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    Property profile & analytics

    7024 Carroll Ave Takoma Park, MD 20912-3418

    • Apartment buildings
    • 5,082 SF
    • 0.23 lot acres
    OFF-MARKET
    Value Estimations
    $820,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US40-0445451
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Apartment buildings

    Property Details for 7024 Carroll Ave

    Year built
    1915
    Lot size
    0.23 lot acres
    Property size
    5,082 SF
    Zone code
    NR0.7
    Property type
    Apartment buildings
    APN
    13-01062224
    APU
    1301062224

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $916,000
      Market price range: $857k - $2.19M
      AI Estimate
      $718,000
      Market price range: $719k - $1.72M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,310,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Takoma Park
    County
    Montgomery
    State
    Maryland
    Longitude
    -77.0118
    Latitude
    38.9754
    CBSA code
    47900
    CBSA name
    WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $9,604
    $0.00
    $0.00
    $560,700
    -
    $527,100
    $36,100
    $563,200

    Comparable in this City

    • Value Estimation
      $515,000
      0.72 Acres

      6434 Kansas Ln

      APARTMENT HOUSE (5+ UNITS) • 0.72 Acres
      6434 Kansas Ln, Takoma Park, MD 20912-4722
      View Details
    • Value Estimation
      $900,000
      5,796 SF

      7012 Carroll Ave

      APARTMENT HOUSE (5+ UNITS) • 5,796 SF
      7012 Carroll Ave, Takoma Park, MD 20912-3412
      View Details
    • Value Estimation
      $820,000
      3,696 SF

      812 Greenwood Cir

      APARTMENT HOUSE (5+ UNITS) • 3,696 SF
      812 Greenwood Cir, Takoma Park, MD 20912-6832
      View Details
    • Value Estimation
      $8,165,000
      52,640 SF

      666 Houston Ave

      APARTMENT HOUSE (5+ UNITS) • 52,640 SF
      666 Houston Ave, Takoma Park, MD 20912-6246
      View Details
    • Value Estimation
      $5,805,000
      37,428 SF

      676 Houston Ave

      APARTMENT HOUSE (5+ UNITS) • 37,428 SF
      676 Houston Ave, Takoma Park, MD 20912-6268
      View Details
    • Value Estimation
      $4,985,000
      32,148 SF

      641 Houston Ave

      APARTMENT HOUSE (5+ UNITS) • 32,148 SF
      641 Houston Ave, Takoma Park, MD 20912-6206
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Multifamily Property in Takoma Park

      Fully occupied apartment building requiring complete renovation, sold as-is.
      8512 Glenview Ave, Takoma Park, MD 20912
      View Details
    • $1,400,000

      All-Brick Apartment Building Overlooking Park

      Five-unit apartment building with park views and updated amenities.
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    • $825,000

      Takoma Park Multifamily Investment Property

      Renovated, fully occupied 7-unit apartment building in Takoma Park.
      228 Manor Cir, Takoma Park, MD 20912
      View Details
    • New
      $575,000
      3,500 SF

      Takoma Park Multifamily Investment

      Five-unit apartment building in Takoma Park, MD.
      700-A Chaney Dr, Takoma Park, MD 20912
      View Details
    • New
      $899,000
      3,145 SF

      Takoma Park Cape Cod Duplex

      Updated 1936 brick Cape Cod duplex with income potential.
      8209 Flower Ave, Takoma Park, MD 20912
      View Details

    Similar Nearby for Lease

    • $1,800 /Mo

      Historic District Residential/Commercial Unit

      One-bedroom lower-level unit suitable for residential or commercial use.
      7206 Carroll Ave, Takoma Park, MD 20912
      View Details
    • Contact for pricing
      1,000 SF

      Retail Space on New Hampshire

      Retail space for lease in Takoma Park, Maryland.
      6501-6533 New Hampshire Ave, Takoma Park, MD 20912
      View Details
    • Contact for pricing

      Takoma Park Office Building

      Office building in the heart of Takoma Park, Maryland.
      7676 New Hampshire Ave, Takoma Park, MD 20912
      View Details
    • $2,200 /Mo
      600 SF

      Retail Space Near Washington DC

      600 SF retail space near Washington DC.
      8000-8004 Flower Ave, Takoma Park, MD 20912
      View Details
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    7024 Carroll Ave
    Takoma Park, MD 20912-3418
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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