Residential Income Condo with Garage
For Sale
$529,900
502 DIAMONDBACK DRIVE Unit 310, Gaithersburg, MD 20878
Open-plan residence with in-unit laundry and direct access to Downtown Crown amenities.
Property Size1,032 SF
Price / SF$513.47
Days on Market88
Property Features for 502 DIAMONDBACK DRIVE Unit 310
General Information
Standard status
Active
Size
1,032 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,935
Amenities
in-unit washer and dryer
Building Details
Building Size
1,032 SF
Year Built
2019
Listing Agency:
Compass
Listed By:
Peter J Ferguson · License #654669
(847) 903-1030
Source:
Kerishull
Added: Jun 10
Changed: Aug 31
Last Checked: Sep 5 at 8:50AM
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 Compass
Investment Insights
Based on property information with market context.
This 2019-built residential income condominium at 502 Diamondback Drive, Unit 310, offers 1,032 square feet with two bedrooms and two bathrooms. The interior combines an open arrangement for living and dining with a connected kitchen, natural light, finished interiors, and an in-unit washer and dryer. A garage parking space is included.
The property is situated in Downtown Crown, with restaurants, coffee shops, grocery shopping, retail, gyms, and entertainment nearby. Regional connectivity includes I-270, the ICC, Rio, and other major commuter routes.
The property is situated in Downtown Crown, with restaurants, coffee shops, grocery shopping, retail, gyms, and entertainment nearby. Regional connectivity includes I-270, the ICC, Rio, and other major commuter routes.
Key Highlights
- Two‑bedroom, two‑bath condominium with 1,032 square feet
- Built in 2019
- Open kitchen, living, and dining arrangement
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
$17,040
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
3.22%
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%
$340,800
$340.8K
Cap Rate 7%
$243,429
$243.4K
Cap Rate 9%
$189,333
$189.3K
Market Conditions
NOI Build-Up for 1,032 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
$33.3K $32.28/SF
− Vacancy
−$2.3K −$2.26/SF
EGI
$31.0K $30.02/SF
− OpEx
−$13.9K −$13.51/SF
NOI
$17.0K $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%
$340,800
Cap Rate 7%
$243,429
Cap Rate 9%
$189,333
Alternative Uses
Best Use
Apartment 5plus
$243.4K
$213.0K – $284.0K
NOI $17,040 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$363.0K
$317.7K – $423.5K
NOI $25,412 @ 7.0% cap · market cap 4.80%
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
504
Businesses Nearby
Explore this area
Business Placement
Demographics for 20878, MD
65,990
Population
25,297
Households
2.6
Avg Household Size
40
Median Age
70%
College-Educated
96%
High-School Grad
20.4 sq mi
ZIP Area
3,235
Density / Sq Mi
$142,062
Median Household Income
$76,026
Median Earnings
$2,188
Median Rent
$675,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Open-plan residence with in-unit laundry and direct access to Downtown Crown amenities.
Where is this residential income property located?
The property is located at 502 DIAMONDBACK DRIVE Unit 310 Gaithersburg, MD.
What is the asking price?
The asking price for this property is $529,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium with 1,032 square feet; Built in 2019; Open kitchen, living, and dining arrangement
