Residential Income Property with Roof
For Sale
$399,900
1320 FENWICK LN #301, Silver Spring, MD 20910
SILVER SPRING, MD
Property Size804 SF
Price / SF$497.39
Days on Market65
Property Features for 1320 FENWICK LN #301
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2
Subdivision
DOWNTOWN SILVER SPRING
Elementary school district
MONTGOMERY COUNTY PUBLIC SCHOOLS
Middle school district
MONTGOMERY COUNTY PUBLIC SCHOOLS
High school district
MONTGOMERY COUNTY PUBLIC SCHOOLS
Standard status
Active
Amenities
Juliette balcony
fitness room
lobby/club room with fireplace
free wi-fi in common areas
sky lounge/party room
roof deck
full-size in-unit washer and dryer
extra storage unit
Building Details
Year built
2016
Listing Agency:
One Bethesda
(240) 497-1700
Listed By:
Andy Alderdice
(301) 466-5898
Added: Jun 23
Changed: Aug 26
Last Checked: Aug 26 at 11:06AM
MLS# MDMC2240294
Copyright © 2026 Long & Foster Real Estate. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 804 sq.ft. condo, built in 2016, combines an efficient interior with contemporary finishes. The living room receives natural light from floor-to-ceiling windows on two sides, while a Juliette balcony faces green space and a fountain. Wood flooring, quartz countertops, stainless steel appliances, and a full-size washer and dryer are included, along with a separate storage unit.
Residents have access to a fitness room, lobby and club room with fireplace, sky lounge and party room, roof deck, and complimentary Wi-Fi in common areas. The property is two blocks from Mom's Organic Market and across from the Montgomery County Aquatic and Recreation Center. Silver Spring Metro station is nearby, with the Purple Line identified as upcoming. The roof deck offers views toward downtown Bethesda and the Mormon Temple.
Residents have access to a fitness room, lobby and club room with fireplace, sky lounge and party room, roof deck, and complimentary Wi-Fi in common areas. The property is two blocks from Mom's Organic Market and across from the Montgomery County Aquatic and Recreation Center. Silver Spring Metro station is nearby, with the Purple Line identified as upcoming. The roof deck offers views toward downtown Bethesda and the Mormon Temple.
Key Highlights
- 804 sq.ft. condo in a 2016 building
- Floor‑to‑ceiling windows on two sides with a Juliette balcony
- Quartz countertops, stainless steel appliances, and wood flooring
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
$13,275
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
3.32%
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%
$265,500
$265.5K
Cap Rate 7%
$189,643
$189.6K
Cap Rate 9%
$147,500
$147.5K
Market Conditions
NOI Build-Up for 804 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
$26.0K $32.28/SF
− Vacancy
−$1.8K −$2.26/SF
EGI
$24.1K $30.02/SF
− OpEx
−$10.9K −$13.51/SF
NOI
$13.3K $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%
$265,500
Cap Rate 7%
$189,643
Cap Rate 9%
$147,500
Alternative Uses
Best Use
Apartment 5plus
$189.6K
$165.9K – $221.3K
NOI $13,275 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$282.8K
$247.5K – $330.0K
NOI $19,798 @ 7.0% cap · market cap 4.95%
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
5,121
Businesses Nearby
Explore this area
Business Placement
Demographics for 20910, MD
45,610
Population
23,209
Households
2
Avg Household Size
36
Median Age
74%
College-Educated
95%
High-School Grad
4.6 sq mi
ZIP Area
9,915
Density / Sq Mi
$107,994
Median Household Income
$70,022
Median Earnings
$1,992
Median Rent
$690,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condo with quartz counters, stainless appliances, in-unit laundry, and access to fitness and rooftop common areas.
Where is this residential income property located?
The property is located at 1320 FENWICK LN #301 Silver Spring, MD.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 804 sq.ft. condo in a 2016 building; Floor‑to‑ceiling windows on two sides with a Juliette balcony; Quartz countertops, stainless steel appliances, and wood flooring
