Top-Floor Residential Income
For Sale
$168,000
18415 BISHOPSTONE COURT Unit 42, Montgomery Village, MD 20886
Two-level condo offers an updated kitchen, vaulted bedroom ceiling, and in-unit laundry.
Property Size928 SF
Days on Market21
Property Features for 18415 BISHOPSTONE COURT Unit 42
General Information
Standard status
Active
Size
928 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,925
Amenities
in-unit laundry
Building Details
Building Size
928 SF
Year Built
1984
Listing Agency:
Redfin Corp
(301) 410-5889
Listed By:
Lisa Greaves · License #642164
(301) 410-5889
Source:
Thehulsmangroup
Added: Jul 24
Changed: Aug 12
Last Checked: Aug 12 at 3:22AM
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 Redfin Corp
Investment Insights
Based on property information with market context.
This top-floor, two-level condominium provides approximately 1,000 square feet of living area with a 1-bedroom, 1-bath configuration. The main floor combines the living area and updated kitchen in an open arrangement, while the upper-level bedroom adds separation and features a vaulted ceiling. In-unit laundry is included. Built in 1984, the residence offers a distinct vertical layout within a residential income property classification.
The property is near shopping, restaurants, and Costco, with access to I-270 and the Shady Grove Metro described as only minutes away. Its upper-level bedroom, open main floor, and integrated laundry create a practical arrangement for residential use.
The property is near shopping, restaurants, and Costco, with access to I-270 and the Shady Grove Metro described as only minutes away. Its upper-level bedroom, open main floor, and integrated laundry create a practical arrangement for residential use.
Key Highlights
- Approximately 1,000 square feet in a 1‑bedroom, 1‑bath layout
- Top‑floor condominium arranged across two levels
- Updated kitchen connected to an open main living area
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
$15,322
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
9.12%
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%
$306,440
$306.4K
Cap Rate 7%
$218,886
$218.9K
Cap Rate 9%
$170,244
$170.2K
Market Conditions
NOI Build-Up for 928 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
$30.0K $32.28/SF
− Vacancy
−$2.1K −$2.26/SF
EGI
$27.9K $30.02/SF
− OpEx
−$12.5K −$13.51/SF
NOI
$15.3K $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%
$306,440
Cap Rate 7%
$218,886
Cap Rate 9%
$170,244
Alternative Uses
Best Use
Apartment 5plus
$218.9K
$191.5K – $255.4K
NOI $15,322 @ 7.0% cap · market cap 9.12%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$326.4K
$285.6K – $380.9K
NOI $22,851 @ 7.0% cap · market cap 13.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,433
Businesses Nearby
Explore this area
Business Placement
Demographics for 20886, MD
35,649
Population
13,024
Households
2.7
Avg Household Size
36
Median Age
43%
College-Educated
88%
High-School Grad
4.1 sq mi
ZIP Area
8,695
Density / Sq Mi
$98,767
Median Household Income
$48,530
Median Earnings
$1,863
Median Rent
$366,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-level condo offers an updated kitchen, vaulted bedroom ceiling, and in-unit laundry.
Where is this residential income property located?
The property is located at 18415 BISHOPSTONE COURT Unit 42 Montgomery Village, MD.
What is the asking price?
The asking price for this property is $168,000.
What are key features of this property?
This property features: Approximately 1,000 square feet in a 1‑bedroom, 1‑bath layout; Top‑floor condominium arranged across two levels; Updated kitchen connected to an open main living area
