Operating Assisted Living
For Sale
$1,200,000
515 Apple Grove Road, Silver Spring, MD 20904
Private-pay residence with eight private rooms, renovated common areas, safety systems, and established operations.
Property Size3,222 SF
Lot Size1.30 Acres
Price / SF$372.44
Days on Market67
Property Features for 515 Apple Grove Road
General Information
Standard status
Active
Size
3,222 SF
Lot size
1.30 Acres
Property subtype
Multi-Family
Financials
Asking Price
$1,200,000
Business Included
Yes
Additional Details
Furnished
Yes
Sprinkler System
Yes
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$8,145
Amenities
deck
outdoor areas
living/sitting room
dining room
powder room
whole-house generator
commercial washer
video surveillance
Central Air
Shingle
RE1
Driveway.
Other.
Building Details
Year Built
1956
Construction
brick
Listing Agency:
Cummings & Co. Realtors
(410) 274-3326
Listed By:
Thomas Maley · License #656646
(410) 274-3326
Source:
Xome
Added: Jun 24
Changed: Aug 29
Last Checked: Aug 29 at 3:23PM
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 Cummings & Co. Realtors
Investment Insights
Based on property information with market context.
This 3,222-square-foot assisted living facility occupies an all-brick residence on 1.2 to 1.3 acres at 515 Apple Grove Road in Silver Spring, Maryland. The property includes 8 private rooms, with 6 occupied and 2 available, along with living and sitting rooms, a dining room, 4 full bathrooms, a staff and visitor powder room, storage, and a spacious deck. Both levels receive natural light, and the lower level has full-size windows and temperature control.
Recent improvements include a 2026 main-area and lower-level flooring installation, 2026 kitchen cabinet updates, a 2026 bathroom remodel, a 2024 interior repaint, a 2024 HVAC replacement, a 2024 driveway resurfacing, a 2022 hall bathroom remodel, and a 2021 roof replacement. Systems include a whole-house generator, fire sprinklers, a monitored fire alarm connected to the fire department, and property-wide video surveillance. The operation has been active for 11 years, with 8 employees and 1 supervisor in place. An active license is in place, with renewal due in May, and the sale includes the real estate, business, furnishings, and vendor list.
Recent improvements include a 2026 main-area and lower-level flooring installation, 2026 kitchen cabinet updates, a 2026 bathroom remodel, a 2024 interior repaint, a 2024 HVAC replacement, a 2024 driveway resurfacing, a 2022 hall bathroom remodel, and a 2021 roof replacement. Systems include a whole-house generator, fire sprinklers, a monitored fire alarm connected to the fire department, and property-wide video surveillance. The operation has been active for 11 years, with 8 employees and 1 supervisor in place. An active license is in place, with renewal due in May, and the sale includes the real estate, business, furnishings, and vendor list.
Key Highlights
- 3,222‑square‑foot assisted living facility on 1.2 to 1.3 acres
- 8 private rooms; 6 occupied and 2 available
- 4 full bathrooms plus a staff and visitor powder room
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
$53,199
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
4.43%
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%
$1,063,980
$1.1M
Cap Rate 7%
$759,986
$760.0K
Cap Rate 9%
$591,100
$591.1K
Market Conditions
NOI Build-Up for 3,222 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
$104.0K $32.28/SF
− Vacancy
−$7.3K −$2.26/SF
EGI
$96.7K $30.02/SF
− OpEx
−$43.5K −$13.51/SF
NOI
$53.2K $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%
$1,063,980
Cap Rate 7%
$759,986
Cap Rate 9%
$591,100
Alternative Uses
Best Use
Apartment 5plus
$760.0K
$665.0K – $886.7K
NOI $53,199 @ 7.0% cap · market cap 4.43%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.13M
$991.8K – $1.32M
NOI $79,340 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Turnkey business
Opportunity
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
513
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 20904, MD
59,051
Population
22,366
Households
2.6
Avg Household Size
40
Median Age
50%
College-Educated
90%
High-School Grad
13.7 sq mi
ZIP Area
4,310
Density / Sq Mi
$93,322
Median Household Income
$48,349
Median Earnings
$1,893
Median Rent
$533,500
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- FirstLight Home Care Silver Spring, MD — 11161 New Hampshire Ave #402, Silver Spring, MD 20904
- Jenkins Senior Health Care, Inc. — 11420 fairoak dr, silver spring, md 20902
- Parry Home Assisted Living — 515 Apple Grove Rd, Silver Spring, MD 20904
- Eden Home — 515 Apple Grove Rd, Silver Spring, MD 20904
- Sunrise of Silver Spring — 11621 New Hampshire Ave, Silver Spring, MD 20904
Frequently Asked Questions
What type of property is this?
Assisted living facility - Private-pay residence with eight private rooms, renovated common areas, safety systems, and established operations.
Where is this assisted living facility located?
The property is located at 515 Apple Grove Road Silver Spring, MD.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 3,222‑square‑foot assisted living facility on 1.2 to 1.3 acres; 8 private rooms; 6 occupied and 2 available; 4 full bathrooms plus a staff and visitor powder room
