Open-Span Retail Former
For Sale
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21703 Great Mills Rd, Lexington Park, MD 20653
Former theater offers a wide, unobstructed floor plate with high ceilings for flexible retail or experiential concepts.
Property Size14,310 SF
Price / SF$244.58
Days on Market169
Property Features for 21703 Great Mills Rd
General Information
Standard status
Active
Size
14,310 SF
Property subtype
Retail
Lease Type
NNN
Investment Type
Redevelopment
Building Details
Year Built
1974
Listing Agency:
Hyatt Commercial
Listed By:
Nick G. Stellway · License #MD 5007878
(443) 584-4494
Source:
Crexi
Added: May 6
Changed: Oct 20
Last Checked: Oct 20 at 8:45PM
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 Hyatt Commercial
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Investment Insights
Based on property information with market context.
This former theater property is built around a large, open-span layout with a wide, unobstructed floor plate and high ceilings. The existing configuration is designed to support efficient reconfiguration, making the space well-suited for flexible commercial use where a substantial, column-free interior footprint is important.
The property is located on Great Mills Rd in Lexington Park and is described as having strong visibility and access. It is surrounded by established retail and services, with proximity to major employment drivers and popular attractions, including the Patuxent River Naval Air Museum and St. Mary’s County Regional Airport.
With its adaptable structure and sizable interior volume, the building lends itself to repositioning or redevelopment for uses that benefit from scale and an open interior environment.
The property is located on Great Mills Rd in Lexington Park and is described as having strong visibility and access. It is surrounded by established retail and services, with proximity to major employment drivers and popular attractions, including the Patuxent River Naval Air Museum and St. Mary’s County Regional Airport.
With its adaptable structure and sizable interior volume, the building lends itself to repositioning or redevelopment for uses that benefit from scale and an open interior environment.
Key Highlights
- Former theater building built in 1974
- Wide, unobstructed open‑span floor plate designed for flexible commercial layout changes
- High ceilings provide volume and support for reconfiguration to fit different commercial uses
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$138,235
Cap Rate
3.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,764,700
$2.8M
Cap Rate 7%
$1,974,786
$2.0M
Cap Rate 9%
$1,535,944
$1.5M
Market Conditions
NOI Build-Up for 14,310 SF
Gross rent
$214.7K $15.00/SF
− Vacancy
−$17.2K −$1.20/SF
EGI
$197.5K $13.80/SF
− OpEx
−$59.2K −$4.14/SF
NOI
$138.2K $9.66/SF
Area
St. Mary's County, MD
Vacancy
8.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,764,700
Cap Rate 7%
$1,974,786
Cap Rate 9%
$1,535,944
Alternative Uses
Best Use
Retail
$1.97M
$1.73M – $2.30M
NOI $138,235 @ 7.0% cap · market cap 3.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.31M
$4.64M – $6.19M
NOI $371,483 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
515
Businesses Nearby
38k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 50%
Shops & Services 38%
Electronics 5%
Home Improvements & Furnishings 4%
Popeyes Louisiana Kitchen
Dining
5,392 visits/mo
0.1 miles
Family Dollar
Shops & Services
4,896 visits/mo
0.1 miles
AutoZone
Shops & Services
3,641 visits/mo
0.5 miles
SUBWAY
Dining
3,447 visits/mo
0.1 miles
Domino's Pizza
Dining
2,721 visits/mo
0.2 miles
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
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Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Retail space - Former theater offers a wide, unobstructed floor plate with high ceilings for flexible retail or experiential concepts.
Where is this retail space located?
The property is located at 21703 Great Mills Rd Lexington Park, MD.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Former theater building built in 1974; Wide, unobstructed open‑span floor plate designed for flexible commercial layout changes; High ceilings provide volume and support for reconfiguration to fit different commercial uses
