Renovated Triplex with Outdoor
For Sale
$550,000
12220 CENTERHILL Street, Silver Spring, MD 20902
Multi-Family, SILVER SPRING, MD
Property Size3,000 SF
Lot Size0.08 Acres
Price / SF$183.33
Days on Market71
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
Ductless, Ceiling Fan(s), Central Air
Amenities
deck
porch
cabana
shed
fully finished basement
main floor laundry
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 24
Last Checked: Aug 29 at 11:06PM
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 3,000-square-foot Colonial-style triplex includes six bedrooms and four full bathrooms across a renovated residential configuration. Interior features include hardwood and luxury vinyl plank flooring, crown molding, a main-level kitchen with granite countertops and stainless steel appliances, a dining area, an electric fireplace, and a fully finished basement. The property also includes a back studio unit, a lower-level bedroom area with a walk-in closet, and main-floor laundry.
Major renovations were completed in 2024, including work to the back studio and roof. Additional updates include a kitchen renovation completed between 2020 and 2022, a 2023 water heater, a 2022 furnace, and 2010 hardwood flooring on the main level. Outdoor improvements include a deck, porch, front and rear yards, a cabana, and a shed. A private concrete driveway accommodates up to three vehicles.
Major renovations were completed in 2024, including work to the back studio and roof. Additional updates include a kitchen renovation completed between 2020 and 2022, a 2023 water heater, a 2022 furnace, and 2010 hardwood flooring on the main level. Outdoor improvements include a deck, porch, front and rear yards, a cabana, and a shed. A private concrete driveway accommodates up to three vehicles.
Key Highlights
- 3,000‑square‑foot triplex with 6 bedrooms and 4 full bathrooms
- Major renovations completed in 2024, including the back studio and roof
- Main‑level kitchen updated between 2020 and 2022 with granite countertops 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?
Triplex - Colonial-style property with updated kitchens, finished lower-level space, and multiple outdoor areas.
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 $550,000.
What are key features of this property?
This property features: 3,000‑square‑foot triplex with 6 bedrooms and 4 full bathrooms; Major renovations completed in 2024, including the back studio and roof; Main‑level kitchen updated between 2020 and 2022 with granite countertops and stainless steel appliances
