Ground-Floor Medical Office
For Sale
$269,900
1010-22335 Exploration Dr, Lexington Park, MD 20653
Ground-level suite with reception area, multiple private offices, and two bathrooms in a professional building with dedicated parking.
Property Size1,574 SF
Price / SF$171.47
Days on Market185
Property Features for 1010-22335 Exploration Dr
General Information
Standard status
Active
Size
1,574 SF
Total Parking Spaces
20
Additional Details
Business Included
Yes
Office Units
7
Taxes and HOA fees
Annual Taxes
$3,058
Listing Agency:
CENTURY 21 Commercial New Millennium
(703) 753-7910
Listed By:
Mark A Frisco Jr. · License #633534
(443) 532-8776
Source:
Exprealty
Added: Mar 4
Changed: Sep 2
Last Checked: Sep 4 at 2:31PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CENTURY 21 Commercial New Millennium
Investment Insights
Based on property information with market context.
A 1,574 SF ground-level commercial condo within the Exploration Building, this well-appointed suite is designed for client-facing operations. The layout includes a reception and waiting area, a central hallway, multiple private offices or exam rooms, and a larger flex office with built-in shelving and workspace. There are two bathrooms, including one with a full shower, and the space features wood-style flooring and neutral finishes. The plumbing and electrical remain in place, and the suite is fully accessible.
The property provides easy entry from the ground floor and includes approximately 20 dedicated parking spaces for employees and visitors. It is located in Lexington Park within a well-maintained professional building.
The most recent use was a spa or massage therapy business, with prior use as a dental office. Contiguous spaces may be available to support expansion.
The property provides easy entry from the ground floor and includes approximately 20 dedicated parking spaces for employees and visitors. It is located in Lexington Park within a well-maintained professional building.
The most recent use was a spa or massage therapy business, with prior use as a dental office. Contiguous spaces may be available to support expansion.
Key Highlights
- 1,574 SF ground‑level commercial condo suite in the Exploration Building
- Suite layout includes 7 private offices/exam rooms, plus a reception/waiting area
- Two bathrooms, including one with a full shower
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
$24,045
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
8.91%
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%
$480,900
$480.9K
Cap Rate 7%
$343,500
$343.5K
Cap Rate 9%
$267,167
$267.2K
Market Conditions
NOI Build-Up for 1,574 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
$38.7K $24.60/SF
− Vacancy
−$6.7K −$4.23/SF
EGI
$32.1K $20.37/SF
− OpEx
−$8.0K −$5.09/SF
NOI
$24.0K $15.28/SF
Area
St. Mary's County, MD
Vacancy
17.20%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
25.00%
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%
$480,900
Cap Rate 7%
$343,500
Cap Rate 9%
$267,167
Alternative Uses
Best Use
Office B
$343.5K
$300.6K – $400.8K
NOI $24,045 @ 7.0% cap · market cap 8.91%
Second Best
Healthcare Medical
$314.9K
$275.5K – $367.3K
NOI $22,040 @ 7.0% cap · market cap 8.17%
Theoretical Best
Office A
$583.7K
$510.8K – $681.0K
NOI $40,860 @ 7.0% cap · market cap 15.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Office units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
399
Businesses Nearby
Explore this area
Business Placement
Demographics for 20653, MD
25,180
Population
11,696
Households
2.2
Avg Household Size
34
Median Age
34%
College-Educated
91%
High-School Grad
33.2 sq mi
ZIP Area
758
Density / Sq Mi
$97,923
Median Household Income
$55,396
Median Earnings
$1,579
Median Rent
$341,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Ground-level suite with reception area, multiple private offices, and two bathrooms in a professional building with dedicated parking.
Where is this office units located?
The property is located at 1010-22335 Exploration Dr Lexington Park, MD.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: 1,574 SF ground‑level commercial condo suite in the Exploration Building; Suite layout includes 7 private offices/exam rooms, plus a reception/waiting area; Two bathrooms, including one with a full shower
