Renovated Duplex with
For Sale
$750,000
9226 Fowler Lane, Lanham, MD 20706
Two independent residences provide flexible living arrangements, private laundry, and updated interiors on a fenced residential lot.
Property Size2,048 SF
Lot Size0.48 Acres
Price / SF$366.21
Days on Market225
Property Features for 9226 Fowler Lane
General Information
Standard status
Active
Size
2,048 SF
Total Parking Spaces
7
Lot size
0.48 Acres
Property subtype
Multi-Family / Fee Simple
Zoning
RSF65
Units
Unit Mix
5BR/2BA, 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,580
Amenities
large cement patio
fenced-in yard
playground area
Yes
1
Level Entry - Main
https://www.zillow.com/view-3d-home/87a55356-ac4a-4a35-984c-2ecafb1d487a?setAttribution=mls&wl=true&utm_source=dashboard
No
No Pool
Building Details
Year Built
1941
Buildings
2
Listing Agency:
RE/MAX Excellence Realty
(240) 818-9298
Listed By:
Jose Salvador Rivera Jr · License #5013038
(240) 818-9298
Source:
Compass
Added: Jan 17
Changed: Aug 30
Last Checked: Aug 30 at 5:46AM
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 RE/MAX Excellence Realty
Investment Insights
Based on property information with market context.
This renovated duplex at 9226 Fowler Lane includes a principal residence and a separate 1,000-square-foot second home. The main house offers five bedrooms, two full bathrooms, open living, dining, and kitchen areas, plus updated finishes throughout. Its upper-level bedrooms are oversized, and the bathrooms have been remodeled. The additional residence was completed in December 2024 with approved permits and includes two bedrooms, one full bathroom, an open layout, a modern kitchen with appliances, and its own washer and dryer.
The property occupies a 0.48-acre lot in Lanham, outside city limits, and is zoned RSF65. Exterior features include a large concrete patio, fenced yard, playground area, and an expansive driveway and parking area accommodating up to seven vehicles. Three A/C compressors serve the two residences.
The property occupies a 0.48-acre lot in Lanham, outside city limits, and is zoned RSF65. Exterior features include a large concrete patio, fenced yard, playground area, and an expansive driveway and parking area accommodating up to seven vehicles. Three A/C compressors serve the two residences.
Key Highlights
- Separate 1,000‑square‑foot residence completed in December 2024
- Main residence includes 5 bedrooms and 2 updated full bathrooms
- Second residence offers 2 bedrooms, 1 full bathroom, and private laundry
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
$29,757
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
3.97%
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%
$595,140
$595.1K
Cap Rate 7%
$425,100
$425.1K
Cap Rate 9%
$330,633
$330.6K
Market Conditions
NOI Build-Up for 2,048 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
$45.5K $22.20/SF
− Vacancy
−$3.0K −$1.44/SF
EGI
$42.5K $20.76/SF
− OpEx
−$12.8K −$6.23/SF
NOI
$29.8K $14.53/SF
Area
Prince George's County, MD
Vacancy
6.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$595,140
Cap Rate 7%
$425,100
Cap Rate 9%
$330,633
Alternative Uses
Best Use
Multifamily LT 5
$425.1K
$372.0K – $496.0K
NOI $29,757 @ 7.0% cap · market cap 3.97%
Second Best
Apartment 5plus
$393.9K
$344.7K – $459.5K
NOI $27,572 @ 7.0% cap · market cap 3.68%
Theoretical Best
Specialty Retail
$660.7K
$578.1K – $770.8K
NOI $46,247 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
784
Businesses Nearby
Explore this area
Business Placement
Demographics for 20706, MD
43,623
Population
13,799
Households
3.2
Avg Household Size
36
Median Age
34%
College-Educated
83%
High-School Grad
10.0 sq mi
ZIP Area
4,362
Density / Sq Mi
$100,061
Median Household Income
$44,032
Median Earnings
$1,797
Median Rent
$408,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two independent residences provide flexible living arrangements, private laundry, and updated interiors on a fenced residential lot.
Where is this duplex located?
The property is located at 9226 Fowler Lane Lanham, MD.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Separate 1,000‑square‑foot residence completed in December 2024; Main residence includes 5 bedrooms and 2 updated full bathrooms; Second residence offers 2 bedrooms, 1 full bathroom, and private laundry
