Residential Income Property with
For Sale
$500,000
11405 COMMONWEALTH DR Unit 204, Rockville, MD 20852
Updated condominium with three bedrooms, two full bathrooms, and access to community recreation amenities.
Property Size1,422 SF
Price / SF$351.62
Days on Market17
Property Features for 11405 COMMONWEALTH DR Unit 204
General Information
Standard status
Active
Size
1,422 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$5,493
Building Details
Building Size
1,422 SF
Year Built
1985
Listing Agency:
Redfin Corp
Listed By:
Eddie DeLuca · License #90798
(240) 938-2121
Source:
Kerishull
Added: Aug 19
Changed: Sep 3
Last Checked: Sep 4 at 1:08PM
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 Redfin Corp
Investment Insights
Based on property information with market context.
This 1,422-square-foot condominium was built in 1985 and offers three bedrooms, two full bathrooms, a separate dining area, and a private balcony. The kitchen and bathrooms have been updated, and the appliances were recently replaced. Large windows bring natural light into the interior.
The property is located at 11405 Commonwealth Dr, Unit 204, in Rockville, Maryland, within the North Bethesda area. Community amenities include a pool, tennis courts, and playground. Shopping, restaurants, Metro, parks, and major commuter routes are nearby.
The property is located at 11405 Commonwealth Dr, Unit 204, in Rockville, Maryland, within the North Bethesda area. Community amenities include a pool, tennis courts, and playground. Shopping, restaurants, Metro, parks, and major commuter routes are nearby.
Key Highlights
- 1,422‑square‑foot condominium at 11405 Commonwealth Dr, Unit 204
- Three bedrooms and two full bathrooms
- Updated kitchen and bathrooms
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
$23,479
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
4.70%
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%
$469,580
$469.6K
Cap Rate 7%
$335,414
$335.4K
Cap Rate 9%
$260,878
$260.9K
Market Conditions
NOI Build-Up for 1,422 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
$45.9K $32.28/SF
− Vacancy
−$3.2K −$2.26/SF
EGI
$42.7K $30.02/SF
− OpEx
−$19.2K −$13.51/SF
NOI
$23.5K $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%
$469,580
Cap Rate 7%
$335,414
Cap Rate 9%
$260,878
Alternative Uses
Best Use
Apartment 5plus
$335.4K
$293.5K – $391.3K
NOI $23,479 @ 7.0% cap · market cap 4.70%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$500.2K
$437.7K – $583.6K
NOI $35,016 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,189
Businesses Nearby
Explore this area
Business Placement
Demographics for 20852, MD
48,347
Population
23,023
Households
2.1
Avg Household Size
38
Median Age
74%
College-Educated
94%
High-School Grad
8.1 sq mi
ZIP Area
5,969
Density / Sq Mi
$121,496
Median Household Income
$74,519
Median Earnings
$2,212
Median Rent
$646,100
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 full bathrooms, and access to community recreation amenities.
Where is this residential income property located?
The property is located at 11405 COMMONWEALTH DR Unit 204 Rockville, MD.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 1,422‑square‑foot condominium at 11405 Commonwealth Dr, Unit 204; Three bedrooms and two full bathrooms; Updated kitchen and bathrooms
