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    Contiguous Office Condos Near Courthouse Title is generated by Realmo AI

    77 S Washington St, Rockville, MD 20850

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    Two contiguous office condos available, near courthouse and METRO.

    Type:Office
    Property size:
    3,088 SF
    Price / SF:
    $200/SF
    Added:
    Sep 14, 2023
    Days on Market:
    997
    Last Refresh:
    May 12 at 8:08 pm

    Property Features for 77 S Washington St

    General Information

    Standard status
    Active
    Size
    3,088 SF
    Property subtype
    Office

    We can help!

    Listing Contact
    Jay Clogg

    Listing agent Jay Clogg License #MD 67699

    Listing office Jay Clogg Realty Group Inc

    Listing date Sep 14, 2023

    Source Crexi

    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 Jay Clogg Realty Group Inc

    HighLights

    • Option to purchase one or two contiguous office condos (Suite 302 and/or Suite 308).
    • Excellent location: one block to courthouse and two blocks to METRO.
    • Condo fee includes all utilities, HVAC repair/replacement, structural insurance, janitorial service of common areas, and professional management.
    • Suites feature a reception area, conference room, open work area, and multiple windowed offices.
    • Top floor location in a 3‑story building.
    • Seven dedicated underground parking spaces included with the purchase of both suites.

    Overview

    Two contiguous office condos are available for purchase, either individually or combined. Located on the top floor of a 3-story building, Suite 302 offers approximately 1,844 usable square feet for $399,999, while Suite 308 provides approximately 1,244 usable square feet for $279,999. Combined, Suites 302 and 308 offer approximately 3,088 usable square feet for $620,000. Each suite includes a reception area, conference room, open work area, and multiple windowed offices. The condo fee covers all utilities, HVAC repair and replacement, structural insurance, janitorial service of common areas, and professional management. Real estate taxes for the period of 7/1/25-6/30/26 are $12,147.09 for both units, or $7,191.41 for Suite 302 and $4,955.68 for Suite 308. The property is situated one block from the courthouse and two blocks from the METRO. Purchasing both suites includes 7 dedicated underground parking spaces in the garage.

    Local Financial Insights For Office B

    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 $60.8k $19.68
    − Vacancy −$10.5k −$3.38
    EGI $50.3k $16.30
    − OpEx −$12.6k −$4.07
    NOI $37.7k $12.22
    3,088 SF · lease $19.68/SF/yr · vacancy 17.20% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $539.1K
    $471.7K – $629.0K (±1% cap)
    NOI $37,739 @ 7.0% cap · market cap 6.09%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Specialty Retail
    $1.09M
    $950.5K – $1.27M (±1% cap)
    NOI $76,040 @ 7.0% cap · market cap 12.26%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Kaplan Co Accounting Firm Maryland Bail Bond ... Law Firm Rockville Parking Garage Parking Lot & Garage Dental Implant Center ... Dental Office Rockville Dental Center Dental Office

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Law Firm Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rockville
    County
    Montgomery
    State
    Maryland
    Longitude
    -77.1532282
    Latitude
    39.0835626

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    FAQs

    What type of property is this?
    Office units - Two contiguous office condos available, near courthouse and METRO.
    Where is this office units located?
    The property is located at 77 S Washington St Rockville, MD.
    What is the asking price?
    The asking price for this property is $620,000.
    What are key features of this property?
    This property features: Option to purchase one or two contiguous office condos (Suite 302 and/or Suite 308).; Excellent location: one block to courthouse and two blocks to METRO.; Condo fee includes all utilities, HVAC repair/replacement, structural insurance, janitorial service of common areas, and professional management.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jay Clogg
    Real Estate License ID: MD 67699
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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