Kensington Apartment – 54 Unit Apartment — Sale in Kensington, MD

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Kensington, MD 20895

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Description

Marcus & Millichap is pleased to present Kensington Gardens Apartments, a 54-unit, market-rate multifamily investment opportunity in Kensington, Maryland. The property is situated within one of the Washington, D.C. metropolitan area’s most established and supply-constrained suburban markets. Kensington Gardens comprises seven garden-style apartment buildings on a 1.90-acre parcel containing 30 one-bedroom and 24 two-bedroom units. The property has maintained historically strong occupancy, reflecting sustained demand for well-located, value-oriented rental housing in the Kensington submarket. Ownership completed an extensive property-wide renovation program that began in 2001, which includes roof replacements, energy-efficient windows, an electrical heavy-up, and plumbing improvements. In addition, 46 of the property’s 54 HVAC systems were replaced between 2020 and 2026. Units are upgraded upon turnover with new flooring, cabinetry, and appliances. The property also received lead-free certification in 2001. Collectively, these improvements enhance resident comfort, support operating efficiency, and may reduce nearterm capital requirements. The property’s one-bedroom units currently average approximately $1,374 per month, while its two-bedroom units average approximately $1,451 per month. These rents are positioned below larger Class A new-construction communities in the surrounding market, providing Kensington Gardens with a compelling affordability and resident-retention advantage. Residents pay for separately metered electricity, while ownership is responsible for water and gas. A new operator can improve net operating income through efficient expense management, continued unit upgrades, conversion of the two non-revenue manager units to income-producing apartments, charging a monthly fee for the 54 parking spaces, and compliant rent growth. Montgomery County’s maximum rent-increase allowance for covered increases effective July 1, 2026 through June 30, 2027 is 5.2

Market Context

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