Remodeled Residential Income
For Sale
$269,000
3355 UNIVERSITY BLVD W #T-2, Kensington, MD 20895
KENSINGTON, MD
Property Size1,220 SF
Price / SF$220.49
Days on Market158
Property Features for 3355 UNIVERSITY BLVD W #T-2
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bedroom 3, Bedroom 2, Bedroom 1
Subdivision
KENMANOR
Elementary school district
MONTGOMERY COUNTY PUBLIC SCHOOLS
Middle school district
MONTGOMERY COUNTY PUBLIC SCHOOLS
High school district
MONTGOMERY COUNTY PUBLIC SCHOOLS
Standard status
Active
Amenities
secure building access with video monitoring
renovated shared laundry
separate storage area
Building Details
Year built
1964
Listing Agency:
One Bethesda
(240) 497-1700
Listed By:
Alexa S Goulding
(301) 675-2241
Added: Mar 31
Changed: Sep 4
Last Checked: Sep 4 at 12:06PM
MLS# MDMC2224758
Copyright © 2026 Long & Foster Real Estate. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This first-level condominium at 3355 University Blvd W #T-2 provides approximately 1,220 square feet with three bedrooms and one-and-a-half baths. The interior has been remodeled with an open living and dining area, built-in features, LVP flooring, and a kitchen equipped with granite countertops, a gas range, and extensive cabinetry. Updated bathrooms, generous closets, gas heat, and central A/C complete the interior improvements.
The unit includes a reserved parking space near the entrance, additional nearby parking, a separate storage area, and access to a renovated shared laundry room across the hall. Building security includes video monitoring, and the property has no pet restrictions. Parks, restaurants, a farmers market, boutiques, Antique Row, shopping, grocery stores, MARC, Metro, commuter routes, and Beltway access are all identified in the surrounding Kensington area.
The unit includes a reserved parking space near the entrance, additional nearby parking, a separate storage area, and access to a renovated shared laundry room across the hall. Building security includes video monitoring, and the property has no pet restrictions. Parks, restaurants, a farmers market, boutiques, Antique Row, shopping, grocery stores, MARC, Metro, commuter routes, and Beltway access are all identified in the surrounding Kensington area.
Key Highlights
- Approximately 1,220 square feet with 3 bedrooms and 1.5 baths
- Remodeled interior with LVP flooring, built‑ins, updated bathrooms, and generous closet space
- Kitchen includes granite countertops, a gas range, and abundant cabinetry
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
$20,144
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
7.49%
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%
$402,880
$402.9K
Cap Rate 7%
$287,771
$287.8K
Cap Rate 9%
$223,822
$223.8K
Market Conditions
NOI Build-Up for 1,220 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
$39.4K $32.28/SF
− Vacancy
−$2.8K −$2.26/SF
EGI
$36.6K $30.02/SF
− OpEx
−$16.5K −$13.51/SF
NOI
$20.1K $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%
$402,880
Cap Rate 7%
$287,771
Cap Rate 9%
$223,822
Alternative Uses
Best Use
Apartment 5plus
$287.8K
$251.8K – $335.7K
NOI $20,144 @ 7.0% cap · market cap 7.49%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$429.2K
$375.5K – $500.7K
NOI $30,042 @ 7.0% cap · market cap 11.17%
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
1,707
Businesses Nearby
Explore this area
Business Placement
Demographics for 20895, MD
19,753
Population
7,316
Households
2.7
Avg Household Size
42
Median Age
74%
College-Educated
97%
High-School Grad
4.1 sq mi
ZIP Area
4,818
Density / Sq Mi
$169,527
Median Household Income
$88,513
Median Earnings
$2,075
Median Rent
$744,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - First-level condo with updated interiors, reserved parking, storage, and controlled building access.
Where is this residential income property located?
The property is located at 3355 UNIVERSITY BLVD W #T-2 Kensington, MD.
What is the asking price?
The asking price for this property is $269,000.
What are key features of this property?
This property features: Approximately 1,220 square feet with 3 bedrooms and 1.5 baths; Remodeled interior with LVP flooring, built‑ins, updated bathrooms, and generous closet space; Kitchen includes granite countertops, a gas range, and abundant cabinetry
