Renovated Residential Income
For Sale
$259,000
415 CHRISTOPHER AVENUE Unit 11, Gaithersburg, MD 20879
First-level residence with updated finishes, in-unit laundry, and convenient access to shopping and I-270.
Property Size1,164 SF
Days on Market101
Property Features for 415 CHRISTOPHER AVENUE Unit 11
General Information
Standard status
Active
Size
1,164 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
2BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,665
Amenities
washer/dryer in unit
Building Details
Building Size
1,164 SF
Year Built
1974
Listing Agency:
Long & Foster Real Estate, Inc.
(301) 502-9220
Listed By:
Kamran Azhdam · License #645470
(301) 502-9220
Source:
Thehulsmangroup
Added: May 13
Changed: Aug 20
Last Checked: Aug 20 at 11:28AM
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 Long & Foster Real Estate, Inc.
Investment Insights
Based on property information with market context.
This first-level residential income property offers a two-bedroom, two-full-bath layout with extensive interior updates. Improvements include new stainless steel appliances, Shaker-style cabinetry, quartz countertops, and ceramic tile in the kitchen, along with waterproof luxury vinyl plank flooring in the remaining rooms. Both bathrooms have been renovated, and recessed lighting adds a contemporary touch to the living room. A full-size washer and dryer are included within the unit.
The property was built in 1974 and is positioned within walking distance of Costco, with additional shopping and entertainment nearby. I-270 is also minutes away, providing regional connectivity.
The property was built in 1974 and is positioned within walking distance of Costco, with additional shopping and entertainment nearby. I-270 is also minutes away, providing regional connectivity.
Key Highlights
- Two‑bedroom, two‑full‑bath first‑level condo
- Updated kitchen with stainless steel appliances, Shaker cabinets, quartz counters, and ceramic tile flooring
- Waterproof luxury vinyl plank flooring installed throughout other rooms
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
$19,219
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
7.42%
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%
$384,380
$384.4K
Cap Rate 7%
$274,557
$274.6K
Cap Rate 9%
$213,544
$213.5K
Market Conditions
NOI Build-Up for 1,164 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
$37.6K $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 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%
$384,380
Cap Rate 7%
$274,557
Cap Rate 9%
$213,544
Alternative Uses
Best Use
Apartment 5plus
$274.6K
$240.2K – $320.3K
NOI $19,219 @ 7.0% cap · market cap 7.42%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$409.5K
$358.3K – $477.7K
NOI $28,663 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,444
Businesses Nearby
Explore this area
Business Placement
Demographics for 20879, MD
26,176
Population
9,008
Households
2.9
Avg Household Size
37
Median Age
42%
College-Educated
87%
High-School Grad
8.6 sq mi
ZIP Area
3,044
Density / Sq Mi
$105,109
Median Household Income
$49,269
Median Earnings
$1,895
Median Rent
$433,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - First-level residence with updated finishes, in-unit laundry, and convenient access to shopping and I-270.
Where is this residential income property located?
The property is located at 415 CHRISTOPHER AVENUE Unit 11 Gaithersburg, MD.
What is the asking price?
The asking price for this property is $259,000.
What are key features of this property?
This property features: Two‑bedroom, two‑full‑bath first‑level condo; Updated kitchen with stainless steel appliances, Shaker cabinets, quartz counters, and ceramic tile flooring; Waterproof luxury vinyl plank flooring installed throughout other rooms
