Renovated Colonial
For Sale
$565,000
12220 CENTERHILL Street, Silver Spring, MD 20902
MULTI_FAMILY - Colonial - SILVER SPRING, MD
Property Size3,000 SF
Lot Size0.08 Acres
Price / SF$188.33
Days on Market54
Property Features for 12220 CENTERHILL Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Dining Room, Basement
Parking
3
Parking features
Driveway
Interior features
Bar, Bathroom - Stall Shower, Bathroom - Tub Shower, Built-Ins, Ceiling Fan(s), Chair Railings, Combination Kitchen/Dining, Crown Moldings, Kitchenette, Recessed Lighting, Upgraded Countertops, Walk-in Closet(s), Wood Floors
Fireplace
1
Appliances
Dishwasher, Dryer, Dryer - Electric, Dryer - Front Loading, ENERGY STAR Refrigerator, Microwave, Oven - Self Cleaning, Oven/Range - Electric, Refrigerator, Stainless Steel Appliances, Stove, Washer, WaterHeater
Subdivision
CONNECTICUT AVENUE ESTATES
Elementary school district
MONTGOMERY COUNTY PUBLIC SCHOOLS
Middle school district
MONTGOMERY COUNTY PUBLIC SCHOOLS
High school district
MONTGOMERY COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
3,000 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
4300
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s), Central Air, Ductless
Building Details
Year built
1950
Number of units
3
Building materials
Frame
Architectural style
Colonial
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
(301) 948-4811
Listed By:
Erica J Terry · License #597712
(301) 996-2536
Added: Jun 20
Changed: Aug 3
Last Checked: Aug 12 at 3:06AM
MLS# MDMC2241710
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Colonial triplex offers 3,000 square feet across a 0.08-acre parcel, with six bedrooms and four full bathrooms. The property includes a finished basement, main-level laundry, a remodeled studio unit, and a combination kitchen and dining area. Interior details include hardwood and luxury vinyl plank flooring, crown molding, recessed lighting, a walk-in closet, and an electric fireplace. The kitchen includes granite counters, upgraded cabinetry, and stainless steel appliances.
Renovations and system updates include major work completed in 2024, a 2023 water heater, a 2022 furnace, hardwood flooring installed in 2010, and kitchen improvements completed from 2020 through 2022. Exterior features include a deck, porch, cabana, shed, front and rear yards, brick walkway lighting, and a wrought iron gate. The concrete driveway accommodates up to three vehicles. The property is located at 12220 Centerhill Street in Silver Spring, Maryland, within Montgomery County.
Renovations and system updates include major work completed in 2024, a 2023 water heater, a 2022 furnace, hardwood flooring installed in 2010, and kitchen improvements completed from 2020 through 2022. Exterior features include a deck, porch, cabana, shed, front and rear yards, brick walkway lighting, and a wrought iron gate. The concrete driveway accommodates up to three vehicles. The property is located at 12220 Centerhill Street in Silver Spring, Maryland, within Montgomery County.
Key Highlights
- 3,000‑square‑foot Colonial triplex on a 0.08‑acre lot
- Six bedrooms and four full bathrooms
- Major renovations completed in 2024, including the back studio unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$49,534
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.77%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$990,680
$990.7K
Cap Rate 7%
$707,629
$707.6K
Cap Rate 9%
$550,378
$550.4K
Market Conditions
NOI Build-Up for 3,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$96.8K $32.28/SF
− Vacancy
−$6.8K −$2.26/SF
EGI
$90.1K $30.02/SF
− OpEx
−$40.5K −$13.51/SF
NOI
$49.5K $16.51/SF
Area
Montgomery County, MD
Vacancy
7.00%
Lease Rate
$32.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$990,680
Cap Rate 7%
$707,629
Cap Rate 9%
$550,378
Alternative Uses
Best Use
Multifamily LT 5
$813.3K
$711.6K – $948.8K
NOI $56,929 @ 7.0% cap · market cap 10.08%
Second Best
Apartment 5plus
$707.6K
$619.2K – $825.6K
NOI $49,534 @ 7.0% cap · market cap 8.77%
Theoretical Best
Specialty Retail
$1.06M
$923.4K – $1.23M
NOI $73,873 @ 7.0% cap · market cap 13.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
485
Businesses Nearby
Explore this area
Business Placement
Demographics for 20902, MD
52,533
Population
18,759
Households
2.8
Avg Household Size
36
Median Age
47%
College-Educated
83%
High-School Grad
7.6 sq mi
ZIP Area
6,912
Density / Sq Mi
$111,408
Median Household Income
$49,887
Median Earnings
$2,088
Median Rent
$531,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit Colonial property with finished lower-level space, updated interiors, outdoor areas, and driveway parking.
Where is this triplex located?
The property is located at 12220 CENTERHILL Street Silver Spring, MD.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: 3,000‑square‑foot Colonial triplex on a 0.08‑acre lot; Six bedrooms and four full bathrooms; Major renovations completed in 2024, including the back studio unit
