Open-Span Retail Former
21703 Great Mills Rd Lexington Park, MD 20653
21703 Great Mills Rd, Lexington Park, MD, 20653
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For Sale
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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 Market79
Property Features for 21703 Great Mills Rd
General Information
- Standard status
- Active
- Size
- 14,310 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1974
Listing agency
Hyatt Commercial
(410) 266-8800
Listed by
Nick G. Stellway · License #MD 5007878
Source
Crexi
Added: May 6 Updated: Jul 22 at 11:46PM Checked: Jul 22 at 11:46PM
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
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
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $214.7k | $15.00 |
| − Vacancy | −$17.2k | −$1.20 |
| EGI | $197.5k | $13.80 |
| − OpEx | −$59.2k | −$4.14 |
| NOI | $138.2k | $9.66 |
14,310 SF · lease $15.00/SF/yr · vacancy 8.00% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
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
