring
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
$15,858
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
4.09%
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%
$317,160
$317.2K
Cap Rate 7%
$226,543
$226.5K
Cap Rate 9%
$176,200
$176.2K
Market Conditions
NOI Build-Up for 1,175 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
$30.7K $26.16/SF
− Vacancy
−$1.9K −$1.62/SF
EGI
$28.8K $24.54/SF
− OpEx
−$13.0K −$11.04/SF
NOI
$15.9K $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%
$317,160
Cap Rate 7%
$226,543
Cap Rate 9%
$176,200
Alternative Uses
Best Use
Apartment 5plus
$226.5K
$198.2K – $264.3K
NOI $15,858 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$343.7K
$300.8K – $401.0K
NOI $24,060 @ 7.0% cap · market cap 6.20%
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
953
Businesses Nearby
Explore this area
Business Placement
Demographics for 21403, MD
31,521
Population
15,479
Households
2
Avg Household Size
42
Median Age
58%
College-Educated
91%
High-School Grad
9.3 sq mi
ZIP Area
3,389
Density / Sq Mi
$115,068
Median Household Income
$64,638
Median Earnings
$1,872
Median Rent
$566,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Elevator-served condominium residence with secure entry, assigned parking, and convenient access to shopping and downtown Annapolis.
Where is this residential income property located?
The property is located at 936 BAY RIDGE AVENUE Unit 201 Annapolis, MD.
What is the asking price?
The asking price for this property is $388,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium residence built in 1996; Elevator access, controlled entry, security glass doors, and camera monitoring; French balcony, open floor plan, and terra cotta‑style tile flooring
