Two-Bedroom Residential Income
For Sale
$264,900
Pending
2502 HEMINGWAY DRIVE Unit 2-3C, Frederick, MD 21702
An upper-level condominium features vaulted ceilings, a patio, and in-unit laundry.
Property Size1,370 SF
Days on Market21
Property Features for 2502 HEMINGWAY DRIVE Unit 2-3C
General Information
Standard status
Pending
Size
1,370 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,910
Amenities
in-unit laundry
pool
tennis courts
scenic walking paths
picnic area
baseball field
soccer field
Building Details
Building Size
1,370 SF
Year Built
2006
Listing Agency:
RE/MAX Realty Centre, Inc.
Listed By:
Ray Boss Jr. · License #599062
(301) 221-2327
Source:
Catoctinproperties
Added: Oct 11
Changed: Oct 26
Last Checked: Oct 31 at 8:08AM
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 RE/MAX Realty Centre, Inc.
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Investment Insights
Based on property information with market context.
This 1,370-square-foot condominium was built in 2006 and occupies an upper-level position accessed by elevator. The layout includes two bedrooms and two bathrooms, a family room connected to a formal dining area, and a patio. The kitchen has upgraded countertops, a built-in microwave, dishwasher, and electric range. A washer and dryer are included, and the primary bedroom has a walk-in closet. Other interior features include recessed lighting, new carpet, and an HVAC unit replaced in 2017.
Community amenities include an outdoor pool, tennis courts, walking paths around a lake, a picnic area, and baseball and soccer fields. The property is less than 4 miles from downtown Frederick. Assigned parking is provided, and maintenance services are included through the association.
Community amenities include an outdoor pool, tennis courts, walking paths around a lake, a picnic area, and baseball and soccer fields. The property is less than 4 miles from downtown Frederick. Assigned parking is provided, and maintenance services are included through the association.
Key Highlights
- 1,370 square feet; built in 2006
- Two bedrooms and two bathrooms in an upper‑level unit with elevator access
- Family room, formal dining area, and patio
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,640
Cap Rate
7.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$372,800
$372.8K
Cap Rate 7%
$266,286
$266.3K
Cap Rate 9%
$207,111
$207.1K
Market Conditions
NOI Build-Up for 1,370 SF
Gross rent
$35.7K $26.04/SF
− Vacancy
−$1.8K −$1.30/SF
EGI
$33.9K $24.74/SF
− OpEx
−$15.3K −$11.13/SF
NOI
$18.6K $13.61/SF
Area
Frederick County, MD
Vacancy
5.00%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$372,800
Cap Rate 7%
$266,286
Cap Rate 9%
$207,111
Alternative Uses
Best Use
Apartment 5plus
$266.3K
$233.0K – $310.7K
NOI $18,640 @ 7.0% cap · market cap 7.04%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$507.7K
$444.2K – $592.3K
NOI $35,536 @ 7.0% cap · market cap 13.41%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
114
Businesses Nearby
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Business Placement
Demographics for 21702, MD
46,412
Population
18,677
Households
2.5
Avg Household Size
37
Median Age
40%
College-Educated
89%
High-School Grad
41.7 sq mi
ZIP Area
1,113
Density / Sq Mi
$104,659
Median Household Income
$55,937
Median Earnings
$1,722
Median Rent
$384,800
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - An upper-level condominium features vaulted ceilings, a patio, and in-unit laundry.
Where is this residential income property located?
The property is located at 2502 HEMINGWAY DRIVE Unit 2-3C Frederick, MD.
What is the asking price?
The asking price for this property is $264,900.
What are key features of this property?
This property features: 1,370 square feet; built in 2006; Two bedrooms and two bathrooms in an upper‑level unit with elevator access; Family room, formal dining area, and patio
