Ground-Floor Salon and Wellness
New
For Sale
$464,900
22335 EXPLORATION DR #1000 1000, Lexington Park, MD 20653
Flexible commercial condominium with private rooms, two bathrooms, storage, and approximately 20 parking spaces.
Property Size2,784 SF
Price / SF$166.99
Days on Market3
Property Features for 22335 EXPLORATION DR #1000 1000
General Information
Standard status
Active
Size
2,784 SF
Total Parking Spaces
20
Additional Details
Floor
Ground
Office Units
1
Amenities
common area
Building Details
Tenancy
Single
Listing Agency:
CENTURY 21 Commercial New Millennium
(703) 753-7910
Listed By:
Mark A Frisco Jr. · License #633534
(443) 532-8776
Source:
Palmerharned
Added: Sep 11
Last Checked: Sep 13 at 11:25AM
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 Commercial New Millennium
Investment Insights
Based on property information with market context.
This 2,784-square-foot, ground-level commercial condominium is currently configured as a salon and offers a flexible layout for spa, medical, dental, wellness, or professional office use. The interior includes an open main salon area measuring approximately 27' × 25', multiple private rooms ranging from approximately 8' × 8' to 17' × 15', dedicated hallways, two private bathrooms, and storage throughout. Perimeter windows bring natural light into the space, while ground-floor access supports convenient entry.
The property includes access to a common area of approximately 20' × 40' and approximately 20 parking spaces. Located at 22335 Exploration Dr in Lexington Park, the condominium is near NAS Patuxent River and surrounding commercial anchors. Its current salon configuration, private-room layout, and open areas provide a range of options for continued operation or interior reconfiguration.
The property includes access to a common area of approximately 20' × 40' and approximately 20 parking spaces. Located at 22335 Exploration Dr in Lexington Park, the condominium is near NAS Patuxent River and surrounding commercial anchors. Its current salon configuration, private-room layout, and open areas provide a range of options for continued operation or interior reconfiguration.
Key Highlights
- 2,784 SF ground‑level commercial condominium
- Open salon area measures approximately 27' × 25'
- Private rooms range from approximately 8' × 8' to 17' × 15'
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
$26,893
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
5.78%
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%
$537,860
$537.9K
Cap Rate 7%
$384,186
$384.2K
Cap Rate 9%
$298,811
$298.8K
Market Conditions
NOI Build-Up for 2,784 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
$41.8K $15.00/SF
− Vacancy
−$3.3K −$1.20/SF
EGI
$38.4K $13.80/SF
− OpEx
−$11.5K −$4.14/SF
NOI
$26.9K $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 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%
$537,860
Cap Rate 7%
$384,186
Cap Rate 9%
$298,811
Alternative Uses
Best Use
Retail
$384.2K
$336.2K – $448.2K
NOI $26,893 @ 7.0% cap · market cap 5.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$903.4K – $1.20M
NOI $72,272 @ 7.0% cap · market cap 15.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
17
Businesses Nearby
Well-served
Demand for This Use
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Spa & wellness property - Flexible commercial condominium with private rooms, two bathrooms, storage, and approximately 20 parking spaces.
Where is this spa & wellness property located?
The property is located at 22335 EXPLORATION DR #1000 1000 Lexington Park, MD.
What is the asking price?
The asking price for this property is $464,900.
What are key features of this property?
This property features: 2,784 SF ground‑level commercial condominium; Open salon area measures approximately 27' × 25'; Private rooms range from approximately 8' × 8' to 17' × 15'
