Two-Bedroom Apartment
For Sale
$435,000
38 MARYLAND AVENUE Unit 224, Rockville, MD 20850
Open-plan living pairs with community amenities including an outdoor pool, fitness room, and clubhouse.
Property Size1,163 SF
Price / SF$374.03
Days on Market40
Property Features for 38 MARYLAND AVENUE Unit 224
General Information
Standard status
Active
Size
1,163 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
2BR
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,407
Amenities
outdoor pool
exercise room
clubhouse with bar and lounge
picnic area
common grounds
in-unit washer and dryer hookups
Building Details
Building Size
1,163 SF
Year Built
2007
Listing Agency:
HomeSmart
Listed By:
Nadine Sanepour · License #89195
(301) 537-6848
Source:
Canopy-re
Added: Sep 19
Changed: Oct 27
Last Checked: Oct 26 at 11:54AM
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 HomeSmart
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Investment Insights
Based on property information with market context.
This 1,163-square-foot apartment at Palladian has two bedrooms and an open living layout. Built in 2007, the unit includes washer and dryer hookups. Community facilities include an outdoor pool, exercise room, clubhouse with bar and lounge, and picnic area.
The property is at 38 Maryland Avenue, Unit 224, in Rockville, Maryland. A metro or subway station and a bus stop are each less than a mile away. The association fee covers common-area maintenance, trash removal, and snow removal.
The property is at 38 Maryland Avenue, Unit 224, in Rockville, Maryland. A metro or subway station and a bus stop are each less than a mile away. The association fee covers common-area maintenance, trash removal, and snow removal.
Key Highlights
- Two‑bedroom apartment with 1,163 square feet
- Built in 2007
- Washer and dryer hookups in the unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,203
Cap Rate
4.41%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$384,060
$384.1K
Cap Rate 7%
$274,329
$274.3K
Cap Rate 9%
$213,367
$213.4K
Market Conditions
NOI Build-Up for 1,163 SF
Gross rent
$37.5K $32.28/SF
− Vacancy
−$2.6K −$2.26/SF
EGI
$34.9K $30.02/SF
− OpEx
−$15.7K −$13.51/SF
NOI
$19.2K $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%
$384,060
Cap Rate 7%
$274,329
Cap Rate 9%
$213,367
Alternative Uses
Best Use
Apartment 5plus
$274.3K
$240.0K – $320.1K
NOI $19,203 @ 7.0% cap · market cap 4.41%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$409.1K
$358.0K – $477.3K
NOI $28,638 @ 7.0% cap · market cap 6.58%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,289
Businesses Nearby
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Business Placement
Demographics for 20850, MD
51,045
Population
22,468
Households
2.3
Avg Household Size
41
Median Age
67%
College-Educated
94%
High-School Grad
14.1 sq mi
ZIP Area
3,620
Density / Sq Mi
$122,691
Median Household Income
$77,679
Median Earnings
$2,277
Median Rent
$687,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Open-plan living pairs with community amenities including an outdoor pool, fitness room, and clubhouse.
Where is this residential income property located?
The property is located at 38 MARYLAND AVENUE Unit 224 Rockville, MD.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Two‑bedroom apartment with 1,163 square feet; Built in 2007; Washer and dryer hookups in the unit
