Building Details

Building Size 940 SF

Year Built 1961

Listing Agency: Redfin Corp

Listed By: tiernan J dickens Show Phone

Source: Jackrealtygroup

Added: Sep 8 Changed: Oct 27 Last Checked: Oct 26 at 3:18PM

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Investment Insights

Based on property information with market context.

This 940-square-foot condominium has two bedrooms and one bathroom. Interior updates include new LVP flooring, refreshed finishes, and a kitchen with quartz countertops. The primary bedroom has a walk-in closet, and a washer and dryer are located in the unit. The building dates to 1961.

The community offers a pool and permits pets. The property includes parking for two cars. Sligo Creek Trail and Wheaton Regional Park are nearby, along with Wheaton Metro, bus service, restaurants, shopping, and Westfield Wheaton.

Key Highlights

• Two bedrooms and one bathroom in 940 square feet
• Kitchen with quartz countertops and updated finishes
• In‑unit washer and dryer; primary bedroom has a walk‑in closet

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$15,521

Cap Rate

7.22%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$310,420 $310.4K

Cap Rate 7%

$221,729 $221.7K

Cap Rate 9%

$172,456 $172.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 940 SF

Gross rent

$30.3K $32.28/SF

− Vacancy

−$2.1K −$2.26/SF

EGI

$28.2K $30.02/SF

− OpEx

−$12.7K −$13.51/SF

NOI

$15.5K $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 Rate 5%

$310,420

Cap Rate 7%

$221,729

Cap Rate 9%

$172,456

Alternative Uses

Best Use

Apartment 5plus

$221.7K

$194.0K – $258.7K (±1% cap)

NOI $15,521 @ 7.0% cap · market cap 7.22%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$330.7K

$289.3K – $385.8K (±1% cap)

NOI $23,147 @ 7.0% cap · market cap 10.77%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Lease Details

1

Residential units

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

1,953

Businesses Nearby

Explore this area Business Placement

Demographics for 20902, MD

52,533

Population

18,759

Households

2.8

Avg Household Size

36

Median Age

47%

College-Educated

83%

High-School Grad

7.6 sq mi

ZIP Area

6,912

Density / Sq Mi

$111,408

Median Household Income

$49,887

Median Earnings

$2,088

Median Rent

$531,200

Median Home Value

Frequently Asked Questions

What type of property is this?

Residential income property - Updated interiors, in-unit laundry, two-car parking, and access to a community pool support comfortable everyday living.

Where is this residential income property located?

The property is located at 11505 AMHERST AVENUE Unit 24 Wheaton, MD.

What is the asking price?

The asking price for this property is $215,000.

What are key features of this property?

This property features: Two bedrooms and one bathroom in 940 square feet; Kitchen with quartz countertops and updated finishes; In‑unit washer and dryer; primary bedroom has a walk‑in closet