May Professional Office
For Sale
Contact for pricing
23077 THREE NOTCH RD, California, MD 20619
Fully leased office property occupied by five tenants in the Lexington Park Development District.
Property Size9,040 SF
Price / SF$193.58
Days on Market144
Property Features for 23077 THREE NOTCH RD
General Information
Standard status
Active
Size
9,040 SF
Property subtype
Office
Occupancy
100%
Building Details
Year Built
2008
Stories
3
Units
7
Tenancy
Multi
Listing Agency:
RE/MAX One
Listed By:
Joe Wustner · License #MD 507038
Source:
Crexi
Added: Apr 10
Changed: Aug 30
Last Checked: Jun 25 at 2:11PM
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 RE/MAX One
Investment Insights
Based on property information with market context.
May Professional Office Building is an office asset at 23077 Three Notch Road in California, Maryland. The property is situated within the Lexington Park Development District and is currently 100% leased to five tenants.
The surrounding area is associated with Naval Air Station Patuxent River, which employs over 25,000 people. The property’s central position has supported occupancy by tenants serving the area’s residential population. Its address places the building within the California, MD 20619 market.
The surrounding area is associated with Naval Air Station Patuxent River, which employs over 25,000 people. The property’s central position has supported occupancy by tenants serving the area’s residential population. Its address places the building within the California, MD 20619 market.
Key Highlights
- 100% leased to 5 tenants
- Located in the Lexington Park Development District
- Associated with Naval Air Station Patuxent River, which employs over 25,000
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
$138,100
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
7.89%
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%
$2,762,000
$2.8M
Cap Rate 7%
$1,972,857
$2.0M
Cap Rate 9%
$1,534,444
$1.5M
Market Conditions
NOI Build-Up for 9,040 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
$222.4K $24.60/SF
− Vacancy
−$38.3K −$4.23/SF
EGI
$184.1K $20.37/SF
− OpEx
−$46.0K −$5.09/SF
NOI
$138.1K $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%
$2,762,000
Cap Rate 7%
$1,972,857
Cap Rate 9%
$1,534,444
Alternative Uses
Best Use
Office B
$1.97M
$1.73M – $2.30M
NOI $138,100 @ 7.0% cap · market cap 7.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.35M
$2.93M – $3.91M
NOI $234,675 @ 7.0% cap · market cap 13.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
545
Businesses Nearby
Explore this area
Business Placement
Demographics for 20619, MD
14,179
Population
6,028
Households
2.4
Avg Household Size
35
Median Age
48%
College-Educated
96%
High-School Grad
16.1 sq mi
ZIP Area
881
Density / Sq Mi
$114,848
Median Household Income
$72,218
Median Earnings
$2,015
Median Rent
$364,200
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?
Office building - Fully leased office property occupied by five tenants in the Lexington Park Development District.
Where is this office building located?
The property is located at 23077 THREE NOTCH RD California, MD.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 100% leased to 5 tenants; Located in the Lexington Park Development District; Associated with Naval Air Station Patuxent River, which employs over 25,000
