Updated Two-Bedroom
For Sale
$225,000
18521 BOYSENBERRY DRIVE Unit 242-172, Gaithersburg, MD 20879
First-level residence with renovated interiors, private patio, assigned parking, and access to community recreation amenities.
Property Size962 SF
Days on Market476
Property Features for 18521 BOYSENBERRY DRIVE Unit 242-172
General Information
Standard status
Active
Size
962 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$1,427
Building Details
Building Size
962 SF
Year Built
1988
Listing Agency:
TTR Sotheby's International Realty
(202) 683-7290
Listed By:
Megan Bonanno · License #670648
(202) 683-7290
Source:
Thehulsmangroup
Added: May 13, 2025
Changed: Aug 30
Last Checked: Aug 31 at 12:45AM
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 TTR Sotheby's International Realty
Investment Insights
Based on property information with market context.
This first-level condominium includes two bedrooms and one bathroom, with updates spanning the kitchen, flooring, and bathroom. The remodeled kitchen has stainless steel appliances and opens to a living and dining area with new luxury vinyl plank flooring. The primary bedroom also features new luxury vinyl plank flooring and ample closet space, while the secondary bedroom offers large windows and a generous closet. A private patio extends the living area toward a green setting.
Built in 1988, the residence includes an assigned parking space and is located within a pet-friendly condominium community offering tennis courts, a swimming pool, picnic area, playground, and fitness center. The property is near Lake Forest Mall, local libraries, Montgomery Village lakes, Costco, shopping centers, Seneca Creek State Park, I-270, I-370, Metro bus stops, and Gaithersburg MARC.
Built in 1988, the residence includes an assigned parking space and is located within a pet-friendly condominium community offering tennis courts, a swimming pool, picnic area, playground, and fitness center. The property is near Lake Forest Mall, local libraries, Montgomery Village lakes, Costco, shopping centers, Seneca Creek State Park, I-270, I-370, Metro bus stops, and Gaithersburg MARC.
Key Highlights
- Updated 2‑bedroom, 1‑bathroom first‑level condominium
- Remodeled kitchen with stainless steel appliances
- New luxury vinyl plank flooring in living area and primary bedroom
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
$15,884
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
7.06%
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%
$317,680
$317.7K
Cap Rate 7%
$226,914
$226.9K
Cap Rate 9%
$176,489
$176.5K
Market Conditions
NOI Build-Up for 962 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
$31.1K $32.28/SF
− Vacancy
−$2.2K −$2.26/SF
EGI
$28.9K $30.02/SF
− OpEx
−$13.0K −$13.51/SF
NOI
$15.9K $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%
$317,680
Cap Rate 7%
$226,914
Cap Rate 9%
$176,489
Alternative Uses
Best Use
Apartment 5plus
$226.9K
$198.6K – $264.7K
NOI $15,884 @ 7.0% cap · market cap 7.06%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$338.4K
$296.1K – $394.8K
NOI $23,689 @ 7.0% cap · market cap 10.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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 - First-level residence with renovated interiors, private patio, assigned parking, and access to community recreation amenities.
Where is this residential income property located?
The property is located at 18521 BOYSENBERRY DRIVE Unit 242-172 Gaithersburg, MD.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Updated 2‑bedroom, 1‑bathroom first‑level condominium; Remodeled kitchen with stainless steel appliances; New luxury vinyl plank flooring in living area and primary bedroom
