206 SHILEY STREET
About This Property
Charming West Annapolis Home with Detached Studio in a Garden Setting.
Walk to the water, Tucker St. boat ramp, & shops! Located on a quiet, tree-lined street in the heart of West Annapolis, this warm and welcoming cottage offers classic charm, flexible living spaces, lush gardens, and thoughtfully designed outdoor dining and seating areas. With two bedrooms and one-and-a-half baths in the main home (est. total square footage is 1900), plus a detached annex with its own kitchenette, shower, and bath, this property is ideal for those seeking a peaceful, walkable neighborhood in Annapolis.
Inside, you'll find a cozy layout filled with natural light. A bright "sleeping sunporch", cheerful living and dining areas, and an updated kitchen make the main level both inviting and practical. Upstairs are two comfortable bedrooms and a beautifully renovated full bathroom. The unfinished basement offers additional space ready for your vision-whether storage, workshop, or future expansion.
A rare bonus is a detached garage (est 886 sq ft.), with a private annex, offering a flexible space perfect for guests, a home office, a creative studio, or a potential rental. Tucked behind mature landscaping for privacy, it adds value and versatility without interrupting the main home's tranquility. This home and the detached annex offer proven short- and long-term rental income potential, with their charm and location making it attractive for visiting tenants or seasonal stays, including commissioning week. Please note the 2nd full bath is in the detached office. Due to current rentals, the property has enjoyed a more exclusive viewing schedule, which has contributed to a unique days on market figure-an opportunity for buyers seeking a distinctive offering.
Outdoor Features
The outdoor spaces are a true highlight of this property, offering a perfect blend of beauty, function, and privacy:
*Partially fenced backyard *Wildflower garden with native plantings that attract pollinators and bloom throughout the seasons*Paver patios *Gravel walkways *Multiple outdoor seating and dining areas designed for both quiet moments and casual gatherings *Rain garden and three rain barrels provide sustainable water management *Vinyl storage shed on a concrete slab for tools, bikes, or garden gear
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Jul 30, 2025 | Sold | ||
| Sold | |||
| Jun 26, 2025 | In contract | - | |
| In contract | |||
| Jun 3, 2025 | Listed by Engel & Volkers Annapolis | $850,000 | |
| Listed by Engel & Volkers Annapolis | |||
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About Annapolis
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017