Downtown Office
For Sale
Contact for pricing
11 S Main St, Bel Air, MD 21014
Office building in Bel Air’s business district, currently holding two office leases with Harford County Government.
Property Size17,376 SF
Price / SF$166.90
Days on Market201
Property Features for 11 S Main St
General Information
Standard status
Active
Size
17,376 SF
Property subtype
OFFICE
Listing Agency:
MacKenzie Commercial Real Estate | Bel Air
(410) 879-1900
Listed By:
Thomas "Tom" Mottley
(443) 573-3217
Source:
Moodyscre
Added: Feb 25
Changed: Sep 8
Last Checked: Sep 13 at 9:45AM
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 MacKenzie Commercial Real Estate | Bel Air
Investment Insights
Based on property information with market context.
11–15 S Main St is an office building located in the center of Bel Air, Maryland’s business district. The property has two office leases with Harford County Government.
The building sits within the downtown retail area, placing it in the heart of the community’s commercial core.
This offering is being marketed as a real estate ownership opportunity alongside the existing leased office configuration.
The building sits within the downtown retail area, placing it in the heart of the community’s commercial core.
This offering is being marketed as a real estate ownership opportunity alongside the existing leased office configuration.
Key Highlights
- Office building located in the center of Bel Air, Md’s business district
- Currently has 2 office leases with Harford County Government
- In the downtown retail area of Bel Air
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
$121,823
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
4.20%
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%
$2,436,460
$2.4M
Cap Rate 7%
$1,740,329
$1.7M
Cap Rate 9%
$1,353,589
$1.4M
Market Conditions
NOI Build-Up for 17,376 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
$198.1K $11.40/SF
− Vacancy
−$35.7K −$2.05/SF
EGI
$162.4K $9.35/SF
− OpEx
−$40.6K −$2.34/SF
NOI
$121.8K $7.01/SF
Area
Harford County, MD
Vacancy
18.00%
Lease Rate
$11.40 /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%
$2,436,460
Cap Rate 7%
$1,740,329
Cap Rate 9%
$1,353,589
Alternative Uses
Best Use
Office B
$1.74M
$1.52M – $2.03M
NOI $121,823 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.11M
$5.35M – $7.13M
NOI $427,973 @ 7.0% cap · market cap 14.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,984
Businesses Nearby
Explore this area
Business Placement
Demographics for 21014, MD
38,395
Population
14,975
Households
2.6
Avg Household Size
41
Median Age
45%
College-Educated
94%
High-School Grad
13.9 sq mi
ZIP Area
2,762
Density / Sq Mi
$113,825
Median Household Income
$59,656
Median Earnings
$1,571
Median Rent
$407,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Office building in Bel Air’s business district, currently holding two office leases with Harford County Government.
Where is this office building located?
The property is located at 11 S Main St Bel Air, MD.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Office building located in the center of Bel Air, Md’s business district; Currently has 2 office leases with Harford County Government; In the downtown retail area of Bel Air
