Medical Office Condominium
For Sale
$650,900
7300 Hanover Dr Unit 103, 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 Market104
Property Features for 7300 Hanover Dr Unit 103
General Information
Standard status
Active
Size
2,309 SF
Additional Details
Business Included
Yes
Heavy Power
Yes
Building Details
Year Built
2009
Listing Agency:
Great American Real Estate Inc
Listed By:
Emmanuel A Nwude · License #100120
(240) 645-7907
Source:
Tbhteam
Added: Jul 17
Changed: Oct 25
Last Checked: Oct 28 at 12:38PM
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
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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 / Yr
$35,274
Cap Rate
5.42%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Current Use
Lease Details
Turnkey business
Opportunity
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
1,606
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Similar Off Market Nearby
- Banfield Pet Hospital — 7475 Greenbelt Rd, Greenbelt, MD 20770
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 Dr Unit 103 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
