Renovated Residential Income
For Sale
$165,000
18510 BOYSENBERRY DRIVE Unit 192, Gaithersburg, MD 20879
Top-floor one-bedroom condominium with vaulted ceilings, private balcony, and reserved covered parking.
Property Size712 SF
Days on Market37
Property Features for 18510 BOYSENBERRY DRIVE Unit 192
General Information
Standard status
Active
Size
712 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,500
Amenities
private balcony
wood-burning fireplace
new washer/dryer
reserved covered parking
exterior storage closet
swimming pool
tennis courts
fitness center
tot lots
walking trails
green space
Building Details
Building Size
712 SF
Year Built
1988
Year Renovated
2026
Listing Agency:
Keller Williams Capital Properties
(240) 876-4446
Listed By:
Marc S Luger · License #527338
(240) 876-4446
Source:
Thehulsmangroup
Added: Jul 16
Changed: Aug 20
Last Checked: Aug 20 at 12:47PM
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 Keller Williams Capital Properties
Investment Insights
Based on property information with market context.
This top-floor condominium at 18510 Boysenberry Drive, Unit 192, includes one bedroom and one bathroom within a layout updated in 2026. Interior features include vaulted ceilings, engineered wood flooring, new lighting, a wood-burning fireplace, and a private balcony with wooded views. The kitchen has quartz countertops, new cabinetry with pantry storage, stainless steel appliances, ceramic tile flooring, and a glass tile backsplash. A full-sized washer and dryer, dual bedroom closets, private bathroom access, reserved covered parking, and an exterior storage closet add practical functionality.
Community amenities include a swimming pool, tennis courts, fitness center, tot lots, walking trails, and green space. The property is in Gaithersburg, Maryland, near shopping, restaurants, parks, I-270, Route 355, I-495, and the ICC. The residence was built in 1988 and is identified as Unit 192.
Community amenities include a swimming pool, tennis courts, fitness center, tot lots, walking trails, and green space. The property is in Gaithersburg, Maryland, near shopping, restaurants, parks, I-270, Route 355, I-495, and the ICC. The residence was built in 1988 and is identified as Unit 192.
Key Highlights
- Completely renovated in 2026 with updated finishes throughout
- One‑bedroom, one‑bath top‑floor condominium with vaulted ceilings
- Private balcony overlooking wooded 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
$11,756
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
7.12%
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%
$235,120
$235.1K
Cap Rate 7%
$167,943
$167.9K
Cap Rate 9%
$130,622
$130.6K
Market Conditions
NOI Build-Up for 712 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
$23.0K $32.28/SF
− Vacancy
−$1.6K −$2.26/SF
EGI
$21.4K $30.02/SF
− OpEx
−$9.6K −$13.51/SF
NOI
$11.8K $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%
$235,120
Cap Rate 7%
$167,943
Cap Rate 9%
$130,622
Alternative Uses
Best Use
Apartment 5plus
$167.9K
$147.0K – $195.9K
NOI $11,756 @ 7.0% cap · market cap 7.12%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$250.5K
$219.2K – $292.2K
NOI $17,533 @ 7.0% cap · market cap 10.63%
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
1,476
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 - Top-floor one-bedroom condominium with vaulted ceilings, private balcony, and reserved covered parking.
Where is this residential income property located?
The property is located at 18510 BOYSENBERRY DRIVE Unit 192 Gaithersburg, MD.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: Completely renovated in 2026 with updated finishes throughout; One‑bedroom, one‑bath top‑floor condominium with vaulted ceilings; Private balcony overlooking wooded views
