1008 LANARK WAY
About This Property
The walkway was replaced in 2016 along with the retaining wall against the driveway. The main level has hardwood floors that flow throughout. The living room has a large bay window and a cozy woodburning fireplace. The main level layout continues to a separate dining room with another bay window with custom build in shelving. The dining room opens to the kitchen as well as to a 3 seasons Florida room on the back of the home with a sliding door that overlooks the landscaped, peaceful and private backyard. The kitchen has stainless steel appliances with light wood shaker cabinets, granite countertops, peninsula giving space to eat in the kitchen. A custom recessed pantry has roll out shelving that can be adjusted for height. The main level has 2 spacious bedrooms and a full bathroom. Both bedrooms have closets with organizational systems to maximize space. Bedroom 1 is currently carpeted with hardwood under the carpet. Bedroom 2 has been used as a home office with a wonderful and functional layout.
The finished lower level has been used as a 3rd bedroom and additional living space. From the current 3rd bedroom space there is a closed vestibule that leads to the garage. There is a separate walkout to the backyard from the laundry room. The laundry room has wonderful built in storage and a stunning cedar closet.
Property notable highlights include driveway retaining wall (2022), HVAC and water heater (2020), Roof and gutter guards (2018), new slate walkway (2016) and so much more. Situated in a sough after neighborhood, this property offers convenience and sense of community. South 4 Corners is close to parks, Sligo Trail, schools, downtown Silver Spring, public transportation, 495, Washington DC, Virginia and so much more!
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Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
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Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
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About Silver Spring
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017