2-Bedroom Residential Income
For Sale
$270,000
120 BURGESS HILL WAY #308, Frederick, MD 21702
Third-floor elevator condominium with private balcony, in-unit laundry, and rental eligibility within a 55-and-over community.
Property Size1,200 SF
Days on Market22
Property Features for 120 BURGESS HILL WAY #308
General Information
Standard status
Active
Size
1,200 SF
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
secure entrance
lobby with fireplace
exercise room
reading room/library
gathering/party room
gardens
private balcony
laundry in unit
Building Details
Building Size
1,200 SF
Year Built
2006
Listing Agency:
Keller Williams Realty Centre
Listed By:
Elizabeth Burrow · License #621493
(240) 309-6000
Source:
Cindee.kw
Added: Aug 14
Changed: Aug 31
Last Checked: Sep 4 at 2:12AM
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 Keller Williams Realty Centre
Investment Insights
Based on property information with market context.
This 2006 condominium is positioned on the third floor of an elevator-served building in a 55-and-over community. The residence includes two bedrooms and two bathrooms, with a kitchen connected to the living and dining areas. A large window brings natural light into the family room, while a private balcony extends from that space and is also accessible from the second bedroom. In-unit laundry is provided. The primary suite includes an en-suite bathroom with a walk-in shower and a walk-in closet.
The building offers a secure entrance, lobby with fireplace, exercise room, reading room or library, and a gathering room with kitchen facilities. Landscaped grounds include seating areas and space for golf putting. This unit is permitted to be rented even though the building is primarily owner occupied. Shopping, restaurants, entertainment, and downtown Frederick are nearby.
The building offers a secure entrance, lobby with fireplace, exercise room, reading room or library, and a gathering room with kitchen facilities. Landscaped grounds include seating areas and space for golf putting. This unit is permitted to be rented even though the building is primarily owner occupied. Shopping, restaurants, entertainment, and downtown Frederick are nearby.
Key Highlights
- 2 bedrooms and 2 bathrooms in a third‑floor condominium
- Unit may be rented within an otherwise owner‑occupied building
- Elevator building with secure entrance and welcoming lobby
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
$16,327
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
6.05%
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%
$326,540
$326.5K
Cap Rate 7%
$233,243
$233.2K
Cap Rate 9%
$181,411
$181.4K
Market Conditions
NOI Build-Up for 1,200 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
$31.2K $26.04/SF
− Vacancy
−$1.6K −$1.30/SF
EGI
$29.7K $24.74/SF
− OpEx
−$13.4K −$11.13/SF
NOI
$16.3K $13.61/SF
Area
Frederick County, MD
Vacancy
5.00%
Lease Rate
$26.04 /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%
$326,540
Cap Rate 7%
$233,243
Cap Rate 9%
$181,411
Alternative Uses
Best Use
Apartment 5plus
$233.2K
$204.1K – $272.1K
NOI $16,327 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$444.7K
$389.1K – $518.8K
NOI $31,126 @ 7.0% cap · market cap 11.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
888
Businesses Nearby
Explore this area
Business Placement
Demographics for 21702, MD
46,412
Population
18,677
Households
2.5
Avg Household Size
37
Median Age
40%
College-Educated
89%
High-School Grad
41.7 sq mi
ZIP Area
1,113
Density / Sq Mi
$104,659
Median Household Income
$55,937
Median Earnings
$1,722
Median Rent
$384,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Third-floor elevator condominium with private balcony, in-unit laundry, and rental eligibility within a 55-and-over community.
Where is this residential income property located?
The property is located at 120 BURGESS HILL WAY #308 Frederick, MD.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: 2 bedrooms and 2 bathrooms in a third‑floor condominium; Unit may be rented within an otherwise owner‑occupied building; Elevator building with secure entrance and welcoming lobby
