Two-Bedroom Residential Income
For Sale
$223,000
18535 BOYSENBERRY DRIVE Unit 220, Gaithersburg, MD 20879
Condo offers an open living area, private balcony, in-unit laundry, and access to a community pool.
Property Size817 SF
Days on Market17
Property Features for 18535 BOYSENBERRY DRIVE Unit 220
General Information
Standard status
Active
Size
817 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,500
Amenities
fireplace
private balcony
in-unit laundry
pool
Building Details
Building Size
817 SF
Year Built
1988
Listing Agency:
Metropolitan Fine Properties, Inc.
(202) 817-1700
Listed By:
Ali E Varkiani · License #590142
(202) 817-1700
Source:
Thehulsmangroup
Added: Jul 29
Changed: Aug 10
Last Checked: Aug 13 at 11:09AM
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 Metropolitan Fine Properties, Inc.
Investment Insights
Based on property information with market context.
Unit 220 at 18535 Boysenberry Drive is a 1988-built condominium with two bedrooms and two bathrooms. The interior includes an open living and entertaining area, a fireplace, and a kitchen with updated finishes. In-unit laundry adds everyday convenience, while the private balcony provides outdoor space connected to the residence.
Residents have access to unassigned parking and a community swimming pool. The pet-friendly community is positioned near parks, major commuter routes, and the shopping and dining options of Rio and Downtown Crown in Gaithersburg, Maryland. The property combines a residential layout with features that support comfortable daily living and convenient access to nearby amenities.
Residents have access to unassigned parking and a community swimming pool. The pet-friendly community is positioned near parks, major commuter routes, and the shopping and dining options of Rio and Downtown Crown in Gaithersburg, Maryland. The property combines a residential layout with features that support comfortable daily living and convenient access to nearby amenities.
Key Highlights
- Two‑bedroom, two‑bathroom condominium at 18535 Boysenberry Drive Unit 220
- 1988‑built property with an open living area and fireplace
- Kitchen features updated finishes
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
6.05%
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 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$287.4K
$251.5K – $335.3K
NOI $20,118 @ 7.0% cap · market cap 9.02%
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
1,433
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 - Condo offers an open living area, private balcony, in-unit laundry, and access to a community pool.
Where is this residential income property located?
The property is located at 18535 BOYSENBERRY DRIVE Unit 220 Gaithersburg, MD.
What is the asking price?
The asking price for this property is $223,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bathroom condominium at 18535 Boysenberry Drive Unit 220; 1988‑built property with an open living area and fireplace; Kitchen features updated finishes
