Top-Floor Residential Income
For Sale
$255,999
3240 HEWITT AVE #6-3-A, Silver Spring, MD 20906
SILVER SPRING, MD
Property Size1,105 SF
Price / SF$231.67
Days on Market131
Property Features for 3240 HEWITT AVE #6-3-A
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bedroom 2, Bedroom 1, Bedroom 3
Subdivision
WESTCHESTER WEST
Elementary school district
MONTGOMERY COUNTY PUBLIC SCHOOLS
Middle school district
MONTGOMERY COUNTY PUBLIC SCHOOLS
High school district
MONTGOMERY COUNTY PUBLIC SCHOOLS
Standard status
Active
Amenities
private balcony
community pool
in-unit washer and dryer
Building Details
Year built
1968
Listing Agency:
Navy Yard
(202) 547-9200
Listed By:
Yanira Rodriguez
Added: Apr 18
Changed: Aug 26
Last Checked: Aug 26 at 1:06PM
MLS# MDMC2228198
Copyright © 2026 Long & Foster Real Estate. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This top-floor condominium includes 3 bedrooms, 2 baths, and 1,105 square feet of updated interior space. Refinished hardwood flooring, renovated kitchen and bathroom areas, abundant natural light, and an in-unit washer and dryer are among the interior features. The HVAC system was replaced three years ago, and the condo fee includes all utilities. A private balcony faces green space, while the community also offers a pool.
Built in 1968, the property is near Glenmont Metro, the ICC, parks, shopping, dining, and everyday services. Its Silver Spring address places the residence within Montgomery County and ZIP Code 20906.
Built in 1968, the property is near Glenmont Metro, the ICC, parks, shopping, dining, and everyday services. Its Silver Spring address places the residence within Montgomery County and ZIP Code 20906.
Key Highlights
- 3‑bedroom, 2‑bath condominium with 1,105 sq. ft. of interior space
- Top‑floor residence with private balcony overlooking green space
- Condo fee includes all utilities
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
$18,245
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
7.13%
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%
$364,900
$364.9K
Cap Rate 7%
$260,643
$260.6K
Cap Rate 9%
$202,722
$202.7K
Market Conditions
NOI Build-Up for 1,105 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
$35.7K $32.28/SF
− Vacancy
−$2.5K −$2.26/SF
EGI
$33.2K $30.02/SF
− OpEx
−$14.9K −$13.51/SF
NOI
$18.2K $16.51/SF
Area
Montgomery County, MD
Vacancy
7.00%
Lease Rate
$32.28 /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%
$364,900
Cap Rate 7%
$260,643
Cap Rate 9%
$202,722
Alternative Uses
Best Use
Apartment 5plus
$260.6K
$228.1K – $304.1K
NOI $18,245 @ 7.0% cap · market cap 7.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$388.7K
$340.1K – $453.5K
NOI $27,210 @ 7.0% cap · market cap 10.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
510
Businesses Nearby
Explore this area
Business Placement
Demographics for 20906, MD
71,641
Population
27,423
Households
2.6
Avg Household Size
41
Median Age
42%
College-Educated
87%
High-School Grad
12.7 sq mi
ZIP Area
5,641
Density / Sq Mi
$92,964
Median Household Income
$46,172
Median Earnings
$1,945
Median Rent
$440,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium with three bedrooms, two baths, utility-inclusive condo fees, and a private balcony overlooking green space.
Where is this residential income property located?
The property is located at 3240 HEWITT AVE #6-3-A Silver Spring, MD.
What is the asking price?
The asking price for this property is $255,999.
What are key features of this property?
This property features: 3‑bedroom, 2‑bath condominium with 1,105 sq. ft. of interior space; Top‑floor residence with private balcony overlooking green space; Condo fee includes all utilities
