Two-Level Residential Income
For Sale
$569,000
11420 STRAND DRIVE Unit R-010, Rockville, MD 20852
Updated interiors, private patio, covered parking, storage, and access to extensive community amenities.
Property Size1,674 SF
Price / SF$339.90
Days on Market88
Property Features for 11420 STRAND DRIVE Unit R-010
General Information
Standard status
Active
Size
1,674 SF
Total Parking Spaces
2
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$6,202
Amenities
private outdoor patio
community outdoor pool
fitness center
tennis courts
pickleball courts
walking paths
in-unit washer and dryer
storage units
Building Details
Building Size
1,674 SF
Year Built
1980
Listing Agency:
RE/MAX Allegiance
Listed By:
Jessica V Fauteux · License #681300
(703) 969-9665
Source:
Kerishull
Added: Jun 12
Changed: Sep 4
Last Checked: Sep 6 at 10:09AM
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 RE/MAX Allegiance
Investment Insights
Based on property information with market context.
This 1,674-square-foot residential income property is arranged across two levels and includes two bedrooms, two full bathrooms, and one half bathroom. Interior improvements include fresh paint and new carpet completed in 2026, along with wood flooring in the main living areas. A sunken living room, vaulted den with built-ins and fireplace, in-unit washer and dryer, generous closets, and a private patio add functional variety. The property was built in 1980.
The condominium community includes an outdoor pool, fitness center, tennis and pickleball courts, walking paths, and elevator access. The unit backs to open green space and has two reserved covered parking spaces in a secure garage measuring approximately 324 square feet, plus two dedicated storage units. Nearby access includes Pike & Rose, Whole Foods Market, North Bethesda/Grosvenor Metro, Bethesda Trolley Trail, The Music Center at Strathmore approximately 1.2 miles away, I-270, I-495, NIH, Walter Reed National Military Medical Center, and downtown Bethesda.
The condominium community includes an outdoor pool, fitness center, tennis and pickleball courts, walking paths, and elevator access. The unit backs to open green space and has two reserved covered parking spaces in a secure garage measuring approximately 324 square feet, plus two dedicated storage units. Nearby access includes Pike & Rose, Whole Foods Market, North Bethesda/Grosvenor Metro, Bethesda Trolley Trail, The Music Center at Strathmore approximately 1.2 miles away, I-270, I-495, NIH, Walter Reed National Military Medical Center, and downtown Bethesda.
Key Highlights
- 1,674 square feet of finished living space across two levels
- Two bedrooms, two full bathrooms, and one half bath
- Fresh interior paint and new carpet completed in 2026
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
$27,640
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
4.86%
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%
$552,800
$552.8K
Cap Rate 7%
$394,857
$394.9K
Cap Rate 9%
$307,111
$307.1K
Market Conditions
NOI Build-Up for 1,674 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
$54.0K $32.28/SF
− Vacancy
−$3.8K −$2.26/SF
EGI
$50.3K $30.02/SF
− OpEx
−$22.6K −$13.51/SF
NOI
$27.6K $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%
$552,800
Cap Rate 7%
$394,857
Cap Rate 9%
$307,111
Alternative Uses
Best Use
Apartment 5plus
$394.9K
$345.5K – $460.7K
NOI $27,640 @ 7.0% cap · market cap 4.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$588.9K
$515.3K – $687.0K
NOI $41,221 @ 7.0% cap · market cap 7.24%
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
3,625
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 interiors, private patio, covered parking, storage, and access to extensive community amenities.
Where is this residential income property located?
The property is located at 11420 STRAND DRIVE Unit R-010 Rockville, MD.
What is the asking price?
The asking price for this property is $569,000.
What are key features of this property?
This property features: 1,674 square feet of finished living space across two levels; Two bedrooms, two full bathrooms, and one half bath; Fresh interior paint and new carpet completed in 2026
