Building Details

Year Built 1891

Listing Agency: Feldman Ruel Urban Property Advisors

Listed By: Ian Ruel · License #DC BR200201389 Show Phone

Source: Selltheshore

Added: Mar 27 Changed: Sep 12 Last Checked: Oct 4 at 11:50AM

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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 Feldman Ruel Urban Property Advisors

Investment Insights

Based on property information with market context.

The property at 900 Montgomery Street in Laurel, Maryland, is a historic, three-level former firehouse converted into office and community space. The building has 6,677 square feet of space and is located less than one-quarter mile from Laurel's Historic Main Street. Originally constructed in 1891, the building once housed The Phelps and Shaffer Co., Laurel’s first department store, and later served as headquarters for the Laurel Volunteer Fire Department. From 1954 to 1972, it functioned as Laurel’s City Hall, police headquarters, and jail. Fully renovated in 2008, the interior features high ceilings and exposed brick. The property also features 40 solar panels producing peak capacity of 8.40 kW, which may substantially offset electric usage costs. The property benefits from a nonexclusive parking easement across 9th Street at Alice B. McCullough Park. The property offers an exceptional opportunity for an organization seeking a unique headquarters or community space.

Key Highlights

• Historic former firehouse converted to office and community space.
• Delivered vacant at closing.
• Fully renovated in 2008 with high ceilings and exposed brick.**

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$101,376

Cap Rate

6.54%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,027,520 $2.0M

Cap Rate 7%

$1,448,229 $1.4M

Cap Rate 9%

$1,126,400 $1.1M

Market Conditions

NOI Build-Up for 6,636 SF

Gross rent

$163.2K $24.60/SF

− Vacancy

−$28.1K −$4.23/SF

EGI

$135.2K $20.37/SF

− OpEx

−$33.8K −$5.09/SF

NOI

$101.4K $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%

$2,027,520

Cap Rate 7%

$1,448,229

Cap Rate 9%

$1,126,400

Alternative Uses

Best Use

Office B

$1.45M

$1.27M – $1.69M (±1% cap)

NOI $101,376 @ 7.0% cap · market cap 6.54%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$2.14M

$1.87M – $2.50M (±1% cap)

NOI $149,852 @ 7.0% cap · market cap 9.67%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

C T Group ... Real Estate Agency

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Storage Facility Carpet & Flooring Store Nursing Home Tattoo & Piercing Shop Tanning Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,057

Businesses Nearby

Explore this area Business Placement

Demographics for 20707, MD

37,702

Population

15,146

Households

2.5

Avg Household Size

37

Median Age

45%

College-Educated

89%

High-School Grad

12.6 sq mi

ZIP Area

2,992

Density / Sq Mi

$104,093

Median Household Income

$58,633

Median Earnings

$1,880

Median Rent

$411,200

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Renovated historic building near Laurel's Main Street.

Where is this office building located?

The property is located at 900 Montgomery St Laurel, MD.

What is the asking price?

The asking price for this property is $1,550,000.

What are key features of this property?

This property features: Historic former firehouse converted to office and community space.; Delivered vacant at closing.; Fully renovated in 2008 with high ceilings and exposed brick.**