Two-Bedroom Residential
For Sale
$344,900
3200 N LEISURE WORLD BOULEVARD Unit 308, Silver Spring, MD 20906
Located in a 55+ community, the condo combines an enclosed balcony with access to shared recreation and social spaces.
Property Size1,335 SF
Price / SF$258.35
Days on Market195
Property Features for 3200 N LEISURE WORLD BOULEVARD Unit 308
General Information
Standard status
Active
Size
1,335 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,673
Amenities
secured building access
community social room with library and lounge space
18-hole golf course & pro shop
indoor & outdoor pools
Two clubhouses with restaurants, lounges and theaters
fully equipped fitness center
tennis/pickleball courts
game room
art studio
ceramic studio
woodworking shop
On-site Medical Center
community shuttle service
Building Details
Building Size
1,335 SF
Year Built
2002
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
Listed By:
Katie R Nicholson · License #586374
(301) 370-5022
Source:
Signaturemoverealestate
Added: Apr 21
Changed: Oct 31
Last Checked: Oct 31 at 7:23AM
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 Berkshire Hathaway HomeServices PenFed Realty
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Investment Insights
Based on property information with market context.
This 1,315-square-foot condo in the Vantage Point East building has two bedrooms, two bathrooms, and a traditional layout. The living and dining areas connect to a kitchen with white cabinetry, quartz counters, and stainless steel appliances. Luxury vinyl plank flooring runs throughout, and the enclosed balcony overlooks trees. The primary suite includes a walk-in closet and an en-suite bathroom with a walk-in shower. A separate laundry room provides additional storage. The HVAC system was replaced in 2023, and the refrigerator in 2025. The building was constructed in 2003 and has secured entry.
The condo is within a 55+ community with an 18-hole golf course, indoor and outdoor pools, two clubhouses, a fitness center, tennis and pickleball courts, studios, and a game room. Community services include an on-site medical center and shuttle. The monthly condo fee includes Comcast cable and internet.
The condo is within a 55+ community with an 18-hole golf course, indoor and outdoor pools, two clubhouses, a fitness center, tennis and pickleball courts, studios, and a game room. Community services include an on-site medical center and shuttle. The monthly condo fee includes Comcast cable and internet.
Key Highlights
- Two‑bedroom, two‑bathroom condo with 1,315 square feet
- Enclosed balcony with a wooded outlook
- HVAC replaced in 2023; refrigerator replaced in 2025
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,042
Cap Rate
6.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$440,840
$440.8K
Cap Rate 7%
$314,886
$314.9K
Cap Rate 9%
$244,911
$244.9K
Market Conditions
NOI Build-Up for 1,335 SF
Gross rent
$43.1K $32.28/SF
− Vacancy
−$3.0K −$2.26/SF
EGI
$40.1K $30.02/SF
− OpEx
−$18.0K −$13.51/SF
NOI
$22.0K $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 Rate 5%
$440,840
Cap Rate 7%
$314,886
Cap Rate 9%
$244,911
Alternative Uses
Best Use
Apartment 5plus
$314.9K
$275.5K – $367.4K
NOI $22,042 @ 7.0% cap · market cap 6.39%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$469.6K
$410.9K – $547.9K
NOI $32,874 @ 7.0% cap · market cap 9.53%
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
497
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 - Located in a 55+ community, the condo combines an enclosed balcony with access to shared recreation and social spaces.
Where is this residential income property located?
The property is located at 3200 N LEISURE WORLD BOULEVARD Unit 308 Silver Spring, MD.
What is the asking price?
The asking price for this property is $344,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bathroom condo with 1,315 square feet; Enclosed balcony with a wooded outlook; HVAC replaced in 2023; refrigerator replaced in 2025
