Updated Residential Income
For Sale
$550,000
303 REDLAND BOULEVARD Unit 201, Rockville, MD 20850
Two-bedroom condominium with renovated primary bath, private garage parking, and access to King Farm Village amenities.
Property Size1,583 SF
Price / SF$347.44
Days on Market40
Property Features for 303 REDLAND BOULEVARD Unit 201
General Information
Standard status
Active
Size
1,583 SF
Total Parking Spaces
2
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,574
Amenities
pools
parks
walking trails
tennis courts
playgrounds
complimentary shuttle
laundry room
Building Details
Building Size
1,583 SF
Year Built
2002
Listing Agency:
RE/MAX Realty Services
Listed By:
Gary J Rudden · License #05260
(301) 351-2247
Source:
Kerishull
Added: Jul 26
Changed: Sep 2
Last Checked: Sep 2 at 9:08PM
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 Services
Investment Insights
Based on property information with market context.
This two-bedroom, two-bath condominium is located in a quiet elevator building and includes a private attached garage space plus an additional space behind the garage door. The residence has been freshly painted and features luxury vinyl plank flooring, oversized windows, and an open layout. The kitchen offers a center island, extensive cabinetry and counters, and stainless steel appliances, including a gas range, French-door refrigerator, built-in microwave, and dishwasher. A separate laundry room includes a full-size washer and dryer. The primary suite includes a renovated bath with double vanity, oversized walk-in shower, and custom walk-in closets. The property is near King Farm Village Center, with pools, parks, walking trails, tennis courts, playgrounds, and shuttle service to Shady Grove Metro. Access to I-270 and the ICC supports regional commuting. Built in 2002.
Key Highlights
- Two‑bedroom, two‑full‑bath condominium
- Private attached garage space plus an additional parking space behind the garage door
- Renovated primary bath with double vanity and oversized walk‑in shower
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
$26,137
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
4.75%
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%
$522,740
$522.7K
Cap Rate 7%
$373,386
$373.4K
Cap Rate 9%
$290,411
$290.4K
Market Conditions
NOI Build-Up for 1,583 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
$51.1K $32.28/SF
− Vacancy
−$3.6K −$2.26/SF
EGI
$47.5K $30.02/SF
− OpEx
−$21.4K −$13.51/SF
NOI
$26.1K $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%
$522,740
Cap Rate 7%
$373,386
Cap Rate 9%
$290,411
Alternative Uses
Best Use
Apartment 5plus
$373.4K
$326.7K – $435.6K
NOI $26,137 @ 7.0% cap · market cap 4.75%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$556.9K
$487.3K – $649.7K
NOI $38,980 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,164
Businesses Nearby
Explore this area
Business Placement
Demographics for 20850, MD
51,045
Population
22,468
Households
2.3
Avg Household Size
41
Median Age
67%
College-Educated
94%
High-School Grad
14.1 sq mi
ZIP Area
3,620
Density / Sq Mi
$122,691
Median Household Income
$77,679
Median Earnings
$2,277
Median Rent
$687,200
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 renovated primary bath, private garage parking, and access to King Farm Village amenities.
Where is this residential income property located?
The property is located at 303 REDLAND BOULEVARD Unit 201 Rockville, MD.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two‑bedroom, two‑full‑bath condominium; Private attached garage space plus an additional parking space behind the garage door; Renovated primary bath with double vanity and oversized walk‑in shower
