Law Office with Private Rear
For Sale
$499,900
21689 Great Mills Road, Lexington Park, MD 20653
Well-configured office space with private rear entry, multiple offices, and a full bath for professional or mixed-use tenants.
Property Size2,226 SF
Price / SF$224.57
Days on Market58
Property Features for 21689 Great Mills Road
General Information
Standard status
Active
Size
2,226 SF
Property subtype
Mixed Use
Zoning
MXM
Taxes and HOA fees
Annual Taxes
$2,298
Amenities
Central Air
Hardwood, Carpet
RMX
Corner Lot.
Driveway.
Other, Corner.
Building Details
Year Built
1947
Listing Agency:
CENTURY 21 New Millennium
(301) 481-2696
Listed By:
Jennifer Goddard · License #614316
(301) 481-2696
Source:
Xome
Added: Jun 13
Changed: Aug 8
Last Checked: Aug 9 at 4:53AM
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 New Millennium
Investment Insights
Based on property information with market context.
This for-sale office property is currently configured and used as a law office and offers multiple private office spaces, several spacious rooms, and a full bath. A notable feature is a large rear office that has its own private entrance, which can support separate staff access or a distinct work area within the overall layout.
The property is located at 21689 Great Mills Road in Lexington Park, MD 20653. Zoning is listed as MXM (Medium Intensity Mixed Use), and buyers should verify permitted uses during due diligence.
For prospective tenants or buyers seeking a professional office setup, the existing private offices and full bath provide a straightforward foundation for legal, administrative, or other office-oriented uses. The additional rear private entrance offers flexibility for organizations that want to manage access to a secondary area more independently, subject to zoning and permitted use requirements.
The property is located at 21689 Great Mills Road in Lexington Park, MD 20653. Zoning is listed as MXM (Medium Intensity Mixed Use), and buyers should verify permitted uses during due diligence.
For prospective tenants or buyers seeking a professional office setup, the existing private offices and full bath provide a straightforward foundation for legal, administrative, or other office-oriented uses. The additional rear private entrance offers flexibility for organizations that want to manage access to a secondary area more independently, subject to zoning and permitted use requirements.
Key Highlights
- Central air and mixed flooring including hardwood and carpet
- Corner lot with driveway parking
- Year built 1947
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
$34,006
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
6.80%
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%
$680,120
$680.1K
Cap Rate 7%
$485,800
$485.8K
Cap Rate 9%
$377,844
$377.8K
Market Conditions
NOI Build-Up for 2,226 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
$54.8K $24.60/SF
− Vacancy
−$9.4K −$4.23/SF
EGI
$45.3K $20.37/SF
− OpEx
−$11.3K −$5.09/SF
NOI
$34.0K $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%
$680,120
Cap Rate 7%
$485,800
Cap Rate 9%
$377,844
Alternative Uses
Best Use
Office B
$485.8K
$425.1K – $566.8K
NOI $34,006 @ 7.0% cap · market cap 6.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$825.5K
$722.3K – $963.1K
NOI $57,786 @ 7.0% cap · market cap 11.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
170
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 building - Well-configured office space with private rear entry, multiple offices, and a full bath for professional or mixed-use tenants.
Where is this office building located?
The property is located at 21689 Great Mills Road Lexington Park, MD.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Central air and mixed flooring including hardwood and carpet; Corner lot with driveway parking; Year built 1947
