Medical Office Suite in Medical
For Sale
$725,000
102-251 Lewis Ln, Havre de Grace, MD 21078
Main-level medical office suite with flexible layout, elevator access, and on-site free surface parking.
Property Size4,338 SF
Price / SF$167.13
Days on Market415
Property Features for 102-251 Lewis Ln
General Information
Standard status
Active
Size
4,338 SF
Taxes and HOA fees
Annual Taxes
$13,173
Listing Agency:
EXP Realty, LLC
(410) 638-9555
Listed By:
Lee R. Tessier · License #611586
(410) 638-9555
Source:
Exprealty
Added: Jul 3, 2025
Changed: Aug 12
Last Checked: Aug 20 at 2:07PM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This professional medical office suite is located on the main level of Havre de Grace Medical Center and totals 4,338 square feet. Public records identify the space as Unit 102, while it is physically labeled on-site as Units 103 and 104. The suite is currently configured as two separate spaces, with one side operating as a medical office and the other leased to a physical therapy provider. The interior includes multiple private offices, reception areas, restrooms, kitchenettes, laundry areas, and open workspaces.
The building provides a level main entry and elevator access, supporting convenient patient and staff movement. Free surface parking is available for visitors and employees.
For tenants or buyers, the current configuration offers a practical option for medical or office users who want a combination of exam-style privacy and common reception space. The space also includes functional support areas such as restrooms, kitchenettes, and laundry areas, which can be useful for daily operations in a healthcare-focused environment. The physical therapy side is currently under a five-year lease with a fixed $24 per square foot rate.
The building provides a level main entry and elevator access, supporting convenient patient and staff movement. Free surface parking is available for visitors and employees.
For tenants or buyers, the current configuration offers a practical option for medical or office users who want a combination of exam-style privacy and common reception space. The space also includes functional support areas such as restrooms, kitchenettes, and laundry areas, which can be useful for daily operations in a healthcare-focused environment. The physical therapy side is currently under a five-year lease with a fixed $24 per square foot rate.
Key Highlights
- 4,338 SF medical office space on the main level of Havre de Grace Medical Center
- Suite labeled as Units 103 and 104 on‑site; public records identify the space as Unit 102
- Configured as two separate spaces: one medical office plus space leased to a physical therapy provider
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
$54,095
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
7.46%
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%
$1,081,900
$1.1M
Cap Rate 7%
$772,786
$772.8K
Cap Rate 9%
$601,056
$601.1K
Market Conditions
NOI Build-Up for 4,338 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
$106.2K $24.48/SF
− Vacancy
−$16.0K −$3.70/SF
EGI
$90.2K $20.78/SF
− OpEx
−$36.1K −$8.31/SF
NOI
$54.1K $12.47/SF
Area
Harford County, MD
Vacancy
15.10%
Lease Rate
$24.48 /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%
$1,081,900
Cap Rate 7%
$772,786
Cap Rate 9%
$601,056
Alternative Uses
Best Use
Healthcare Medical
$772.8K
$676.2K – $901.6K
NOI $54,095 @ 7.0% cap · market cap 7.46%
Second Best
Office B
$434.5K
$380.2K – $506.9K
NOI $30,414 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$1.53M
$1.34M – $1.78M
NOI $106,846 @ 7.0% cap · market cap 14.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
409
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21078, MD
20,321
Population
8,760
Households
2.3
Avg Household Size
46
Median Age
41%
College-Educated
93%
High-School Grad
30.1 sq mi
ZIP Area
675
Density / Sq Mi
$109,451
Median Household Income
$53,942
Median Earnings
$1,331
Median Rent
$355,500
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?
Medical Office Space - Main-level medical office suite with flexible layout, elevator access, and on-site free surface parking.
Where is this medical office space located?
The property is located at 102-251 Lewis Ln Havre de Grace, MD.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 4,338 SF medical office space on the main level of Havre de Grace Medical Center; Suite labeled as Units 103 and 104 on‑site; public records identify the space as Unit 102; Configured as two separate spaces: one medical office plus space leased to a physical therapy provider
