Updated Condo Income
For Sale
$224,900
18804 WALKERS CHOICE ROAD Unit 2, Montgomery Village, MD 20886
Updated condominium with a private ground-level patio and utility-inclusive condo fee.
Property Size1,152 SF
Days on Market58
Property Features for 18804 WALKERS CHOICE ROAD Unit 2
General Information
Standard status
Active
Size
1,152 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,914
Amenities
in-unit washer and dryer
private ground-level patio
Building Details
Building Size
1,152 SF
Year Built
1973
Listing Agency:
CENTURY 21 New Millennium
(240) 277-1766
Listed By:
Mathew L Segal · License #579811
(240) 277-1766
Source:
Thehulsmangroup
Added: Jun 25
Changed: Aug 21
Last Checked: Aug 21 at 11:38AM
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 CENTURY 21 New Millennium
Investment Insights
Based on property information with market context.
This updated condominium offers a low-maintenance residential income property configuration with spacious rooms, abundant natural light, and a practical floor plan. The primary bedroom includes a walk-in closet, while the residence also features updated full baths and an in-unit washer and dryer.
The kitchen has been refreshed with granite countertops, updated cabinetry, and stainless steel appliances. A private ground-level patio provides outdoor space, and the condo fee covers all utilities. Built in 1973, the property combines established construction with a range of interior updates.
The kitchen has been refreshed with granite countertops, updated cabinetry, and stainless steel appliances. A private ground-level patio provides outdoor space, and the condo fee covers all utilities. Built in 1973, the property combines established construction with a range of interior updates.
Key Highlights
- Updated condominium with spacious rooms and natural light
- Primary bedroom includes a walk‑in closet
- Kitchen features granite countertops, updated cabinets, and stainless steel appliances
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
$19,021
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
8.46%
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%
$380,420
$380.4K
Cap Rate 7%
$271,729
$271.7K
Cap Rate 9%
$211,344
$211.3K
Market Conditions
NOI Build-Up for 1,152 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
$37.2K $32.28/SF
− Vacancy
−$2.6K −$2.26/SF
EGI
$34.6K $30.02/SF
− OpEx
−$15.6K −$13.51/SF
NOI
$19.0K $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%
$380,420
Cap Rate 7%
$271,729
Cap Rate 9%
$211,344
Alternative Uses
Best Use
Apartment 5plus
$271.7K
$237.8K – $317.0K
NOI $19,021 @ 7.0% cap · market cap 8.46%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$405.2K
$354.6K – $472.8K
NOI $28,367 @ 7.0% cap · market cap 12.61%
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
1,156
Businesses Nearby
Explore this area
Business Placement
Demographics for 20886, MD
35,649
Population
13,024
Households
2.7
Avg Household Size
36
Median Age
43%
College-Educated
88%
High-School Grad
4.1 sq mi
ZIP Area
8,695
Density / Sq Mi
$98,767
Median Household Income
$48,530
Median Earnings
$1,863
Median Rent
$366,400
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium with a private ground-level patio and utility-inclusive condo fee.
Where is this residential income property located?
The property is located at 18804 WALKERS CHOICE ROAD Unit 2 Montgomery Village, MD.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: Updated condominium with spacious rooms and natural light; Primary bedroom includes a walk‑in closet; Kitchen features granite countertops, updated cabinets, and stainless steel appliances
