Ground-Level Residential Income
For Sale
$234,900
3206 SPARTAN ROAD Unit 14, Olney, MD 20832
The condo association fee covers utilities, building services, and seasonal access to a community pool and recreation facilities.
Property Size1,110 SF
Days on Market10
Property Features for 3206 SPARTAN ROAD Unit 14
General Information
Standard status
Active
Size
1,110 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,611
Amenities
seasonal pool
recreation facilities
in-unit washer and dryer
assigned parking
visitor parking
Building Details
Building Size
1,110 SF
Year Built
1973
Listing Agency:
LPT Realty, LLC
Listed By:
James E Brown · License #638303
(301) 221-1988
Source:
Thehulsmangroup
Added: Sep 27
Changed: Oct 5
Last Checked: Oct 4 at 3:59PM
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
This ground-floor condominium was built in 1973 and has three bedrooms and two full bathrooms. Its interior includes a renovated kitchen with granite counters and upgraded cabinetry, plus separate living and dining areas. A private walk-out, in-unit stackable washer and dryer, and assigned parking are also part of the unit; visitor parking is available on site.
The property is in Olney, near grocery shopping, restaurants, parks, and major commuter routes. Community facilities include a seasonal pool and recreation areas. The condo fee covers water, sewer, heating, air conditioning, trash service, snow removal, lawn care, and exterior building maintenance.
The property is in Olney, near grocery shopping, restaurants, parks, and major commuter routes. Community facilities include a seasonal pool and recreation areas. The condo fee covers water, sewer, heating, air conditioning, trash service, snow removal, lawn care, and exterior building maintenance.
Key Highlights
- Three‑bedroom, two‑full‑bath condominium
- Ground‑floor unit with private walk‑out
- Renovated kitchen with granite counters and upgraded cabinets
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,327
Cap Rate
7.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$366,540
$366.5K
Cap Rate 7%
$261,814
$261.8K
Cap Rate 9%
$203,633
$203.6K
Market Conditions
NOI Build-Up for 1,110 SF
Gross rent
$35.8K $32.28/SF
− Vacancy
−$2.5K −$2.26/SF
EGI
$33.3K $30.02/SF
− OpEx
−$15.0K −$13.51/SF
NOI
$18.3K $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%
$366,540
Cap Rate 7%
$261,814
Cap Rate 9%
$203,633
Alternative Uses
Best Use
Apartment 5plus
$261.8K
$229.1K – $305.5K
NOI $18,327 @ 7.0% cap · market cap 7.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$390.5K
$341.7K – $455.6K
NOI $27,333 @ 7.0% cap · market cap 11.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,812
Businesses Nearby
Explore this area
Business Placement
Demographics for 20832, MD
25,969
Population
8,581
Households
3
Avg Household Size
43
Median Age
64%
College-Educated
96%
High-School Grad
9.6 sq mi
ZIP Area
2,705
Density / Sq Mi
$166,892
Median Household Income
$72,309
Median Earnings
$2,429
Median Rent
$601,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - The condo association fee covers utilities, building services, and seasonal access to a community pool and recreation facilities.
Where is this residential income property located?
The property is located at 3206 SPARTAN ROAD Unit 14 Olney, MD.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: Three‑bedroom, two‑full‑bath condominium; Ground‑floor unit with private walk‑out; Renovated kitchen with granite counters and upgraded cabinets
