Residential Income Property with
New
For Sale
$249,990
3100 N LEISURE WORLD BOULEVARD #219, Silver Spring, MD 20906
Two bedrooms, two full baths, and an enclosed sunroom complement this condo in a 55+ community.
Property Size1,035 SF
Price / SF$241.54
Days on Market6
Property Features for 3100 N LEISURE WORLD BOULEVARD #219
General Information
Standard status
Active
Size
1,035 SF
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
private balcony
enclosed sunroom
in-unit washer/dryer
private storage cage
18-hole golf course
indoor pool
outdoor pool
fitness center
walking trails
tennis courts
pickleball courts
restaurants
community events
theater
art studios
ballroom
billiards room
woodworking shop
MedStar Health Center
garden plot
community bus service
24-hour security
Building Details
Year Built
2004
Listing Agency:
Libra Realty, LLC
(301) 972-5588
Listed By:
Lida Ning
(301) 661-8805
Source:
Cummingsrealtors
Added: Sep 21
Changed: Sep 24
Last Checked: Sep 24 at 2:38PM
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 Libra Realty, LLC
Investment Insights
Based on property information with market context.
This 1,035-square-foot condo in the Overlook Highrise has two bedrooms and two full baths. The living and dining areas open to an enclosed balcony sunroom. The primary bedroom includes a walk-in closet, a second closet, and an en suite shower; the other bedroom is served by a full bath with a tub and shower. The kitchen has pantry and cabinet storage, and the unit includes a washer and dryer, private storage cage, and fresh paint. Built in 2004, the residence also has carpeted living areas and bedrooms.
Leisure World is a gated 55+ community with 24-hour security. Amenities include an 18-hole golf course, indoor and outdoor pools, fitness center, walking trails, tennis and pickleball courts, restaurants, theater, art studios, ballroom, billiards room, and community bus service.
Leisure World is a gated 55+ community with 24-hour security. Amenities include an 18-hole golf course, indoor and outdoor pools, fitness center, walking trails, tennis and pickleball courts, restaurants, theater, art studios, ballroom, billiards room, and community bus service.
Key Highlights
- Two‑bedroom, two‑bath condo with 1,035 square feet
- Enclosed sunroom balcony off the living and dining areas
- Primary suite has a walk‑in closet, second closet, and private bath
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
$17,089
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%
$341,780
$341.8K
Cap Rate 7%
$244,129
$244.1K
Cap Rate 9%
$189,878
$189.9K
Market Conditions
NOI Build-Up for 1,035 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
$33.4K $32.28/SF
− Vacancy
−$2.3K −$2.26/SF
EGI
$31.1K $30.02/SF
− OpEx
−$14.0K −$13.51/SF
NOI
$17.1K $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%
$341,780
Cap Rate 7%
$244,129
Cap Rate 9%
$189,878
Alternative Uses
Best Use
Apartment 5plus
$244.1K
$213.6K – $284.8K
NOI $17,089 @ 7.0% cap · market cap 6.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$364.1K
$318.6K – $424.8K
NOI $25,486 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
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Business Placement
Demographics for 20906, MD
71,641
Population
27,423
Households
2.6
Avg Household Size
41
Median Age
42%
College-Educated
87%
High-School Grad
12.7 sq mi
ZIP Area
5,641
Density / Sq Mi
$92,964
Median Household Income
$46,172
Median Earnings
$1,945
Median Rent
$440,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Two bedrooms, two full baths, and an enclosed sunroom complement this condo in a 55+ community.
Where is this residential income property located?
The property is located at 3100 N LEISURE WORLD BOULEVARD #219 Silver Spring, MD.
What is the asking price?
The asking price for this property is $249,990.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condo with 1,035 square feet; Enclosed sunroom balcony off the living and dining areas; Primary suite has a walk‑in closet, second closet, and private bath
