Medical Office Condominium
For Sale
$650,900
7300 HANOVER DRIVE, Greenbelt, MD 20770
Business condominium unit with six examination rooms, a doctor’s office with full bath, and separate electrical and WSSC service.
Property Size2,309 SF
Price / SF$281.90
Days on Market315
Property Features for 7300 HANOVER DRIVE
General Information
Standard status
Active
Size
2,309 SF
Property subtype
Mixed Use
Additional Details
Business Included
Yes
Heavy Power
Yes
Taxes and HOA fees
Annual Taxes
$10,499
Amenities
Central Air
3
Hardwood, Laminate
Parking.
Public, Lot.
Other, Central Business District.
Building Details
Year Built
2009
Stories
1
Listing Agency:
Great American Real Estate Inc
(240) 645-7907
Listed By:
Emmanuel Nwude · License #100120
(240) 645-7907
Source:
Xome
Added: Oct 2, 2025
Changed: Aug 8
Last Checked: Aug 11 at 5:36AM
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 Great American Real Estate Inc
Investment Insights
Based on property information with market context.
This business condominium unit is set up for medical use and includes six examination rooms, a doctor’s room or office with a full bath, and two additional kitchens or sink areas. The interior also features a waiting room for clients, a secretary room, and a hallway that leads to the examination rooms, along with two half baths.
Additional functional space includes a larger room for file documents, plus a designated lunch corner. The unit has its own high-voltage utility/electricity circuit breaker box and WSSC, which the seller notes may also support alternative use such as a religious facility.
Additional functional space includes a larger room for file documents, plus a designated lunch corner. The unit has its own high-voltage utility/electricity circuit breaker box and WSSC, which the seller notes may also support alternative use such as a religious facility.
Key Highlights
- Business condominium unit built in 2009 with setup for 6 examination rooms
- Includes a doctor’s room/office with a full bath plus separate waiting area and secretary room
- Flooring includes hardwood and laminate; central air cooling and heating included
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
$35,274
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
5.42%
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%
$705,480
$705.5K
Cap Rate 7%
$503,914
$503.9K
Cap Rate 9%
$391,933
$391.9K
Market Conditions
NOI Build-Up for 2,309 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
$56.8K $24.60/SF
− Vacancy
−$9.8K −$4.23/SF
EGI
$47.0K $20.37/SF
− OpEx
−$11.8K −$5.09/SF
NOI
$35.3K $15.28/SF
Area
Prince George'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%
$705,480
Cap Rate 7%
$503,914
Cap Rate 9%
$391,933
Alternative Uses
Best Use
Office B
$503.9K
$440.9K – $587.9K
NOI $35,274 @ 7.0% cap · market cap 5.42%
Second Best
Healthcare Medical
$396.3K
$346.8K – $462.4K
NOI $27,742 @ 7.0% cap · market cap 4.26%
Theoretical Best
Specialty Retail
$744.9K
$651.8K – $869.0K
NOI $52,141 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
1,641
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 20770, MD
28,612
Population
12,736
Households
2.2
Avg Household Size
35
Median Age
43%
College-Educated
90%
High-School Grad
7.3 sq mi
ZIP Area
3,919
Density / Sq Mi
$84,125
Median Household Income
$48,773
Median Earnings
$1,823
Median Rent
$249,400
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?
Medical Office Space - Business condominium unit with six examination rooms, a doctor’s office with full bath, and separate electrical and WSSC service.
Where is this medical office space located?
The property is located at 7300 HANOVER DRIVE Greenbelt, MD.
What is the asking price?
The asking price for this property is $650,900.
What are key features of this property?
This property features: Business condominium unit built in 2009 with setup for 6 examination rooms; Includes a doctor’s room/office with a full bath plus separate waiting area and secretary room; Flooring includes hardwood and laminate; central air cooling and heating included
