Two-Level Residential Income
For Sale
$615,000
Pending
502 DIAMONDBACK DRIVE Unit 404, Gaithersburg, MD 20878
Two-story residence with a private balcony, dedicated garage parking, and customized storage systems throughout.
Property Size1,294 SF
Days on Market138
Property Features for 502 DIAMONDBACK DRIVE Unit 404
General Information
Standard status
Pending
Size
1,294 SF
Total Parking Spaces
2
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$7,800
Amenities
private balcony
oversized storage unit
secure building access
Building Details
Building Size
1,294 SF
Year Built
2019
Listing Agency:
RE/MAX Realty Group
Listed By:
Nathan B Dart · License #514678
(301) 977-2800
Source:
Kerishull
Added: May 22
Changed: Oct 3
Last Checked: Oct 4 at 4:08PM
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 RE/MAX Realty Group
Investment Insights
Based on property information with market context.
Built in 2019, this two-level residential income property offers 1,294 square feet with 2 bedrooms and 2 full baths. The main level includes hardwood flooring, a secondary bedroom, full bath, Murphy bed system with built-in desk, open kitchen, and a two-story great room framed by floor-to-ceiling windows. The kitchen features stainless steel appliances, quartz countertops, and an oversized island with breakfast bar seating. A private balcony extends from the great room, while the upper loft leads to the primary suite and upgraded bath.
The property includes 2 reserved garage spaces and an oversized storage unit positioned next to the residence entry. Secure building and garage access uses key fob entry. California Closets systems have been installed throughout the residence and storage unit. Shopping, dining, fitness, and entertainment options include Harris Teeter, Starbucks, LA Fitness, Rio Lakefront, Target, and AMC Theatres.
The property includes 2 reserved garage spaces and an oversized storage unit positioned next to the residence entry. Secure building and garage access uses key fob entry. California Closets systems have been installed throughout the residence and storage unit. Shopping, dining, fitness, and entertainment options include Harris Teeter, Starbucks, LA Fitness, Rio Lakefront, Target, and AMC Theatres.
Key Highlights
- 1,294 SF two‑level residence built in 2019
- 2 bedrooms and 2 full baths
- 2 reserved garage parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,366
Cap Rate
3.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$427,320
$427.3K
Cap Rate 7%
$305,229
$305.2K
Cap Rate 9%
$237,400
$237.4K
Market Conditions
NOI Build-Up for 1,294 SF
Gross rent
$41.8K $32.28/SF
− Vacancy
−$2.9K −$2.26/SF
EGI
$38.8K $30.02/SF
− OpEx
−$17.5K −$13.51/SF
NOI
$21.4K $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%
$427,320
Cap Rate 7%
$305,229
Cap Rate 9%
$237,400
Alternative Uses
Best Use
Apartment 5plus
$305.2K
$267.1K – $356.1K
NOI $21,366 @ 7.0% cap · market cap 3.47%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$455.2K
$398.3K – $531.1K
NOI $31,864 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-story residence with a private balcony, dedicated garage parking, and customized storage systems throughout.
Where is this residential income property located?
The property is located at 502 DIAMONDBACK DRIVE Unit 404 Gaithersburg, MD.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: 1,294 SF two‑level residence built in 2019; 2 bedrooms and 2 full baths; 2 reserved garage parking spaces
