Ground-Floor Spa and Wellness
New
For Sale
$464,900
22335 EXPLORATION DRIVE #1000, Lexington Park, MD 20653
Flexible suite includes private rooms, bathrooms, storage, and parking for salon, clinical, or office configurations.
Property Size2,784 SF
Price / SF$166.99
Days on Market6
Property Features for 22335 EXPLORATION DRIVE #1000
General Information
Standard status
Active
Size
2,784 SF
Total Parking Spaces
20
Property subtype
Commercial
Additional Details
Floor
Ground Floor
Office Units
1
Amenities
common area
Building Details
Year Built
1986
Abandoned
No
Listing Agency:
CENTURY 21 Commercial New Millennium
(443) 532-8776
Listed By:
Mark A Frisco Jr.
(443) 532-8776
Source:
Cummingsrealtors
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 10 at 7:29AM
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 commercial condominium occupies a ground-level suite currently operating as a salon. The interior combines a large open salon area with multiple enclosed rooms, dedicated hallways, two private bathrooms, and substantial storage. Perimeter windows provide natural light, while ground-floor access supports convenient entry. A shared common area adds approximately 20' X 40' of additional usable space.
The layout can accommodate continued salon operations or conversion to spa, medical, dental, wellness, or professional office use. Private rooms range from approximately 8' X 8' to 17' X 15', supporting treatment, consultation, exam, operatory, or office configurations. Approximately 20 parking spaces serve the unit.
The property is located at 22335 Exploration Drive #1000 in Lexington Park, with proximity to NAS Patuxent River and surrounding commercial anchors. Built in 1986, the condominium offers an adaptable footprint for owner-users seeking a configurable commercial setting.
The layout can accommodate continued salon operations or conversion to spa, medical, dental, wellness, or professional office use. Private rooms range from approximately 8' X 8' to 17' X 15', supporting treatment, consultation, exam, operatory, or office configurations. Approximately 20 parking spaces serve the unit.
The property is located at 22335 Exploration Drive #1000 in Lexington Park, with proximity to NAS Patuxent River and surrounding commercial anchors. Built in 1986, the condominium offers an adaptable footprint for owner-users seeking a configurable commercial setting.
Key Highlights
- 2,784 SF ground‑level commercial condominium
- Current salon layout with open main area and multiple private rooms
- 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
9.15%
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 9.15%
Second Best
Healthcare Medical
$556.9K
$487.3K – $649.7K
NOI $38,983 @ 7.0% cap · market cap 8.39%
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
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
399
Businesses Nearby
Balanced
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 suite includes private rooms, bathrooms, storage, and parking for salon, clinical, or office configurations.
Where is this spa & wellness property located?
The property is located at 22335 EXPLORATION DRIVE #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; Current salon layout with open main area and multiple private rooms; Private rooms range from approximately 8' X 8' to 17' X 15'
