Renovated Residential Income
For Sale
$215,000
Pending
3212 SPARTAN ROAD Unit 2-E-5, Olney, MD 20832
Brick residential asset with updated interiors, community pool access, and two unassigned parking spaces.
Property Size996 SF
Days on Market61
Property Features for 3212 SPARTAN ROAD Unit 2-E-5
General Information
Standard status
Pending
Size
996 SF
Total Parking Spaces
2
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 3BR/1.5BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,273
Amenities
outdoor pool
Building Details
Building Size
996 SF
Year Built
1973
Year Renovated
2020
Construction
brick
Listing Agency:
RE/MAX Realty Centre, Inc.
Listed By:
Suzanne S Barry · License #66039
(301) 509-2009
Source:
Thehulsmangroup
Added: Sep 1
Changed: Oct 29
Last Checked: Oct 30 at 9:30PM
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 brick residential income property was constructed in 1973 and renovated in 2020. The residence offers three bedrooms and one-and-a-half bathrooms within an open layout. Interior updates include granite kitchen countertops, stainless steel appliances, replacement windows, and a replacement balcony door. The unit is described as being in very good condition.
Residents have access to an outdoor community pool and two unassigned parking spaces. The property is in Olney, Maryland, near local parks and recreational areas, with schools, public services, dining, and shopping options in the surrounding area.
Residents have access to an outdoor community pool and two unassigned parking spaces. The property is in Olney, Maryland, near local parks and recreational areas, with schools, public services, dining, and shopping options in the surrounding area.
Key Highlights
- Three‑bedroom, 1.5‑bathroom residential unit
- Renovated in 2020; originally built in 1973
- Granite kitchen countertops and stainless steel appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,445
Cap Rate
7.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$328,900
$328.9K
Cap Rate 7%
$234,929
$234.9K
Cap Rate 9%
$182,722
$182.7K
Market Conditions
NOI Build-Up for 996 SF
Gross rent
$32.2K $32.28/SF
− Vacancy
−$2.3K −$2.26/SF
EGI
$29.9K $30.02/SF
− OpEx
−$13.5K −$13.51/SF
NOI
$16.4K $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%
$328,900
Cap Rate 7%
$234,929
Cap Rate 9%
$182,722
Alternative Uses
Best Use
Apartment 5plus
$234.9K
$205.6K – $274.1K
NOI $16,445 @ 7.0% cap · market cap 7.65%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$350.4K
$306.6K – $408.8K
NOI $24,526 @ 7.0% cap · market cap 11.41%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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
Frequently Asked Questions
What type of property is this?
Residential income property - Brick residential asset with updated interiors, community pool access, and two unassigned parking spaces.
Where is this residential income property located?
The property is located at 3212 SPARTAN ROAD Unit 2-E-5 Olney, MD.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Three‑bedroom, 1.5‑bathroom residential unit; Renovated in 2020; originally built in 1973; Granite kitchen countertops and stainless steel appliances
