Updated Residential Income Property with
New
For Sale
$305,000
18249 LEMAN LAKE DRIVE Unit 607B, Olney, MD 20832
Updated condominium unit with lake views, private outdoor space, and access to extensive community amenities.
Property Size1,032 SF
Days on Market3
Property Features for 18249 LEMAN LAKE DRIVE Unit 607B
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
$3,733
Amenities
fireplace
private balcony
pool
tennis and pickleball courts
clubhouse
playgrounds
picnic areas
walking paths
community lake
outdoor storage
Building Details
Building Size
1,032 SF
Year Built
1987
Listing Agency:
EXP Realty, LLC
(301) 221-9647
Listed By:
Theresa Kaufman · License #586150
(301) 221-9647
Source:
Thehulsmangroup
Added: Aug 19
Changed: Aug 21
Last Checked: Aug 21 at 10:11AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This residential income property is a 2-bedroom, 1.5-bath condominium built in 1987 and refreshed with improvements to the kitchen, bathrooms, interior paint, carpeting, front stairs, and landing. A fireplace sits beside the kitchen, while the private balcony overlooks the community lake and provides additional outdoor living space. Separate exterior storage adds practical convenience.
Residents have access to a pool, tennis and pickleball courts, clubhouse, playgrounds, picnic areas, walking paths, and the community lake. The property is in the Fair Hill community and is within walking distance of shopping, restaurants, coffee shops, parks, and everyday conveniences in Olney. Phase III work covering balcony and privacy fencing improvements is under contract, with installation planned for 2027.
Residents have access to a pool, tennis and pickleball courts, clubhouse, playgrounds, picnic areas, walking paths, and the community lake. The property is in the Fair Hill community and is within walking distance of shopping, restaurants, coffee shops, parks, and everyday conveniences in Olney. Phase III work covering balcony and privacy fencing improvements is under contract, with installation planned for 2027.
Key Highlights
- 2‑bedroom, 1.5‑bath condominium built in 1987
- Updated kitchen, bathrooms, paint, carpeting, front stairs, and landing
- Private balcony with community lake views
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
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,700
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 condominium unit with lake views, private outdoor space, and access to extensive community amenities.
Where is this residential income property located?
The property is located at 18249 LEMAN LAKE DRIVE Unit 607B 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: 2‑bedroom, 1.5‑bath condominium built in 1987; Updated kitchen, bathrooms, paint, carpeting, front stairs, and landing; Private balcony with community lake views
