Two-Bedroom Apartment
For Sale
$200,000
18503 BOYSENBERRY DR #121, Gaithersburg, MD 20879
GAITHERSBURG, MD
Property Size817 SF
Price / SF$244.80
Days on Market84
Property Features for 18503 BOYSENBERRY DR #121
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 2, Bedroom 1
Subdivision
BRECKENRIDGE
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
pool
in-unit laundry
Building Details
Year built
1988
Listing Agency:
One Bethesda
(240) 497-1700
Listed By:
Andrew J Ascienzo · License #5001752
(301) 602-1146
Added: Jun 14
Changed: Sep 2
Last Checked: Sep 5 at 8:06PM
MLS# MDMC2240080
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 two-bedroom, one-bathroom apartment offers 817 square feet within the Breckenridge garden-style community. The unit has an open interior arrangement with a kitchen featuring newly finished quartz countertops and freshly painted cabinets. A washer and dryer are included inside the residence, and the layout is designed for comfortable everyday use.
The property was built in 1988 and includes one assigned parking space. Residents also have access to the community pool, providing an on-site recreational amenity. The unit is located at 18503 Boysenberry Dr #121 in Gaithersburg, Maryland, within Montgomery County.
The property was built in 1988 and includes one assigned parking space. Residents also have access to the community pool, providing an on-site recreational amenity. The unit is located at 18503 Boysenberry Dr #121 in Gaithersburg, Maryland, within Montgomery County.
Key Highlights
- 2‑bedroom, 1‑bathroom apartment with 817 SF
- Newly finished quartz countertops and freshly painted kitchen cabinets
- In‑unit washer and dryer included
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
$13,490
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
6.74%
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%
$269,800
$269.8K
Cap Rate 7%
$192,714
$192.7K
Cap Rate 9%
$149,889
$149.9K
Market Conditions
NOI Build-Up for 817 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
$26.4K $32.28/SF
− Vacancy
−$1.8K −$2.26/SF
EGI
$24.5K $30.02/SF
− OpEx
−$11.0K −$13.51/SF
NOI
$13.5K $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%
$269,800
Cap Rate 7%
$192,714
Cap Rate 9%
$149,889
Alternative Uses
Best Use
Apartment 5plus
$192.7K
$168.6K – $224.8K
NOI $13,490 @ 7.0% cap · market cap 6.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$287.4K
$251.5K – $335.3K
NOI $20,118 @ 7.0% cap · market cap 10.06%
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
1,476
Businesses Nearby
Explore this area
Business Placement
Demographics for 20879, MD
26,176
Population
9,008
Households
2.9
Avg Household Size
37
Median Age
42%
College-Educated
87%
High-School Grad
8.6 sq mi
ZIP Area
3,044
Density / Sq Mi
$105,109
Median Household Income
$49,269
Median Earnings
$1,895
Median Rent
$433,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Garden-style residence with updated kitchen finishes, in-unit laundry, assigned parking, and access to a community pool.
Where is this residential income property located?
The property is located at 18503 BOYSENBERRY DR #121 Gaithersburg, MD.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: 2‑bedroom, 1‑bathroom apartment with 817 SF; Newly finished quartz countertops and freshly painted kitchen cabinets; In‑unit washer and dryer included
