Occupied Office
For Sale
$399,000
3460 Old Washington Road Unit 203, Waldorf, MD 20602
Established national tenancy, central air, and a professional business-park setting support continued office use.
Property Size1,086 SF
Price / SF$367.40
Days on Market352
Property Features for 3460 Old Washington Road Unit 203
General Information
Standard status
Active
Size
1,086 SF
Property subtype
Office
Financials
Cap Rate
11.2%
HOA Fee
$498
Taxes and HOA fees
Annual Taxes
$3,469
Amenities
Central Air
3
RO
Parking.
Lot, Handicap Parking, Lighted.
Business Park, Asphalt.
Building Details
Year Built
2000
Tenancy
Single
Owner Occupied
No
Listing Agency:
CENTURY 21 New Millennium
(301) 643-1833
Listed By:
Cristina Curtis · License #504057
(301) 643-1833
Source:
Xome
Added: Sep 14, 2025
Changed: Aug 30
Last Checked: Aug 30 at 3:16PM
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 New Millennium
Investment Insights
Based on property information with market context.
This 1,086-square-foot office unit was built in 2000 and is currently occupied by a national tenant. The space includes central air, and new carpet and paint are scheduled for completion. All utilities are paid by the tenant.
The unit is located within an office complex in Waldorf, alongside medical and professional office users. Site features include an asphalt parking lot, lighted parking, and handicap parking. The existing lease follows a 10-year tenancy and has been extended for 5 years, with an additional 5-year renewal option.
The unit is located within an office complex in Waldorf, alongside medical and professional office users. Site features include an asphalt parking lot, lighted parking, and handicap parking. The existing lease follows a 10-year tenancy and has been extended for 5 years, with an additional 5-year renewal option.
Key Highlights
- 1,086 SF office unit built in 2000
- Occupied by a national tenant with 10 years of tenancy
- Lease extended for 5 years with a 5‑year renewal option
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
$16,590
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
4.16%
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%
$331,800
$331.8K
Cap Rate 7%
$237,000
$237.0K
Cap Rate 9%
$184,333
$184.3K
Market Conditions
NOI Build-Up for 1,086 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
$26.7K $24.60/SF
− Vacancy
−$4.6K −$4.23/SF
EGI
$22.1K $20.37/SF
− OpEx
−$5.5K −$5.09/SF
NOI
$16.6K $15.28/SF
Area
Charles 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%
$331,800
Cap Rate 7%
$237,000
Cap Rate 9%
$184,333
Alternative Uses
Best Use
Office B
$237.0K
$207.4K – $276.5K
NOI $16,590 @ 7.0% cap · market cap 4.16%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$15.25M
$13.34M – $17.79M
NOI $1,067,440 @ 7.0% cap · market cap 267.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,807
Businesses Nearby
Explore this area
Business Placement
Demographics for 20602, MD
28,736
Population
10,899
Households
2.6
Avg Household Size
36
Median Age
28%
College-Educated
95%
High-School Grad
14.5 sq mi
ZIP Area
1,982
Density / Sq Mi
$108,733
Median Household Income
$56,893
Median Earnings
$1,803
Median Rent
$360,800
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 units - Established national tenancy, central air, and a professional business-park setting support continued office use.
Where is this office units located?
The property is located at 3460 Old Washington Road Unit 203 Waldorf, MD.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,086 SF office unit built in 2000; Occupied by a national tenant with 10 years of tenancy; Lease extended for 5 years with a 5‑year renewal option
