9622 LORAIN AVENUE
About This Property
Interior amenities and accents include: stainless steel kitchen appliances – new fridge & microwave, dishwasher is 3 yrs old. New porcelain tile kitchen floor. Main bath renovated 2 yrs ago. Recessed lighting in living room, energy-efficient LED lighting throughout with 3-color settings (daylight, white, warm). Programmable thermostat and whole-house humidifier. Two fully-functional wood-burning fireplaces (seasoned fire wood conveys). Enormous lower-level rec room (36'x13') includes abundant storage and is ideal for large indoor gatherings but also has potential as media room, fitness area, and/or game room. Bonus room with adjacent full bath can serve as craft room or office with easy ground-level exit via walk-out garage. This area also has a walk-in closet and built-in cabinets/shelving. Laundry/utility room has 2nd fridge and workshop which convey. Garage workbench, shelving and large alcove provide plentiful storage for outdoor equipment.
The property falls under the North Hills Civic Association (NO required fees or other dues) which is a voluntary group whose mission is "for the mutual benefit of all living in the neighborhood and dedicated to maintaining the neighborhood as a beneficial, enjoyable, safe, and sustainable place to live." It recently received the Sentinel Award from the Montgomery County Civic Federation for significant contributions to good government at the local level.
Property is conveniently located just inside the Beltway, immediately off Colesville Rd, but is far enough from the highway to be insulated from traffic noises. Near Sligo Creek hike/bike trails and to public transportation. Close to metro and downtown Silver Spring.
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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.
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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.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Jul 25, 2023 | Sold | ||
| Sold | |||
| Jun 16, 2023 | In contract | - | |
| In contract | |||
| May 23, 2023 | Listed by Heymann Realty, LLC | $789,000 | |
| Listed by Heymann Realty, LLC | |||
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About Silver Spring
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017