Centreville Commercial Property on Route
For Sale
$450,000
303 E WATER STREET, Centreville, MD 21617
Highly visible commercial property with ample parking and flexible layout.
Property Size2,400 SF
Price / SF$187.50
Days on Market376
Property Features for 303 E WATER STREET
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$4,799
Amenities
Wall Air Conditioning
3
Carpet
Shingle - Asbestos
Parking.
Driveway, Lot.
Irregular
Other, Downtown, Asphalt, Irregular.
Building Details
Year Built
1960
Stories
1
Listing Agency:
(410) 827-8877
Listed By:
Tidewater Properties
(443) 262-1310
Source:
Xome
Added: Aug 30, 2025
Changed: Sep 8
Last Checked: Sep 9 at 6:54AM
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 Tidewater Properties
Investment Insights
Based on property information with market context.
This commercial property is located on Route 304 (E Water St) in Centreville, offering high visibility and ample parking. Situated next to the old Centreville railroad line, the property is conveniently close to restaurants and within walking distance of the Post Office, Public Library, and downtown Centreville. Historically, the building has housed two separate businesses, including an ice cream shop, laundromat, specialty supplies store, real estate offices, and an accountant's office. The interior features a bath and kitchen coffee bar on each side, along with a circular driveway providing easy access to both the front and back of the building for deliveries. The layout includes locations for private offices, workstations, and a welcoming entrance area with a built-in desk. A small deck is located at the back of the property. Additionally, there is a large garage storage area in the back of the building, equipped with lighting, concrete floors, and a garage door. The property is currently rented, presenting an investment opportunity.
Key Highlights
- High‑visibility location on Rt 304 (E Water St) in Centreville with ample parking.
- Versatile commercial space suitable for various businesses (ice cream shop, laundromat, offices, etc.) with bath and kitchen/coffee bar on each side.
- Circular driveway provides convenient access for deliveries to the front or back of the building.
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
$33,969
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
7.55%
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%
$679,380
$679.4K
Cap Rate 7%
$485,271
$485.3K
Cap Rate 9%
$377,433
$377.4K
Market Conditions
NOI Build-Up for 2,400 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
$51.8K $21.60/SF
− Vacancy
−$3.3K −$1.38/SF
EGI
$48.5K $20.22/SF
− OpEx
−$14.6K −$6.07/SF
NOI
$34.0K $14.15/SF
Area
Queen Anne's 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 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%
$679,380
Cap Rate 7%
$485,271
Cap Rate 9%
$377,433
Alternative Uses
Best Use
Retail
$485.3K
$424.6K – $566.2K
NOI $33,969 @ 7.0% cap · market cap 7.55%
Second Best
Office B
$240.4K
$210.3K – $280.4K
NOI $16,826 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$575.0K
$503.1K – $670.8K
NOI $40,248 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
528
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21617, MD
10,719
Population
4,218
Households
2.5
Avg Household Size
43
Median Age
40%
College-Educated
96%
High-School Grad
108.5 sq mi
ZIP Area
99
Density / Sq Mi
$117,668
Median Household Income
$53,289
Median Earnings
$1,327
Median Rent
$460,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Highly visible commercial property with ample parking and flexible layout.
Where is this storefront property located?
The property is located at 303 E WATER STREET Centreville, MD.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: High‑visibility location on Rt 304 (E Water St) in Centreville with ample parking.; Versatile commercial space suitable for various businesses (ice cream shop, laundromat, offices, etc.) with bath and kitchen/coffee bar on each side.; Circular driveway provides convenient access for deliveries to the front or back of the building.
