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Multifamily

20 Ritchie Avenue

20 Ritchie Avenue, Silver Spring, MD 20910

Listing Price: $1,175,000

Cap Rate
5.18%
Number of Units
9
Occupancy
100.0%
Price/Unit
$130,556
Price/Gross SF
$163.19
Gross SF
7,200

Investment Overview

Marcus & Millichap is pleased to exclusively represent the owner of 20 Ritchie Avenue Silver Spring MD, in Montgomery County. This nine-unit apartment has an attractive unit mix of all three-bedroom/one-bath units. The building is fully occupied with market-rate tenants. Built in 1975, this R-30 zoned building sits on .49 acre parcel with ample parking in a quiet residential neighborhood. This 7,300 SF building is separately metered for electricity, and each unit has central air-condition and heat. The owner pays for water, gas heat for the water heater, and common area electricity. The owner has made upgrades to the electrical system, and the plumbing system. The building is located in the city of Takoma Park which has Rent Stabilization guidelines for this building. This purchase provides an opportunity for a buyer to increase the NOI by 21% within the first year. A purchaser can execute this strategy by replacing the rent-free onsite Property Manager with a professional management company and by increasing rent by 2.6% (maximum annual increase allowed under the Rent Stabilization program). The subject property is located within a one-mile radius of downtown Silver Spring and 1.5 miles of the future Purple Line station. The Purple Line is a $2 billion transportation infrastructure project connecting major hubs within Montgomery and Prince George's county. Local employers include Washington Adventist University, Montgomery College, and multiple retailers in downtown Silver Spring.

Investment Highlights

  • Separately metered
  • Large three-bedroom units
  • Low vacancy submarket

Exclusively Listed By

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

Multifamily

20 Ritchie Avenue

Listing Price: $1,175,000

Cap Rate
5.18%
Number of Units
9
Occupancy
100.0%
Price/Unit
$130,556
Price/Gross SF
$163.19
Gross SF
7,200

Investment Highlights

  • Separately metered
  • Large three-bedroom units
  • Low vacancy submarket

Investment Overview

Marcus & Millichap is pleased to exclusively represent the owner of 20 Ritchie Avenue Silver Spring MD, in Montgomery County. This nine-unit apartment has an attractive unit mix of all three-bedroom/one-bath units. The building is fully occupied with market-rate tenants. Built in 1975, this R-30 zoned building sits on .49 acre parcel with ample parking in a quiet residential neighborhood. This 7,300 SF building is separately metered for electricity, and each unit has central air-condition and heat. The owner pays for water, gas heat for the water heater, and common area electricity. The owner has made upgrades to the electrical system, and the plumbing system. The building is located in the city of Takoma Park which has Rent Stabilization guidelines for this building. This purchase provides an opportunity for a buyer to increase the NOI by 21% within the first year. A purchaser can execute this strategy by replacing the rent-free onsite Property Manager with a professional management company and by increasing rent by 2.6% (maximum annual increase allowed under the Rent Stabilization program). The subject property is located within a one-mile radius of downtown Silver Spring and 1.5 miles of the future Purple Line station. The Purple Line is a $2 billion transportation infrastructure project connecting major hubs within Montgomery and Prince George's county. Local employers include Washington Adventist University, Montgomery College, and multiple retailers in downtown Silver Spring.

Exclusively Listed By

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

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