Updated Residential Income
For Sale
$218,000
18529 BOYSENBERRY Unit 303, Montgomery Village, MD 20879
Two-bedroom condominium with refreshed interiors, private outdoor space, and community recreation amenities.
Property Size903 SF
Days on Market8
Property Features for 18529 BOYSENBERRY Unit 303
General Information
Standard status
Active
Size
903 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,658
Amenities
pool
walking trails
tennis courts
in-unit washer and dryer
fireplace
private balcony
Building Details
Building Size
903 SF
Year Built
1989
Listing Agency:
RLAH @properties
(202) 494-0110
Listed By:
Lorin Mones · License #5005063
(202) 494-0110
Source:
Thehulsmangroup
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 21 at 10:28AM
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 RLAH @properties
Investment Insights
Based on property information with market context.
This residential income property is a condominium built in 1989 with two bedrooms and two bathrooms. The interior has new LVP flooring, vaulted ceilings, and an open living area centered around a fireplace. A private balcony extends the living space, while the kitchen includes stainless steel appliances, granite countertops, and substantial cabinetry. The primary bedroom offers a walk-in closet and attached bathroom. An in-unit washer and dryer are also included.
The property is located in Montgomery Village near shopping, dining, and major commuter routes. Community amenities include pools, walking trails, and tennis courts. The residence also provides parking and may suit an owner-occupant or an investor seeking a residential income asset.
The property is located in Montgomery Village near shopping, dining, and major commuter routes. Community amenities include pools, walking trails, and tennis courts. The residence also provides parking and may suit an owner-occupant or an investor seeking a residential income asset.
Key Highlights
- Two‑bedroom, two‑bathroom condominium at 18529 BOYSENBERRY Unit: 303
- New LVP flooring, vaulted ceilings, and a fireplace
- Kitchen with stainless steel appliances and granite countertops
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
$14,910
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
6.84%
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%
$298,200
$298.2K
Cap Rate 7%
$213,000
$213.0K
Cap Rate 9%
$165,667
$165.7K
Market Conditions
NOI Build-Up for 903 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
$29.1K $32.28/SF
− Vacancy
−$2.0K −$2.26/SF
EGI
$27.1K $30.02/SF
− OpEx
−$12.2K −$13.51/SF
NOI
$14.9K $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%
$298,200
Cap Rate 7%
$213,000
Cap Rate 9%
$165,667
Alternative Uses
Best Use
Apartment 5plus
$213.0K
$186.4K – $248.5K
NOI $14,910 @ 7.0% cap · market cap 6.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$317.7K
$278.0K – $370.6K
NOI $22,236 @ 7.0% cap · market cap 10.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
285
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 - Two-bedroom condominium with refreshed interiors, private outdoor space, and community recreation amenities.
Where is this residential income property located?
The property is located at 18529 BOYSENBERRY Unit 303 Montgomery Village, MD.
What is the asking price?
The asking price for this property is $218,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bathroom condominium at 18529 BOYSENBERRY Unit: 303; New LVP flooring, vaulted ceilings, and a fireplace; Kitchen with stainless steel appliances and granite countertops
