Elevator-Served Residential Income
For Sale
$169,000
116 LEE AVENUE Unit 309, Takoma Park, MD 20912
The third-floor home features an open living and dining area, updated kitchen finishes, and generous closet storage.
Property Size714 SF
Price / SF$236.69
Days on Market110
Property Features for 116 LEE AVENUE Unit 309
General Information
Standard status
Active
Size
714 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,471
Amenities
hardwood floors
granite countertops
stainless steel appliances
ceiling fans
pet-friendly community
Building Details
Building Size
714 SF
Year Built
1957
Listing Agency:
Weichert, REALTORS
Listed By:
Joie Ashworth · License #654957
(404) 307-4161
Source:
Jackrealtygroup
Added: Jul 14
Changed: Oct 27
Last Checked: Oct 26 at 3:48PM
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 Weichert, REALTORS
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Investment Insights
Based on property information with market context.
This 714-square-foot condominium residence is on the third floor of a building constructed in 1957 and served by an elevator. Its open living and dining area has hardwood floors and large windows. The kitchen includes granite countertops, stainless steel appliances, a pass-through breakfast bar, and a window. Updates include a kitchen floor and over-the-range microwave in 2026, plus a custom-organized bedroom closet in 2025. Hallway storage and ceiling fans are also present.
The property is near the Takoma Park Metro, the Sunday farmers market, and Sligo Creek Park. Nearby businesses named in the listing include TPSS Co-op, Soko Butcher, Cielo Rojo, Busboys and Poets, Takoma Bev Co, and Old Takoma Ace Hardware.
The property is near the Takoma Park Metro, the Sunday farmers market, and Sligo Creek Park. Nearby businesses named in the listing include TPSS Co-op, Soko Butcher, Cielo Rojo, Busboys and Poets, Takoma Bev Co, and Old Takoma Ace Hardware.
Key Highlights
- 714‑square‑foot condominium residence on the third floor
- Elevator‑served building constructed in 1957
- Kitchen has granite countertops, stainless steel appliances, a breakfast bar, and a window
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,789
Cap Rate
6.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$235,780
$235.8K
Cap Rate 7%
$168,414
$168.4K
Cap Rate 9%
$130,989
$131.0K
Market Conditions
NOI Build-Up for 714 SF
Gross rent
$23.0K $32.28/SF
− Vacancy
−$1.6K −$2.26/SF
EGI
$21.4K $30.02/SF
− OpEx
−$9.6K −$13.51/SF
NOI
$11.8K $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 Rate 5%
$235,780
Cap Rate 7%
$168,414
Cap Rate 9%
$130,989
Alternative Uses
Best Use
Apartment 5plus
$168.4K
$147.4K – $196.5K
NOI $11,789 @ 7.0% cap · market cap 6.98%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$251.2K
$219.8K – $293.0K
NOI $17,582 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,489
Businesses Nearby
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Business Placement
Demographics for 20912, MD
25,463
Population
10,140
Households
2.5
Avg Household Size
38
Median Age
51%
College-Educated
86%
High-School Grad
2.7 sq mi
ZIP Area
9,431
Density / Sq Mi
$82,097
Median Household Income
$48,447
Median Earnings
$1,452
Median Rent
$671,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The third-floor home features an open living and dining area, updated kitchen finishes, and generous closet storage.
Where is this residential income property located?
The property is located at 116 LEE AVENUE Unit 309 Takoma Park, MD.
What is the asking price?
The asking price for this property is $169,000.
What are key features of this property?
This property features: 714‑square‑foot condominium residence on the third floor; Elevator‑served building constructed in 1957; Kitchen has granite countertops, stainless steel appliances, a breakfast bar, and a window
