Adjoining Office Units with Separate
For Sale
Contact for pricing
12118 Heritage Park Circle Unit B, Silver Spring, MD 20906
Two contiguous suites can function independently or as a combined professional workspace with dedicated HVAC for each unit.
Property Size1,750 SF
Price / SF$330.26
Days on Market366
Property Features for 12118 Heritage Park Circle Unit B
General Information
Standard status
Active
Size
1,750 SF
Total Parking Spaces
4
Elevators
No
Property subtype
Office
Zoning
CRN-0.5, C-0.5
Financials
Asking Price
$575,000
HOA Fee
$330
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
2
Amenities
signage
community mailboxes
Building Details
Buildings
1
Units
2
Abandoned
No
Listing Agency:
WKW Commercial @ Bennett Realty Solutions
Listed By:
Wayne Williams · License #17376
Source:
Crexi
Added: Aug 31, 2025
Changed: Aug 30
Last Checked: Aug 30 at 5:52PM
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 WKW Commercial @ Bennett Realty Solutions
Investment Insights
Based on property information with market context.
This offering combines two adjoining office condominium units, each measuring 875 square feet for a total of 1,750 square feet. The suites have separate entries and can remain independent or operate as one connected workplace. One unit includes a conference room, open bullpen area, waiting space, and restroom. The other provides five office rooms, including a smaller room suitable for files or supplemental workspace. Windows, glass-paneled doors, French doors, and a bay window bring natural light and visual separation throughout the interiors.
The property includes two assigned parking spaces for each unit, along with visitor parking. Prominent signage is visible from Viers Mill Road, and the community mailbox area is readily accessible. Separate HVAC systems serve the two suites. The combined layout can accommodate reception, waiting areas, private offices, meeting space, storage, and a restroom. Furniture and a phone system may be negotiated separately, and the current occupant is expected to vacate at settlement.
The property includes two assigned parking spaces for each unit, along with visitor parking. Prominent signage is visible from Viers Mill Road, and the community mailbox area is readily accessible. Separate HVAC systems serve the two suites. The combined layout can accommodate reception, waiting areas, private offices, meeting space, storage, and a restroom. Furniture and a phone system may be negotiated separately, and the current occupant is expected to vacate at settlement.
Key Highlights
- Two adjoining office condos totaling 1,750 SF; each unit measures 875 SF
- Separate entries and HVAC systems allow independent operation or combined use
- One suite includes a conference room, bullpen office, waiting area, and restroom
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
$21,387
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
3.70%
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%
$427,740
$427.7K
Cap Rate 7%
$305,529
$305.5K
Cap Rate 9%
$237,633
$237.6K
Market Conditions
NOI Build-Up for 1,750 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
$34.4K $19.68/SF
− Vacancy
−$5.9K −$3.38/SF
EGI
$28.5K $16.30/SF
− OpEx
−$7.1K −$4.07/SF
NOI
$21.4K $12.22/SF
Area
Montgomery County, MD
Vacancy
17.20%
Lease Rate
$19.68 /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%
$427,740
Cap Rate 7%
$305,529
Cap Rate 9%
$237,633
Alternative Uses
Best Use
Office B
$305.5K
$267.3K – $356.5K
NOI $21,387 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$615.6K
$538.7K – $718.2K
NOI $43,093 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
585
Businesses Nearby
Explore this area
Business Placement
Demographics for 20906, MD
71,641
Population
27,423
Households
2.6
Avg Household Size
41
Median Age
42%
College-Educated
87%
High-School Grad
12.7 sq mi
ZIP Area
5,641
Density / Sq Mi
$92,964
Median Household Income
$46,172
Median Earnings
$1,945
Median Rent
$440,600
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 - Two contiguous suites can function independently or as a combined professional workspace with dedicated HVAC for each unit.
Where is this office units located?
The property is located at 12118 Heritage Park Circle Unit B Silver Spring, MD.
What is the asking price?
The asking price for this property is $577,950.
What are key features of this property?
This property features: Two adjoining office condos totaling 1,750 SF; each unit measures 875 SF; Separate entries and HVAC systems allow independent operation or combined use; One suite includes a conference room, bullpen office, waiting area, and restroom
