Two-Story Residential Income
For Sale
$574,990
91 CENTRAL AVENUE, Gaithersburg, MD 20877
Townhome-style condominium with an attached garage, open living areas, and a flexible upper-level bedroom or loft arrangement.
Property Size1,581 SF
Price / SF$363.69
Days on Market78
Property Features for 91 CENTRAL AVENUE
General Information
Standard status
Active
Size
1,581 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Building Details
Building Size
1,581 SF
Year Built
2026
Stories
2
Listing Agency:
Keller Williams Realty Centre
(443) 579-1516
Listed By:
Nickolaus B Waldner · License #589020
(443) 579-1516
Source:
Kerishull
Added: Jun 16
Changed: Aug 31
Last Checked: Aug 30 at 10:39PM
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 Keller Williams Realty Centre
Investment Insights
Based on property information with market context.
This 1,581-square-foot residential income property is configured as a lower-level, two-story townhome-style condominium with a one-car garage. The main level combines an open kitchen and great room, with cabinetry, designer tile backsplash, quartz countertops, pendant lighting, and Whirlpool stainless steel appliances. A powder room is positioned near the living area for convenience.
Upstairs, the layout includes a laundry room and a flexible arrangement offering either three bedrooms or two bedrooms with a loft. The primary suite features a walk-in closet and a private bath with dual sinks, quartz countertops, a separate water closet, and a large walk-in shower. Built in 2026, the property is located at 91 Central Avenue in Gaithersburg, Maryland.
Upstairs, the layout includes a laundry room and a flexible arrangement offering either three bedrooms or two bedrooms with a loft. The primary suite features a walk-in closet and a private bath with dual sinks, quartz countertops, a separate water closet, and a large walk-in shower. Built in 2026, the property is located at 91 Central Avenue in Gaithersburg, Maryland.
Key Highlights
- 1,581‑square‑foot two‑story townhome‑style condominium
- One‑car attached garage
- Open kitchen with quartz countertops and Whirlpool stainless steel appliances
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
$26,104
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
4.54%
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%
$522,080
$522.1K
Cap Rate 7%
$372,914
$372.9K
Cap Rate 9%
$290,044
$290.0K
Market Conditions
NOI Build-Up for 1,581 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
$51.0K $32.28/SF
− Vacancy
−$3.6K −$2.26/SF
EGI
$47.5K $30.02/SF
− OpEx
−$21.4K −$13.51/SF
NOI
$26.1K $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%
$522,080
Cap Rate 7%
$372,914
Cap Rate 9%
$290,044
Alternative Uses
Best Use
Apartment 5plus
$372.9K
$326.3K – $435.1K
NOI $26,104 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$556.2K
$486.6K – $648.9K
NOI $38,931 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
701
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Townhome-style condominium with an attached garage, open living areas, and a flexible upper-level bedroom or loft arrangement.
Where is this residential income property located?
The property is located at 91 CENTRAL AVENUE Gaithersburg, MD.
What is the asking price?
The asking price for this property is $574,990.
What are key features of this property?
This property features: 1,581‑square‑foot two‑story townhome‑style condominium; One‑car attached garage; Open kitchen with quartz countertops and Whirlpool stainless steel appliances
