Residential Income Property with Lake
For Sale
$305,000
18224 WINDSOR HILL DRIVE Unit 307, Olney, MD 20832
Updated two-bedroom unit with private balcony, in-unit laundry, fireplace, and access to extensive Fair Hill community amenities.
Property Size1,032 SF
Days on Market8
Property Features for 18224 WINDSOR HILL DRIVE Unit 307
General Information
Standard status
Active
Size
1,032 SF
Property subtype
Penthouse Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,732
Amenities
outdoor swimming pool
tennis and pickleball courts
clubhouse/community center
playgrounds
picnic areas
walking and jogging paths
common grounds
lake
private balcony
in-unit laundry
wood-burning fireplace
outdoor storage area
Building Details
Building Size
1,032 SF
Year Built
1987
Listing Agency:
Hyatt & Company Real Estate, LLC
(410) 382-9869
Listed By:
Deborah L Spivey · License #5020390
(410) 382-9869
Source:
Thehulsmangroup
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 21 at 11:46AM
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 Hyatt & Company Real Estate, LLC
Investment Insights
Based on property information with market context.
This residential income property is a two-bedroom, one-and-a-half-bath unit at 18224 Windsor Hill Drive, Unit 307, in Olney. Built in 1987, the home has brand-new carpet, fresh paint, newer appliances, and an unused wood-burning fireplace that may remain wood-burning or be converted to gas. In-unit laundry, a private balcony, and an additional outdoor storage area add practical functionality. The balcony overlooks the community lake and provides outdoor space for dining or relaxing.
Fair Hill includes an outdoor swimming pool, tennis and pickleball courts, a clubhouse and community center, playgrounds, picnic areas, walking and jogging paths, maintained common grounds, and a community lake. Shopping, dining, and everyday conveniences are described as nearby. Front exterior stairs and the landing have been recently updated. A signed AIA contract covers Phase III balcony and privacy fencing improvements, with materials, permitting, and mockup work scheduled for 2026 and installation scheduled for 2027.
Fair Hill includes an outdoor swimming pool, tennis and pickleball courts, a clubhouse and community center, playgrounds, picnic areas, walking and jogging paths, maintained common grounds, and a community lake. Shopping, dining, and everyday conveniences are described as nearby. Front exterior stairs and the landing have been recently updated. A signed AIA contract covers Phase III balcony and privacy fencing improvements, with materials, permitting, and mockup work scheduled for 2026 and installation scheduled for 2027.
Key Highlights
- Two‑bedroom, 1.5‑bath residential income property at 18224 Windsor Hill Drive, Unit 307
- Community lake view from a private balcony
- Brand‑new carpet and fresh paint throughout
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
$17,040
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
5.59%
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%
$340,800
$340.8K
Cap Rate 7%
$243,429
$243.4K
Cap Rate 9%
$189,333
$189.3K
Market Conditions
NOI Build-Up for 1,032 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
$33.3K $32.28/SF
− Vacancy
−$2.3K −$2.26/SF
EGI
$31.0K $30.02/SF
− OpEx
−$13.9K −$13.51/SF
NOI
$17.0K $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%
$340,800
Cap Rate 7%
$243,429
Cap Rate 9%
$189,333
Alternative Uses
Best Use
Apartment 5plus
$243.4K
$213.0K – $284.0K
NOI $17,040 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$363.0K
$317.7K – $423.5K
NOI $25,412 @ 7.0% cap · market cap 8.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,753
Businesses Nearby
Explore this area
Business Placement
Demographics for 20832, MD
25,969
Population
8,581
Households
3
Avg Household Size
43
Median Age
64%
College-Educated
96%
High-School Grad
9.6 sq mi
ZIP Area
2,705
Density / Sq Mi
$166,892
Median Household Income
$72,309
Median Earnings
$2,429
Median Rent
$601,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated two-bedroom unit with private balcony, in-unit laundry, fireplace, and access to extensive Fair Hill community amenities.
Where is this residential income property located?
The property is located at 18224 WINDSOR HILL DRIVE Unit 307 Olney, MD.
What is the asking price?
The asking price for this property is $305,000.
What are key features of this property?
This property features: Two‑bedroom, 1.5‑bath residential income property at 18224 Windsor Hill Drive, Unit 307; Community lake view from a private balcony; Brand‑new carpet and fresh paint throughout
