Medical Office Park
For Sale
Contact for pricing
120 Speer Rd, Chestertown, MD 21620
Two single-story medical office buildings in a three-unit park, offering former medical layouts with exam rooms and x-ray spaces.
Property Size9,604 SF
Price / SF$130.15
Days on Market196
Property Features for 120 Speer Rd
General Information
Standard status
Active
Size
9,604 SF
Property subtype
OFFICE
Additional Details
Office Units
3
Building Details
Stories
1
Tenancy
Multi
Listing Agency:
MacKenzie Commercial Real Estate | Annapolis
(410) 974-9336
Listed By:
David McClatchy
(410) 953-0366
Source:
Moodyscre
Added: Mar 2
Changed: Sep 9
Last Checked: Sep 14 at 7:07AM
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
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.
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 = 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
$67,334
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
5.39%
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%
$1,346,680
$1.3M
Cap Rate 7%
$961,914
$961.9K
Cap Rate 9%
$748,156
$748.2K
Market Conditions
NOI Build-Up for 9,604 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
$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 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%
$1,346,680
Cap Rate 7%
$961,914
Cap Rate 9%
$748,156
Alternative Uses
Best Use
Healthcare Medical
$1.96M
$1.71M – $2.28M
NOI $136,915 @ 7.0% cap · market cap 10.95%
Second Best
Office B
$961.9K
$841.7K – $1.12M
NOI $67,334 @ 7.0% cap · market cap 5.39%
Theoretical Best
Office A
$2.30M
$2.01M – $2.68M
NOI $161,060 @ 7.0% cap · market cap 12.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- High Street Veterinary Practice — 841 High St, Chestertown, MD 21620
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
