One-Bedroom Cooperative
For Sale
$205,000
623 AZALEA DRIVE Unit 3, Rockville, MD 20850
The cooperative fee covers property taxes, utilities, HVAC service, and exterior upkeep.
Property Size850 SF
Price / SF$241.18
Days on Market25
Property Features for 623 AZALEA DRIVE Unit 3
General Information
Standard status
Active
Size
850 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,421
Amenities
community pool
Building Details
Building Size
850 SF
Year Built
1963
Listing Agency:
Pearson Smith Realty, LLC
Listed By:
Renee Lynn Mercier
(202) 915-4952
Source:
Horsefarmsandcountryhomes
Added: Oct 5
Changed: Oct 27
Last Checked: Oct 27 at 3:39AM
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 Pearson Smith Realty, LLC
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Investment Insights
Based on property information with market context.
This 850-square-foot cooperative residence has one bedroom and one bathroom, with a living room connected to a dining area. Recent interior work includes fresh paint, refinished hardwood floors, select new overhead lighting, and updated bathroom wall tile. The kitchen has stainless steel appliances, and the unit includes a private lower-level storage room. The building dates to 1963.
The monthly cooperative fee includes property taxes, HVAC maintenance and repairs, exterior maintenance, water, sewer, gas, and trash service. Woodley Gardens Cooperative is near parks, walking trails, tennis and basketball courts, a community pool, shops, and restaurants.
The monthly cooperative fee includes property taxes, HVAC maintenance and repairs, exterior maintenance, water, sewer, gas, and trash service. Woodley Gardens Cooperative is near parks, walking trails, tennis and basketball courts, a community pool, shops, and restaurants.
Key Highlights
- 850‑square‑foot cooperative residence with 1 bedroom and 1 bathroom
- Private lower‑level storage room conveys with the unit
- Stainless steel kitchen appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,035
Cap Rate
6.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$280,700
$280.7K
Cap Rate 7%
$200,500
$200.5K
Cap Rate 9%
$155,944
$155.9K
Market Conditions
NOI Build-Up for 850 SF
Gross rent
$27.4K $32.28/SF
− Vacancy
−$1.9K −$2.26/SF
EGI
$25.5K $30.02/SF
− OpEx
−$11.5K −$13.51/SF
NOI
$14.0K $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 Rate 5%
$280,700
Cap Rate 7%
$200,500
Cap Rate 9%
$155,944
Alternative Uses
Best Use
Apartment 5plus
$200.5K
$175.4K – $233.9K
NOI $14,035 @ 7.0% cap · market cap 6.85%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$299.0K
$261.6K – $348.9K
NOI $20,931 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
755
Businesses Nearby
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Business Placement
Demographics for 20850, MD
51,045
Population
22,468
Households
2.3
Avg Household Size
41
Median Age
67%
College-Educated
94%
High-School Grad
14.1 sq mi
ZIP Area
3,620
Density / Sq Mi
$122,691
Median Household Income
$77,679
Median Earnings
$2,277
Median Rent
$687,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The cooperative fee covers property taxes, utilities, HVAC service, and exterior upkeep.
Where is this residential income property located?
The property is located at 623 AZALEA DRIVE Unit 3 Rockville, MD.
What is the asking price?
The asking price for this property is $205,000.
What are key features of this property?
This property features: 850‑square‑foot cooperative residence with 1 bedroom and 1 bathroom; Private lower‑level storage room conveys with the unit; Stainless steel kitchen appliances
