Residential Income Property with
For Sale
$499,000
9610 DEWITT DRIVE Unit SH203, Silver Spring, MD 20910
Two-bedroom condo with an updated kitchen, dedicated parking, and storage unit in a historic Victorian-style complex.
Property Size1,408 SF
Price / SF$354.40
Days on Market10
Property Features for 9610 DEWITT DRIVE Unit SH203
General Information
Standard status
Active
Size
1,408 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$4,739
Building Details
Building Size
1,408 SF
Year Built
1925
Listing Agency:
Washington Fine Properties
(301) 325-0079
Listed By:
Alyssa A Crilley · License #594463
(301) 325-0079
Source:
Kerishull
Added: Aug 22
Changed: Aug 30
Last Checked: Aug 30 at 11:12PM
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 Washington Fine Properties
Investment Insights
Based on property information with market context.
This 1,408-square-foot condominium at National Park Seminary dates to 1925 and includes two bedrooms, one full bath, and one half bath. The living room receives natural light through three large windows and opens onto a private rear balcony. The kitchen has been updated with stainless steel appliances and connects to a windowed dining area. Both bedrooms include walk-in closets, with built-in storage in the second bedroom; the primary suite also provides balcony access. Designated parking and an additional storage unit are included.
The property is located in Forest Glen near Rock Creek Park and its walking trails. Forest Glen Metro station is less than a 5 minute drive away, while downtown Silver Spring and Bethesda are also described as minutes from the residence.
The property is located in Forest Glen near Rock Creek Park and its walking trails. Forest Glen Metro station is less than a 5 minute drive away, while downtown Silver Spring and Bethesda are also described as minutes from the residence.
Key Highlights
- 1,408 SF condominium in National Park Seminary
- Built in 1925 within a historic Victorian‑style complex
- Two bedrooms, 1.5 baths, and a private rear balcony
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
$23,248
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
4.66%
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%
$464,960
$465.0K
Cap Rate 7%
$332,114
$332.1K
Cap Rate 9%
$258,311
$258.3K
Market Conditions
NOI Build-Up for 1,408 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 $32.28/SF
− Vacancy
−$3.2K −$2.26/SF
EGI
$42.3K $30.02/SF
− OpEx
−$19.0K −$13.51/SF
NOI
$23.2K $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%
$464,960
Cap Rate 7%
$332,114
Cap Rate 9%
$258,311
Alternative Uses
Best Use
Apartment 5plus
$332.1K
$290.6K – $387.5K
NOI $23,248 @ 7.0% cap · market cap 4.66%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$495.3K
$433.4K – $577.9K
NOI $34,671 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
434
Businesses Nearby
Explore this area
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condo with an updated kitchen, dedicated parking, and storage unit in a historic Victorian-style complex.
Where is this residential income property located?
The property is located at 9610 DEWITT DRIVE Unit SH203 Silver Spring, MD.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 1,408 SF condominium in National Park Seminary; Built in 1925 within a historic Victorian‑style complex; Two bedrooms, 1.5 baths, and a private rear balcony
