Ground-Floor Spa and Wellness
For Sale
$475,000
22335 EXPLORATION DR #1000 1000, Lexington Park, MD 20653
Flexible commercial condominium with private rooms, open workspace, natural light, and ground-level access.
Property Size2,784 SF
Price / SF$170.62
Days on Market54
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 Floor
Amenities
common area
Listing Agency:
CENTURY 21 Commercial New Millennium
(443) 532-8776
Listed By:
Mark A Frisco Jr. · License #633534
(443) 532-8776
Source:
Opal-realestate
Added: Jul 9
Changed: Aug 29
Last Checked: Aug 30 at 5:25PM
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 SF ground-level commercial condominium is currently configured for salon operations, with an open main area measuring approximately 27’ x 25’. Several enclosed rooms range from approximately 8’ x 8’ to 17’ x 15’, supporting treatment, consultation, office, or exam-room layouts. The unit also includes dedicated hallways, two private bathrooms, storage areas, and perimeter windows. A shared common area of approximately 20’ x 40’ adds usable space, while ground-floor entry supports convenient access.
Approximately 20 parking spaces serve the property. The address is in Lexington Park near NAS Patuxent River and surrounding commercial businesses. More than 3,000 square feet is available contiguously upon inquiry, creating the possibility of combining spaces for a total exceeding 6,000 square feet. The existing configuration supports salon, spa, wellness, medical, dental, and professional office uses described for the property.
Approximately 20 parking spaces serve the property. The address is in Lexington Park near NAS Patuxent River and surrounding commercial businesses. More than 3,000 square feet is available contiguously upon inquiry, creating the possibility of combining spaces for a total exceeding 6,000 square feet. The existing configuration supports salon, spa, wellness, medical, dental, and professional office uses described for the property.
Key Highlights
- 2,784 SF ground‑level commercial condominium
- Open main area of approximately 27’ x 25’
- Private rooms range from approximately 8’ x 8’ to 17’ x 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
$42,530
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
8.95%
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%
$850,600
$850.6K
Cap Rate 7%
$607,571
$607.6K
Cap Rate 9%
$472,556
$472.6K
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
$68.5K $24.60/SF
− Vacancy
−$11.8K −$4.23/SF
EGI
$56.7K $20.37/SF
− OpEx
−$14.2K −$5.09/SF
NOI
$42.5K $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%
$850,600
Cap Rate 7%
$607,571
Cap Rate 9%
$472,556
Alternative Uses
Best Use
Office B
$607.6K
$531.6K – $708.8K
NOI $42,530 @ 7.0% cap · market cap 8.95%
Second Best
Healthcare Medical
$556.9K
$487.3K – $649.7K
NOI $38,983 @ 7.0% cap · market cap 8.21%
Theoretical Best
Office A
$1.03M
$903.4K – $1.20M
NOI $72,272 @ 7.0% cap · market cap 15.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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 Office 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, open workspace, natural light, and ground-level access.
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 $475,000.
What are key features of this property?
This property features: 2,784 SF ground‑level commercial condominium; Open main area of approximately 27’ x 25’; Private rooms range from approximately 8’ x 8’ to 17’ x 15’
