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    12 Irondale St, Middle River, MD

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    Located in Greenleigh, a 1,000-acre mixed-use community.

    Type:OFFICE
    Property size:
    2,281 SF
    Lot size:
    3.52 Acres
    Added:
    Nov 24, 2025
    Days on Market:
    178
    Last Refresh:
    Apr 5 at 9:08 pm

    Property Features for 12 Irondale St

    General Information

    Standard status
    Active
    Size
    2,281 SF
    Lot size
    3.52 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 12 Irondale St Contact us

    We can help!

    Listing Contact
    Matt Lenihan

    Listing agent Matt Lenihan

    Listing office St. John Properties - Corporate

    Listing date Nov 24, 2025

    Source Moodyscre

    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 St. John Properties - Corporate

    HighLights

    • Master‑planned, 1,000‑acre mixed‑use community with flex/R&D, office, retail, residential, hotel, and self‑storage components.
    • Strategic location minutes from I‑95 and I‑695, and 15 miles from Baltimore City, providing easy access to surrounding communities.
    • Main street‑style shopping center with plans for a 75,000 sq. ft. grocery store.
    • Existing retail tenants include established businesses such as Michael’s Cafe, Dunkin’ Donuts and Royal Farms.
    • Flexible space options with 16‑18 ft. clear ceiling height for flex spaces and 10 ft. clear for office spaces.
    • Ample parking with 4‑5 spaces per 1,000 sq. ft.

    Overview

    Located in the master-planned, 1,000-acre mixed-use community of Greenleigh, this property offers flex/R&D, office, and retail space. Greenleigh is situated on Maryland Route 43, between U.S. Route 40 and Eastern Boulevard in Baltimore County, approximately 15 miles from Baltimore City, with convenient access to White Marsh, Perry Hall, and Essex. The community encompasses more than 1.8 million square feet of flex/R&D, office, and retail space, along with 2,200 residential units, a 120-suite hotel, and a self-storage facility. The retail area features a main street-style shopping center with plans for a 75,000-square-foot grocery store. Current retail tenants include Michael’s Cafe, Dunkin’ Donuts, Subway, Royal Farms, Thai Rainbow, Crossroads Wine & Spirits, and Polishes Nails & Spa. The building is of brick-on-block construction. Parking is available at a ratio of 4-5 spaces per 1,000 square feet. Ceiling heights are 16-18 feet clear for flex spaces and 10 feet clear for office spaces. Zoning is ML-IM-M43. The property consists of new shell single-story office space with a size of 2,281 square feet.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Middle River
    County
    Baltimore
    State
    Maryland
    Longitude
    -76.4394
    Latitude
    39.3343

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    FAQs

    What type of property is this?
    Office units - Located in Greenleigh, a 1,000-acre mixed-use community.
    Where is this office units located?
    The property is located at 12 Irondale St Middle River, MD.
    What are key features of this property?
    This property features: Master‑planned, 1,000‑acre mixed‑use community with flex/R&D, office, retail, residential, hotel, and self‑storage components.; Strategic location minutes from I‑95 and I‑695, and 15 miles from Baltimore City, providing easy access to surrounding communities.; Main street‑style shopping center with plans for a **75,000 sq. ft. grocery store.**
    (410) 788-0100 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Matt Lenihan
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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