Renovated
For Sale
$550,000
12220 CENTERHILL STREET, Silver Spring, MD 20902
Six-bedroom residence with updated kitchens, finished basement space, outdoor areas, and parking for up to three vehicles.
Property Size3,000 SF
Price / SF$183.33
Days on Market71
Property Features for 12220 CENTERHILL STREET
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$4,300
Building Details
Building Size
3,000 SF
Year Built
1950
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
(301) 996-2536
Listed By:
Erica J Terry · License #597712
(301) 996-2536
Source:
Kerishull
Added: Jun 20
Changed: Aug 28
Last Checked: Aug 29 at 2:53PM
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 Berkshire Hathaway HomeServices PenFed Realty
Investment Insights
Based on property information with market context.
This duplex property offers 3,000 square feet with six bedrooms and four full bathrooms. Major improvements include a 2024 renovation to the back studio unit, a finished basement, and a main-floor laundry area. Interior features include hardwood and luxury vinyl plank flooring, crown molding, an electric fireplace, and a contemporary kitchen with granite countertops, stainless steel appliances, and upgraded cabinetry. The main-level kitchen was renovated between 2020 and 2022.
Outdoor improvements include a deck, porch, front and rear yards, a cabana, and a shed. A private concrete driveway accommodates up to three vehicles. Additional updates include a 2023 hot water heater, 2022 furnace, and 2024 roof re-shingling. The property is located at 12220 Centerhill Street in Silver Spring, Maryland, within the Connecticut Avenue Estates community.
Outdoor improvements include a deck, porch, front and rear yards, a cabana, and a shed. A private concrete driveway accommodates up to three vehicles. Additional updates include a 2023 hot water heater, 2022 furnace, and 2024 roof re-shingling. The property is located at 12220 Centerhill Street in Silver Spring, Maryland, within the Connecticut Avenue Estates community.
Key Highlights
- Duplex with 3,000 square feet, six bedrooms, and four full bathrooms
- Major renovations completed in 2024, including the back studio unit and roof re‑shingling
- Main‑level kitchen updated between 2020 and 2022 with granite counters and stainless steel appliances
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
9.01%
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 10.35%
Second Best
Apartment 5plus
$707.6K
$619.2K – $825.6K
NOI $49,534 @ 7.0% cap · market cap 9.01%
Theoretical Best
Specialty Retail
$1.06M
$923.4K – $1.23M
NOI $73,873 @ 7.0% cap · market cap 13.43%
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?
Duplex - Six-bedroom residence with updated kitchens, finished basement space, outdoor areas, and parking for up to three vehicles.
Where is this duplex located?
The property is located at 12220 CENTERHILL STREET Silver Spring, MD.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Duplex with 3,000 square feet, six bedrooms, and four full bathrooms; Major renovations completed in 2024, including the back studio unit and roof re‑shingling; Main‑level kitchen updated between 2020 and 2022 with granite counters and stainless steel appliances
