Essential Services Retail Strip
8819 Greenbelt Road Greenbelt, MD 20770
For Sale
Contact for pricing
A renovated strip center anchored by a church, featuring long-tenured national and regional retail tenants.
Property Size35,793 SF
Price / SF$500.27
Days on Market23
Property Features for 8819 Greenbelt Road
General Information
- Standard status
- Active
- Size
- 35,793 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1983
Listing Agency:
Marcus & Millichap - Washington, D.C.
(443) 553-6755
Listed By:
Dean Zang · License #MD 665335
Source:
Crexi
Added: Jul 2
Changed: Jul 23
Last Checked: Jul 23 at 2:51AM
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 Marcus & Millichap - Washington, D.C.
Investment Insights
Based on property information with market context.
Cipriano Square is an essential services retail strip center originally constructed in 1983 and substantially renovated in 1999. The center is anchored by Zion Church, which purchased the former Kmart in 2017 and currently occupies the anchor space. The shopping center includes a mix of national and regional tenants, with Five Guys occupying a prime end-cap location. Tenancy at the center is supported by a history of long average occupancy, including multiple tenants with 20 to 30 years of presence, and several other national brands listed among the tenant roster.
The property benefits from a multi-decade presence along Greenbelt Road with approximately 43,000 VPD and is also noted as being proximate to NASA-Goddard Space Flight Center, where 10,000+ employees are employed. With out-of-market ownership, the center has been leased and managed for nearly 30 years, and the current tenant base has an average tenancy of nearly 13 years.
Cipriano Square is described as well-leased and professionally managed, with a weighted average lease term of 5 years and a pending 5-year renewal from Five Guys. An opportunity to add value is identified through lease-up of one available 1,480-square-foot suite. The tenant roster totals 19 tenants, with 11 tenants reported as having no renewal options.
The property benefits from a multi-decade presence along Greenbelt Road with approximately 43,000 VPD and is also noted as being proximate to NASA-Goddard Space Flight Center, where 10,000+ employees are employed. With out-of-market ownership, the center has been leased and managed for nearly 30 years, and the current tenant base has an average tenancy of nearly 13 years.
Cipriano Square is described as well-leased and professionally managed, with a weighted average lease term of 5 years and a pending 5-year renewal from Five Guys. An opportunity to add value is identified through lease-up of one available 1,480-square-foot suite. The tenant roster totals 19 tenants, with 11 tenants reported as having no renewal options.
Key Highlights
- 35,793 SF essential services retail strip center in Greenbelt, MD, built in 1983 and substantially renovated in 1999
- Anchored by Zion Church, the present anchor after purchasing the former Kmart in 2017
- Tenancy profile includes nearly 13 years average tenant length and five tenants operating in‑place for 20 to 30 years
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.22M | $33.96 |
| − Vacancy | −$137.8k | −$3.85 |
| EGI | $1.08M | $30.11 |
| − OpEx | −$269.4k | −$7.53 |
| NOI | $808.3k | $22.58 |
35,793 SF · lease $33.96/SF/yr · vacancy 11.34% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$11.55M
$10.10M – $13.47M
NOI $808,267 @ 7.0% cap · market cap 4.51%
Second Best
Retail
$11.49M
$10.05M – $13.40M
NOI $804,073 @ 7.0% cap · market cap 4.49%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Strip malls
FAQs
What type of property is this?
Strip mall - A renovated strip center anchored by a church, featuring long-tenured national and regional retail tenants.
Where is this strip mall located?
The property is located at 8819 Greenbelt Road Greenbelt, MD.
What is the asking price?
The asking price for this property is $17,906,306.
What are key features of this property?
This property features: 35,793 SF essential services retail strip center in Greenbelt, MD, built in 1983 and substantially renovated in 1999; Anchored by Zion Church, the present anchor after purchasing the former Kmart in 2017; Tenancy profile includes nearly 13 years average tenant length and five tenants operating in‑place for 20 to 30 years
