11-Unit Office Condominium
For Sale
Contact for pricing
9620 Marlboro Pike, Upper Marlboro, MD 20772
Fully leased office condominium portfolio with dedicated HVAC, water heaters, and restrooms in every unit.
Property Size12,559 SF
Price / SF$139.34
Days on Market69
Property Features for 9620 Marlboro Pike
General Information
Standard status
Active
Size
12,559 SF
Class
B
Property subtype
Office
Zoning
CGO
Occupancy
100%
Lease Type
Modified Gross
Additional Details
Office Units
11
Building Details
Units
11
Tenancy
Multi
Listing Agency:
Friend Commercial Real Estate
Listed By:
Eugenia Antonis · License #11055017491
Source:
Crexi
Added: Jun 25
Changed: Aug 29
Last Checked: Aug 31 at 8:55AM
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 Friend Commercial Real Estate
Investment Insights
Based on property information with market context.
This office condominium portfolio includes 11 units totaling 12,559 square feet within the Melwood condominium complex. The units receive abundant natural light through numerous windows and skylights, and each has a dedicated HVAC closet, water heater, and restroom. The property is zoned CGO.
The portfolio is 100% leased to a mix of healthcare providers, general office users, and salon operators. The complex is located at 9620 Marlboro Pike in Upper Marlboro, within the economic corridor connecting Pennsylvania Avenue and Westphalia.
The portfolio is 100% leased to a mix of healthcare providers, general office users, and salon operators. The complex is located at 9620 Marlboro Pike in Upper Marlboro, within the economic corridor connecting Pennsylvania Avenue and Westphalia.
Key Highlights
- 11‑unit office condominium portfolio totaling 12,559 square feet
- 100% leased to healthcare, general office, and salon users
- Each unit includes an HVAC closet, water heater, and restroom
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
$150,892
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
8.62%
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%
$3,017,840
$3.0M
Cap Rate 7%
$2,155,600
$2.2M
Cap Rate 9%
$1,676,578
$1.7M
Market Conditions
NOI Build-Up for 12,559 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
$309.0K $24.60/SF
− Vacancy
−$57.5K −$4.58/SF
EGI
$251.5K $20.02/SF
− OpEx
−$100.6K −$8.01/SF
NOI
$150.9K $12.01/SF
Area
Prince George's County, MD
Vacancy
18.60%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
40.00%
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%
$3,017,840
Cap Rate 7%
$2,155,600
Cap Rate 9%
$1,676,578
Alternative Uses
Best Use
Office B
$2.74M
$2.40M – $3.20M
NOI $191,859 @ 7.0% cap · market cap 10.96%
Second Best
Healthcare Medical
$2.16M
$1.89M – $2.51M
NOI $150,892 @ 7.0% cap · market cap 8.62%
Theoretical Best
Specialty Retail
$4.05M
$3.55M – $4.73M
NOI $283,604 @ 7.0% cap · market cap 16.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Office units
Location Intelligence
Trade Area within ½ mile
346
Businesses Nearby
Explore this area
Business Placement
Demographics for 20772, MD
51,395
Population
19,658
Households
2.6
Avg Household Size
41
Median Age
46%
College-Educated
94%
High-School Grad
72.5 sq mi
ZIP Area
709
Density / Sq Mi
$135,576
Median Household Income
$74,434
Median Earnings
$2,045
Median Rent
$443,500
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 units - Fully leased office condominium portfolio with dedicated HVAC, water heaters, and restrooms in every unit.
Where is this office units located?
The property is located at 9620 Marlboro Pike Upper Marlboro, MD.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 11‑unit office condominium portfolio totaling 12,559 square feet; 100% leased to healthcare, general office, and salon users; Each unit includes an HVAC closet, water heater, and restroom
