Corner Medical Office
For Sale
$199,900
106 MILFORD Street, Salisbury, MD 21804
Commercial Sale, SALISBURY, MD
Property Size1,125 SF
Price / SF$177.69
Days on Market332
Property Features for 106 MILFORD Street
General Information
Property type
Other
Property subtype
Office
Parking
50
Parking features
Special Needs, Parking Lot
Subdivision
MILFORD ST PROF CM
Elementary school district
WICOMICO COUNTY PUBLIC SCHOOLS
Middle school district
WICOMICO COUNTY PUBLIC SCHOOLS
High school district
WICOMICO COUNTY PUBLIC SCHOOLS
Standard status
Active
Taxes and HOA fees
Tax Annual Amount
2353
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Building Details
Number of units
1
Building materials
Brick
Listing Agency:
SVN/Miller Commercial Real Estate
(410) 543-2440
Listed By:
Florence Brotzman · License #597618
(410) 543-2419
Added: Oct 10, 2025
Changed: Sep 5
Last Checked: Sep 6 at 5:06AM
MLS# MDWC2019796
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,125-square-foot medical office condo occupies a front corner position within The Milford Professional Center. The interior includes a large open area, service counter, private office, and restroom, with a drive-up window along the side. The unit is constructed with brick and uses heat-pump heating and cooling. Dedicated parking is located behind the suite, while signage is available above the entrance and on the center’s freestanding sign.
The property is 2 miles from Tidal Health and 1 mile from Salisbury University. Other professional occupants at the center include physicians and a lab. The space may be purchased or leased, but pharmacy use is excluded.
The property is 2 miles from Tidal Health and 1 mile from Salisbury University. Other professional occupants at the center include physicians and a lab. The space may be purchased or leased, but pharmacy use is excluded.
Key Highlights
- 1,125 sq.ft. medical office condominium
- Front corner position at The Milford Professional Center
- Side drive‑up window and dedicated rear parking
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
$14,884
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
7.45%
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%
$297,680
$297.7K
Cap Rate 7%
$212,629
$212.6K
Cap Rate 9%
$165,378
$165.4K
Market Conditions
NOI Build-Up for 1,125 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
$28.4K $25.20/SF
− Vacancy
−$3.5K −$3.15/SF
EGI
$24.8K $22.05/SF
− OpEx
−$9.9K −$8.82/SF
NOI
$14.9K $13.23/SF
Area
Wicomico County, MD
Vacancy
12.50%
Lease Rate
$25.20 /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%
$297,680
Cap Rate 7%
$212,629
Cap Rate 9%
$165,378
Alternative Uses
Best Use
Office B
$306.9K
$268.5K – $358.0K
NOI $21,481 @ 7.0% cap · market cap 10.75%
Second Best
Healthcare Medical
$212.6K
$186.1K – $248.1K
NOI $14,884 @ 7.0% cap · market cap 7.45%
Theoretical Best
Office A
$393.5K
$344.3K – $459.1K
NOI $27,547 @ 7.0% cap · market cap 13.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
813
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21804, MD
40,049
Population
16,736
Households
2.4
Avg Household Size
37
Median Age
28%
College-Educated
89%
High-School Grad
68.6 sq mi
ZIP Area
584
Density / Sq Mi
$68,882
Median Household Income
$35,902
Median Earnings
$1,343
Median Rent
$230,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured with an open reception area, service counter, private office, and restroom.
Where is this medical office space located?
The property is located at 106 MILFORD Street Salisbury, MD.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 1,125 sq.ft. medical office condominium; Front corner position at The Milford Professional Center; Side drive‑up window and dedicated rear parking
