Class A Office
For Sale
$3,800,000
912 THAYER Ave, Silver Spring, MD 20910
18,753 SF Class A office building for sale.
Property Size18,753 SF
Price / SF$202.63
Days on Market108
Property Features for 912 THAYER Ave
General Information
Standard status
Active
Size
18,753 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$52,071
Building Details
Year Built
1960
Units
1
Listing Agency:
Commercial & Investment Realty Associates, LLC.
(301) 793-8901
Listed By:
Lawrence Rosen · License #5158
(301) 793-8901
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 8 at 2:56PM
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 Commercial & Investment Realty Associates, LLC.
Investment Insights
Based on property information with market context.
This 18,753 square foot Class A office building is available for sale. Option 1 is priced at $3,800,000, reflecting a 6% capitalization rate based on the current 2026 revenue, with 3,827 square feet (20%) of the building available for lease. Full occupancy is projected to yield approximately an 8% capitalization rate at the current asking price. Option 2 offers a 1/3rd interest in the building for $300,000. Simultaneously with the purchase, the 3 owners will refinance and guarantee a new loan of approximately $2,050,000. The property is located in Silver Spring, Maryland. The location has a bike score of 82, indicating it is very bikeable. The walk score is 94, designating it as a walker's paradise, and the transit score is 87, reflecting excellent transit options. This property is suitable for an owner user or as an investment.
Key Highlights
- Class A Office Building with High‑End Finishings
- Excellent Location: Walker's Paradise (Walk Score 94), Very Bikeable (Bike Score 82), and Excellent Transit (Transit Score 87)
- Investment Opportunity: Potential for 8% Cap Rate When Fully Leased
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
$229,186
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
6.03%
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%
$4,583,720
$4.6M
Cap Rate 7%
$3,274,086
$3.3M
Cap Rate 9%
$2,546,511
$2.5M
Market Conditions
NOI Build-Up for 18,753 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
$369.1K $19.68/SF
− Vacancy
−$63.5K −$3.38/SF
EGI
$305.6K $16.30/SF
− OpEx
−$76.4K −$4.07/SF
NOI
$229.2K $12.22/SF
Area
Montgomery County, MD
Vacancy
17.20%
Lease Rate
$19.68 /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%
$4,583,720
Cap Rate 7%
$3,274,086
Cap Rate 9%
$2,546,511
Alternative Uses
Best Use
Office B
$3.27M
$2.86M – $3.82M
NOI $229,186 @ 7.0% cap · market cap 6.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.60M
$5.77M – $7.70M
NOI $461,781 @ 7.0% cap · market cap 12.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,220
Businesses Nearby
Explore this area
Business Placement
Demographics for 20910, MD
45,610
Population
23,209
Households
2
Avg Household Size
36
Median Age
74%
College-Educated
95%
High-School Grad
4.6 sq mi
ZIP Area
9,915
Density / Sq Mi
$107,994
Median Household Income
$70,022
Median Earnings
$1,992
Median Rent
$690,900
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 building - 18,753 SF Class A office building for sale.
Where is this office building located?
The property is located at 912 THAYER Ave Silver Spring, MD.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: Class A Office Building with High‑End Finishings; Excellent Location: Walker's Paradise (Walk Score 94), Very Bikeable (Bike Score 82), and Excellent Transit (Transit Score 87); Investment Opportunity: Potential for 8% Cap Rate When Fully Leased
