Building Details

Stories 1

Tenancy Multi

Listing Agency: MacKenzie Commercial Real Estate | Annapolis Show Phone

Listed By: David McClatchy Show Phone

Source: Moodyscre

Added: Mar 2 Changed: Oct 26 Last Checked: Oct 28 at 10:15AM

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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 | Annapolis

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Investment Insights

Based on property information with market context.

Two single-story buildings totaling approximately 9,604 SF make up a three-unit medical office park. One building is fully occupied, while the other contains two available units, providing up to 5,432 SF of former medical space for an owner-user.

The interior configurations include patient waiting areas, offices, exam rooms, full baths and restrooms, laboratories, nurses’ stations, kitchenette and break rooms, and x-ray rooms with leaded walls.

This property is set up for medical practice use, with multiple treatment and support components already built into the layouts of the available suites.

Key Highlights

• Two single‑story medical office buildings totaling approximately 9,604 SF in a three‑unit medical office park in Chestertown, MD
• Up to 5,432 SF of former medical space available, including exam rooms and x‑ray spaces
• One building is fully occupied; the second building offers two available units for a total three‑unit setup

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$67,334

Cap Rate

5.39%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,346,680 $1.3M

Cap Rate 7%

$961,914 $961.9K

Cap Rate 9%

$748,156 $748.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,604 SF

Gross rent

$109.5K $11.40/SF

− Vacancy

−$19.7K −$2.05/SF

EGI

$89.8K $9.35/SF

− OpEx

−$22.4K −$2.34/SF

NOI

$67.3K $7.01/SF

Area

Queen Anne's 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 Rate 5%

$1,346,680

Cap Rate 7%

$961,914

Cap Rate 9%

$748,156

Alternative Uses

Best Use

Healthcare Medical

$1.96M

$1.71M – $2.28M (±1% cap)

NOI $136,915 @ 7.0% cap · market cap 10.95%

Second Best

Office B

$961.9K

$841.7K – $1.12M (±1% cap)

NOI $67,334 @ 7.0% cap · market cap 5.39%

Theoretical Best

Office A

$2.30M

$2.01M – $2.68M (±1% cap)

NOI $161,060 @ 7.0% cap · market cap 12.88%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Chestertown Cardiology Medical Clinic Drs. Shanahan & Ferguson ... Medical Clinic Patrick J. Shanahan, ... Pediatrician Andrew S. Ferguson, ... Pediatrician George Panas, M.D., ... Physician

Suggested Use

Top Pick Parking Lot & Garage Big Box & Wholesale Store Bakery Garden Center (Bike/Boat/Book/etc) Store Dental Office

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Office units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

530

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 21620, MD

12,726

Population

6,259

Households

2

Avg Household Size

46

Median Age

43%

College-Educated

93%

High-School Grad

118.7 sq mi

ZIP Area

107

Density / Sq Mi

$76,094

Median Household Income

$39,432

Median Earnings

$1,149

Median Rent

$318,700

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Two single-story medical office buildings in a three-unit park, offering former medical layouts with exam rooms and x-ray spaces.

Where is this medical office space located?

The property is located at 120 Speer Rd Chestertown, MD.

What is the asking price?

The asking price for this property is $1,250,000.

What are key features of this property?

This property features: Two single‑story medical office buildings totaling approximately 9,604 SF in a three‑unit medical office park in Chestertown, MD; Up to 5,432 SF of former medical space available, including exam rooms and x‑ray spaces; One building is fully occupied; the second building offers two available units for a total three‑unit setup