Listing Agency: Friend Commercial Real Estate

Listed By: Lisa Poremski · License #5019054 Show Phone

Source: Crexi

Added: Jul 22 Changed: Oct 1 Last Checked: Oct 16 at 8:17AM

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Investment Insights

Based on property information with market context.

This professional office condominium contains 1,824 square feet and is configured for office or retail use. The property carries C3 zoning, identified as General or Heavy Commercial, and offers immediate occupancy.

Located at 2981 Solomons Island Road in Edgewater, Maryland, the property fronts Route 2 in a highly visible commercial setting. The listing identifies medical and service-based businesses among the potential applications for the space.

Key Highlights

• 1,824‑square‑foot office condominium
• C3 zoning: General or Heavy Commercial
• Office or retail condominium format

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$25,817

Cap Rate

6.00%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$516,340 $516.3K

Cap Rate 7%

$368,814 $368.8K

Cap Rate 9%

$286,856 $286.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,824 SF

Gross rent

$39.4K $21.60/SF

− Vacancy

−$2.5K −$1.38/SF

EGI

$36.9K $20.22/SF

− OpEx

−$11.1K −$6.07/SF

NOI

$25.8K $14.15/SF

Area

Anne Arundel County, MD

Vacancy

6.39%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$516,340

Cap Rate 7%

$368,814

Cap Rate 9%

$286,856

Alternative Uses

Best Use

Retail

$368.8K

$322.7K – $430.3K (±1% cap)

NOI $25,817 @ 7.0% cap · market cap 6.00%

Second Best

Office B

$182.7K

$159.9K – $213.1K (±1% cap)

NOI $12,788 @ 7.0% cap · market cap 2.97%

Theoretical Best

Office A

$533.6K

$466.9K – $622.5K (±1% cap)

NOI $37,350 @ 7.0% cap · market cap 8.69%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Nationwide Insurance: Peter ... Insurance Agency Convention Store Inc Freight Service

Suggested Use

Top Pick Law Firm Plumbing Service (Bike/Boat/Book/etc) Store Bakery Hair Salon Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

378

Businesses Nearby

Explore this area Business Placement

Demographics for 21037, MD

21,453

Population

8,652

Households

2.5

Avg Household Size

42

Median Age

46%

College-Educated

95%

High-School Grad

16.8 sq mi

ZIP Area

1,277

Density / Sq Mi

$135,541

Median Household Income

$71,396

Median Earnings

$2,276

Median Rent

$530,900

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Frequently Asked Questions

What type of property is this?

Office units - C3-zoned commercial condominium offering an office-oriented setting and immediate occupancy.

Where is this office units located?

The property is located at 2981 Solomons Island Rd Edgewater, MD.

What is the asking price?

The asking price for this property is $430,000.

What are key features of this property?

This property features: 1,824‑square‑foot office condominium; C3 zoning: General or Heavy Commercial; Office or retail condominium format