Medical Office Condo with
For Sale
$385,000
104-11236 Robinwood Dr, Hagerstown, MD 21742
Commercial condo featuring an open layout plus private office, kitchen, and restroom along a medical corridor.
Property Size1,379 SF
Price / SF$279.19
Days on Market345
Property Features for 104-11236 Robinwood Dr
General Information
Standard status
Active
Size
1,379 SF
Listing Agency:
RG Realty, Inc.
(301) 991-0207
Listed By:
Roberto G. Gonzalez · License #598229
(301) 991-0207
Source:
Exprealty
Added: Sep 11, 2025
Changed: Aug 20
Last Checked: Aug 20 at 1:01PM
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 RG Realty, Inc.
Investment Insights
Based on property information with market context.
This commercial condo offers approximately 1,379 square feet of flexible space with an open-concept layout designed to support professional services. The interior includes a private office, a fully equipped kitchen, and a restroom, reflecting the property’s former pharmacy use and current suitability for day-to-day operations.
The building fronts a medical corridor in Hagerstown, Maryland, placing it in close proximity to Meritus Medical Center and Robinwood Medical Center. It is also near Hagerstown Community College and the new Meritus School of Osteopathic Medicine, which supports ongoing demand for health-related and professional services in the area.
With its mix of open area and dedicated private office space, the unit can work well for medical practices and service-oriented offices that need both collaboration space and a separate room for client consultations or staff use. The inclusion of a kitchen and restroom adds day-to-day convenience for staff and visitors, making the layout practical for medical, office, or retail enterprises seeking space in a physician- and institutional-serving corridor.
The building fronts a medical corridor in Hagerstown, Maryland, placing it in close proximity to Meritus Medical Center and Robinwood Medical Center. It is also near Hagerstown Community College and the new Meritus School of Osteopathic Medicine, which supports ongoing demand for health-related and professional services in the area.
With its mix of open area and dedicated private office space, the unit can work well for medical practices and service-oriented offices that need both collaboration space and a separate room for client consultations or staff use. The inclusion of a kitchen and restroom adds day-to-day convenience for staff and visitors, making the layout practical for medical, office, or retail enterprises seeking space in a physician- and institutional-serving corridor.
Key Highlights
- 1,379 SF commercial condo fronting a medical corridor
- Open‑concept layout with a private office
- Includes a fully‑equipped kitchen and a 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
$16,568
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
4.30%
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%
$331,360
$331.4K
Cap Rate 7%
$236,686
$236.7K
Cap Rate 9%
$184,089
$184.1K
Market Conditions
NOI Build-Up for 1,379 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
$27.1K $19.68/SF
− Vacancy
−$5.0K −$3.66/SF
EGI
$22.1K $16.02/SF
− OpEx
−$5.5K −$4.00/SF
NOI
$16.6K $12.01/SF
Area
Washington County, MD
Vacancy
18.60%
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%
$331,360
Cap Rate 7%
$236,686
Cap Rate 9%
$184,089
Alternative Uses
Best Use
Office B
$236.7K
$207.1K – $276.1K
NOI $16,568 @ 7.0% cap · market cap 4.30%
Second Best
Healthcare Medical
$235.5K
$206.1K – $274.8K
NOI $16,487 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$305.9K
$267.7K – $356.9K
NOI $21,412 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
904
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21742, MD
33,069
Population
14,099
Households
2.3
Avg Household Size
42
Median Age
30%
College-Educated
90%
High-School Grad
46.5 sq mi
ZIP Area
711
Density / Sq Mi
$80,533
Median Household Income
$45,717
Median Earnings
$1,267
Median Rent
$280,100
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 - Commercial condo featuring an open layout plus private office, kitchen, and restroom along a medical corridor.
Where is this medical office space located?
The property is located at 104-11236 Robinwood Dr Hagerstown, MD.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 1,379 SF commercial condo fronting a medical corridor; Open‑concept layout with a private office; Includes a fully‑equipped kitchen and a restroom
