Updated Residential Income Property with
For Sale
$295,000
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 Market49
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
Listed By:
Theresa Kaufman · License #586150
(301) 221-9647
Source:
Thehulsmangroup
Added: Aug 19
Changed: Oct 3
Last Checked: Oct 5 at 10:39PM
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 / Yr
$17,040
Cap Rate
5.78%
Suggested Prices Based on Cap Rates
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
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 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 5.78%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$363.0K
$317.7K – $423.5K
NOI $25,412 @ 7.0% cap · market cap 8.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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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 $295,000.
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
