Updated 2BR Condo with Flex
For Sale
$295,000
6600 LAKE PARK DRIVE #204, Greenbelt, MD 20770
Move-in ready 2BR/2BA condo includes a sun-filled flex room, screened balcony access, and in-unit washer/dryer.
Property Size1,230 SF
Price / SF$239.84
Days on Market29
Property Features for 6600 LAKE PARK DRIVE #204
General Information
Standard status
Active
Size
1,230 SF
Property subtype
Apartment
Additional Details
Highway Access
Yes
Amenities
pool
fitness center
clubhouse
direct access to Schrom Hills Park
secure building
guest parking
Building Details
Year Built
1998
Listing Agency:
Compass
(301) 728-7138
Listed By:
Navneet Anand Singh
(301) 728-7138
Source:
Cummingsrealtors
Added: Jul 24
Changed: Aug 21
Last Checked: Aug 21 at 9:16AM
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 updated 2BR/2BA condo offers a sun-filled flex room and a move-in ready interior with fresh paint, newly installed LVP flooring in the entry and kitchen, and brand-new plush carpet. The kitchen includes quartz countertops, updated appliances (including a recent microwave and dishwasher), and a sink with an attached water filter. The primary suite is sized to accommodate a king bed, features a walk-in closet, and provides direct access to a screened-in balcony through French double doors. The en-suite bath includes a granite counter, beveled glass mirror, bidet, and an oversized custom shower with seating. A guest bath with a step-in shower, bidet, and new faucet, plus linen and coat closets, are conveniently located across the hall. The home also includes an in-unit washer and dryer, along with a recently updated high-efficiency water heater and furnace.
The condo is located in a secure building with up-to-date smoke detectors and ample guest parking. Community amenities include a pool, fitness center, clubhouse, and direct access to Schrom Hills Park. The property is positioned for commuters with quick access to NASA Goddard, UMD, the Greenbelt and New Carrollton Metro stations, and I-295 and I-495.
The condo is located in a secure building with up-to-date smoke detectors and ample guest parking. Community amenities include a pool, fitness center, clubhouse, and direct access to Schrom Hills Park. The property is positioned for commuters with quick access to NASA Goddard, UMD, the Greenbelt and New Carrollton Metro stations, and I-295 and I-495.
Key Highlights
- Move‑in ready 2BR/2BA condo in a secure building with in‑unit washer and dryer and recently updated water heater and furnace
- Updated interiors with fresh paint, brand‑new plush carpet, and newly installed LVP flooring in the entry and kitchen
- Kitchen includes quartz countertops, updated appliances (recent microwave and dishwasher), and a sink with an attached water filter
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
$16,559
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
5.61%
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%
$331,180
$331.2K
Cap Rate 7%
$236,557
$236.6K
Cap Rate 9%
$183,989
$184.0K
Market Conditions
NOI Build-Up for 1,230 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
$32.0K $26.04/SF
− Vacancy
−$1.9K −$1.56/SF
EGI
$30.1K $24.48/SF
− OpEx
−$13.5K −$11.01/SF
NOI
$16.6K $13.46/SF
Area
Prince George's County, MD
Vacancy
6.00%
Lease Rate
$26.04 /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%
$331,180
Cap Rate 7%
$236,557
Cap Rate 9%
$183,989
Alternative Uses
Best Use
Apartment 5plus
$236.6K
$207.0K – $276.0K
NOI $16,559 @ 7.0% cap · market cap 5.61%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$396.8K
$347.2K – $462.9K
NOI $27,775 @ 7.0% cap · market cap 9.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,019
Businesses Nearby
Explore this area
Business Placement
Demographics for 20770, MD
28,612
Population
12,736
Households
2.2
Avg Household Size
35
Median Age
43%
College-Educated
90%
High-School Grad
7.3 sq mi
ZIP Area
3,919
Density / Sq Mi
$84,125
Median Household Income
$48,773
Median Earnings
$1,823
Median Rent
$249,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Move-in ready 2BR/2BA condo includes a sun-filled flex room, screened balcony access, and in-unit washer/dryer.
Where is this residential income property located?
The property is located at 6600 LAKE PARK DRIVE #204 Greenbelt, MD.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Move‑in ready 2BR/2BA condo in a secure building with in‑unit washer and dryer and recently updated water heater and furnace; Updated interiors with fresh paint, brand‑new plush carpet, and newly installed LVP flooring in the entry and kitchen; Kitchen includes quartz countertops, updated appliances (recent microwave and dishwasher), and a sink with an attached water filter
