Residential Income Property with
New
For Sale
$289,900
8 RUSSELL AVENUE Unit 311, Gaithersburg, MD 20877
The single-level condo includes in-unit laundry and access to a building lounge and exercise room.
Property Size1,440 SF
Days on Market5
Property Features for 8 RUSSELL AVENUE Unit 311
General Information
Standard status
Active
Size
1,440 SF
Elevators
Yes
Property subtype
Penthouse Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,352
Amenities
lounge
exercise room
in-unit laundry
balcony
secured building
Building Details
Building Size
1,440 SF
Year Built
1988
Listing Agency:
Samson Properties
Listed By:
Steven A Moretti · License #594719
(240) 375-1763
Source:
Thehulsmangroup
Added: Oct 1
Changed: Oct 5
Last Checked: Oct 4 at 3:54PM
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 Samson Properties
Investment Insights
Based on property information with market context.
This residential income property is a single-level condominium with a foyer, living and family room, dining area, kitchen, two bedrooms described inconsistently in the source, and two full bathrooms. The living room and middle bedroom provide access to a rear balcony. The unit also has a walk-in closet with built-ins, an in-unit washer and dryer, and a separate laundry room with room for shelving. Recent improvements include fresh paint, LVP flooring, a hot water heater, and updated appliances.
The secured building has elevators, a second-floor lounge, and a fourth-floor exercise room. The property is near Gaithersburg MARC Station, Old Town shops and restaurants, Constitution Gardens, Bohrer Park, Rock Creek Regional Park, Griffith Park, and routes 355, 27, and I-270. The building was constructed in 1988.
The secured building has elevators, a second-floor lounge, and a fourth-floor exercise room. The property is near Gaithersburg MARC Station, Old Town shops and restaurants, Constitution Gardens, Bohrer Park, Rock Creek Regional Park, Griffith Park, and routes 355, 27, and I-270. The building was constructed in 1988.
Key Highlights
- Single‑level condo with two full bathrooms; bedroom count is inconsistent in the source
- Rear balcony accessible from the living room and middle bedroom
- In‑unit washer and dryer, walk‑in closet with built‑ins, and separate laundry room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,776
Cap Rate
8.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$475,520
$475.5K
Cap Rate 7%
$339,657
$339.7K
Cap Rate 9%
$264,178
$264.2K
Market Conditions
NOI Build-Up for 1,440 SF
Gross rent
$46.5K $32.28/SF
− Vacancy
−$3.3K −$2.26/SF
EGI
$43.2K $30.02/SF
− OpEx
−$19.5K −$13.51/SF
NOI
$23.8K $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%
$475,520
Cap Rate 7%
$339,657
Cap Rate 9%
$264,178
Alternative Uses
Best Use
Apartment 5plus
$339.7K
$297.2K – $396.3K
NOI $23,776 @ 7.0% cap · market cap 8.20%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$506.6K
$443.2K – $591.0K
NOI $35,459 @ 7.0% cap · market cap 12.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,842
Businesses Nearby
Explore this area
Business Placement
Demographics for 20877, MD
37,577
Population
13,599
Households
2.8
Avg Household Size
36
Median Age
35%
College-Educated
76%
High-School Grad
5.6 sq mi
ZIP Area
6,710
Density / Sq Mi
$86,103
Median Household Income
$39,341
Median Earnings
$1,862
Median Rent
$462,500
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The single-level condo includes in-unit laundry and access to a building lounge and exercise room.
Where is this residential income property located?
The property is located at 8 RUSSELL AVENUE Unit 311 Gaithersburg, MD.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Single‑level condo with two full bathrooms; bedroom count is inconsistent in the source; Rear balcony accessible from the living room and middle bedroom; In‑unit washer and dryer, walk‑in closet with built‑ins, and separate laundry room
