Third-Floor Residential Income
For Sale
$240,000
454 GIRARD STREET Unit 373, Gaithersburg, MD 20877
Two-bedroom condominium includes a den, covered balcony, and in-unit laundry.
Property Size1,247 SF
Days on Market11
Property Features for 454 GIRARD STREET Unit 373
General Information
Standard status
Active
Size
1,247 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,894
Amenities
private covered balcony
in-unit washer and dryer
Building Details
Building Size
1,247 SF
Year Built
1976
Listing Agency:
CENTURY 21 New Millennium
(240) 731-7578
Listed By:
Thomas Wheatley · License #621656
(240) 731-7578
Source:
Thehulsmangroup
Added: Aug 11
Changed: Aug 20
Last Checked: Aug 20 at 12:50PM
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 CENTURY 21 New Millennium
Investment Insights
Based on property information with market context.
This third-floor residential income property provides one-level condominium living with two bedrooms, two full bathrooms, and a separate den that can serve as an office, guest area, or third bedroom. The interior features luxury vinyl plank flooring, an open living, dining, and kitchen arrangement, white cabinetry, quartz-look countertops, and substantial storage. Large windows bring natural light into the main living areas, while a private covered balcony extends the living space outdoors. The primary bedroom has an en-suite bathroom and generous closet space, and the unit includes a washer and dryer.
The property is near Frederick Avenue, Route 355, I-270, Shady Grove Metro, shopping, dining, parks, Olde Towne, and Kentlands. A bus stop is located at the community entrance, and the neighborhood community center is within walking distance. The condo fee covers electricity, water, and sewer. Built in 1976.
The property is near Frederick Avenue, Route 355, I-270, Shady Grove Metro, shopping, dining, parks, Olde Towne, and Kentlands. A bus stop is located at the community entrance, and the neighborhood community center is within walking distance. The condo fee covers electricity, water, and sewer. Built in 1976.
Key Highlights
- Two bedrooms, two full baths, and a separate den with third‑bedroom conversion potential
- Private covered balcony and large windows in the main living areas
- Luxury vinyl plank flooring throughout the condominium
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
$20,589
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
8.58%
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%
$411,780
$411.8K
Cap Rate 7%
$294,129
$294.1K
Cap Rate 9%
$228,767
$228.8K
Market Conditions
NOI Build-Up for 1,247 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
$40.3K $32.28/SF
− Vacancy
−$2.8K −$2.26/SF
EGI
$37.4K $30.02/SF
− OpEx
−$16.8K −$13.51/SF
NOI
$20.6K $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%
$411,780
Cap Rate 7%
$294,129
Cap Rate 9%
$228,767
Alternative Uses
Best Use
Apartment 5plus
$294.1K
$257.4K – $343.2K
NOI $20,589 @ 7.0% cap · market cap 8.58%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$438.7K
$383.8K – $511.8K
NOI $30,707 @ 7.0% cap · market cap 12.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,124
Businesses Nearby
Explore this area
Business Placement
Demographics for 20877, MD
37,577
Population
13,599
Households
2.8
Avg Household Size
36
Median Age
35%
College-Educated
76%
High-School Grad
5.6 sq mi
ZIP Area
6,710
Density / Sq Mi
$86,103
Median Household Income
$39,341
Median Earnings
$1,862
Median Rent
$462,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium includes a den, covered balcony, and in-unit laundry.
Where is this residential income property located?
The property is located at 454 GIRARD STREET Unit 373 Gaithersburg, MD.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Two bedrooms, two full baths, and a separate den with third‑bedroom conversion potential; Private covered balcony and large windows in the main living areas; Luxury vinyl plank flooring throughout the condominium
