Updated Garden-Level Income
For Sale
$289,900
10101 RIDGE MANOR TERRACE Unit B, Damascus, MD 20872
Garden-level condominium with refreshed interiors, an open layout, and a covered private patio.
Property Size1,198 SF
Days on Market9
Property Features for 10101 RIDGE MANOR TERRACE Unit B
General Information
Standard status
Active
Size
1,198 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,647
Building Details
Building Size
1,198 SF
Year Built
1998
Listing Agency:
Northrop Realty
(410) 997-9099
Listed By:
Stefan Holtz · License #532202
(410) 997-9099
Source:
Thehulsmangroup
Added: Aug 6
Changed: Aug 12
Last Checked: Aug 13 at 11:17AM
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 Northrop Realty
Investment Insights
Based on property information with market context.
Built in 1998, this garden-level condominium presents a two-bedroom, two-bath layout within the Ridge Manor community. The interior has an open arrangement connecting the living and dining areas, with large windows, luxury vinyl plank flooring, and abundant natural light. The kitchen includes updated appliances, granite countertops, new lighting, and a backsplash, while both bathrooms feature refreshed vanities and lighting. A covered patio extends from the dining area for private outdoor use.
The primary bedroom includes a walk-in closet and en-suite bathroom. A second bedroom and full hall bathroom provide additional flexibility for guests, office use, or hobbies. Updates completed in 2026 also include interior paint and flooring. The property is located in Damascus near shopping, dining, parks, and commuter routes.
The primary bedroom includes a walk-in closet and en-suite bathroom. A second bedroom and full hall bathroom provide additional flexibility for guests, office use, or hobbies. Updates completed in 2026 also include interior paint and flooring. The property is located in Damascus near shopping, dining, parks, and commuter routes.
Key Highlights
- Two‑bedroom, two‑bath garden‑level condominium
- 2026 updates include LVP flooring, paint, appliances, lighting, granite countertops, backsplash, vanities, and bathroom lighting
- Open living and dining arrangement with large windows and abundant natural light
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
$19,780
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
6.82%
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%
$395,600
$395.6K
Cap Rate 7%
$282,571
$282.6K
Cap Rate 9%
$219,778
$219.8K
Market Conditions
NOI Build-Up for 1,198 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
$38.7K $32.28/SF
− Vacancy
−$2.7K −$2.26/SF
EGI
$36.0K $30.02/SF
− OpEx
−$16.2K −$13.51/SF
NOI
$19.8K $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%
$395,600
Cap Rate 7%
$282,571
Cap Rate 9%
$219,778
Alternative Uses
Best Use
Apartment 5plus
$282.6K
$247.3K – $329.7K
NOI $19,780 @ 7.0% cap · market cap 6.82%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$421.4K
$368.8K – $491.7K
NOI $29,500 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
575
Businesses Nearby
Explore this area
Business Placement
Demographics for 20872, MD
13,349
Population
4,850
Households
2.8
Avg Household Size
39
Median Age
47%
College-Educated
93%
High-School Grad
19.9 sq mi
ZIP Area
671
Density / Sq Mi
$132,804
Median Household Income
$61,547
Median Earnings
$1,675
Median Rent
$478,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Garden-level condominium with refreshed interiors, an open layout, and a covered private patio.
Where is this residential income property located?
The property is located at 10101 RIDGE MANOR TERRACE Unit B Damascus, MD.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bath garden‑level condominium; 2026 updates include LVP flooring, paint, appliances, lighting, granite countertops, backsplash, vanities, and bathroom lighting; Open living and dining arrangement with large windows and abundant natural light
