Corner Residential Income
For Sale
$425,000
7981 EASTERN AVENUE Unit 301, Silver Spring, MD 20910
A two-bedroom, two-bath condo features geothermal heating and cooling and windows on three sides.
Property Size833 SF
Price / SF$510.20
Days on Market103
Property Features for 7981 EASTERN AVENUE Unit 301
General Information
Standard status
Active
Size
833 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,539
Amenities
in-unit laundry
Building Details
Building Size
833 SF
Year Built
2004
Listing Agency:
RLAH @properties
Listed By:
Andrew Essreg · License #657002
(202) 379-8881
Source:
Jackrealtygroup
Added: Jul 18
Changed: Oct 26
Last Checked: Oct 26 at 3:16PM
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 RLAH @properties
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Investment Insights
Based on property information with market context.
This 833-square-foot, third-floor corner condo has two bedrooms, two full bathrooms, and an open living, kitchen, and dining area. Windows on three sides bring in natural light. The unit includes in-home laundry, storage closets, and geothermal heating and cooling; the building was completed in 2004, with upgrades made in 2020.
Eastern Village is a LEED Silver-certified community with shared amenities and geothermal HVAC systems. The property is within walking distance of two Metro lines, shops, restaurants, and a library. Sligo Creek and Rock Creek parks are also nearby.
Eastern Village is a LEED Silver-certified community with shared amenities and geothermal HVAC systems. The property is within walking distance of two Metro lines, shops, restaurants, and a library. Sligo Creek and Rock Creek parks are also nearby.
Key Highlights
- 833‑square‑foot condo with two bedrooms and two full bathrooms
- Third‑floor corner unit with windows on three sides
- Geothermal heating and cooling; community holds LEED Silver certification
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,754
Cap Rate
3.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$275,080
$275.1K
Cap Rate 7%
$196,486
$196.5K
Cap Rate 9%
$152,822
$152.8K
Market Conditions
NOI Build-Up for 833 SF
Gross rent
$26.9K $32.28/SF
− Vacancy
−$1.9K −$2.26/SF
EGI
$25.0K $30.02/SF
− OpEx
−$11.3K −$13.51/SF
NOI
$13.8K $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%
$275,080
Cap Rate 7%
$196,486
Cap Rate 9%
$152,822
Alternative Uses
Best Use
Apartment 5plus
$196.5K
$171.9K – $229.2K
NOI $13,754 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$293.0K
$256.4K – $341.9K
NOI $20,512 @ 7.0% cap · market cap 4.83%
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
4,324
Businesses Nearby
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Business Placement
Demographics for 20910, MD
45,610
Population
23,209
Households
2
Avg Household Size
36
Median Age
74%
College-Educated
95%
High-School Grad
4.6 sq mi
ZIP Area
9,915
Density / Sq Mi
$107,994
Median Household Income
$70,022
Median Earnings
$1,992
Median Rent
$690,900
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - A two-bedroom, two-bath condo features geothermal heating and cooling and windows on three sides.
Where is this residential income property located?
The property is located at 7981 EASTERN AVENUE Unit 301 Silver Spring, MD.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 833‑square‑foot condo with two bedrooms and two full bathrooms; Third‑floor corner unit with windows on three sides; Geothermal heating and cooling; community holds LEED Silver certification
