20,000 SF Warehouse on 3.2
For Sale
Contact for pricing
2020 Northwood Dr, Salisbury, MD
20,000 SF warehouse on 3.2 acres, Salisbury, MD.
Property Size20,000 SF
Lot Size3.21 Acres
Price / SF$99.50
Days on Market562
Property Features for 2020 Northwood Dr
General Information
Standard status
Active
Size
20,000 SF
Lot size
3.21 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Rinnier Development Company
(443) 614-4297
Listed By:
Matthew Trader · License #631428
(443) 614-4297
Source:
Moodyscre
Added: Feb 5, 2025
Changed: Aug 8
Last Checked: Aug 8 at 5:58AM
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 Rinnier Development Company
Investment Insights
Based on property information with market context.
This property features a 20,000 square foot warehouse situated on 3.2 acres. The lease is structured as NNN, with no landlord responsibilities. The net operating income (NOI) is $120,000 NNN. The lease includes rental increases of 10% every 5 years.
Key Highlights
- $120,000 Net Operating Income (NOI)
- NNN Lease with No Landlord Responsibilities
- 20,000 SF on 3.2 Acres
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
$129,234
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
6.49%
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%
$2,584,680
$2.6M
Cap Rate 7%
$1,846,200
$1.8M
Cap Rate 9%
$1,435,933
$1.4M
Market Conditions
NOI Build-Up for 20,000 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
$168.0K $8.40/SF
− Vacancy
−$16.0K −$0.80/SF
EGI
$152.0K $7.60/SF
− OpEx
−$22.8K −$1.14/SF
NOI
$129.2K $6.46/SF
Area
Wicomico County, MD
Vacancy
9.50%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
15.00%
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%
$2,584,680
Cap Rate 7%
$1,846,200
Cap Rate 9%
$1,435,933
Alternative Uses
Best Use
Warehouse
$1.85M
$1.62M – $2.15M
NOI $129,234 @ 7.0% cap · market cap 6.49%
Second Best
Industrial
$1.62M
$1.42M – $1.89M
NOI $113,400 @ 7.0% cap · market cap 5.70%
Theoretical Best
Office A
$7.00M
$6.12M – $8.16M
NOI $489,731 @ 7.0% cap · market cap 24.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
377
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Storage Wise of Salisbury — 218 Kiley Dr, Salisbury, MD 21801
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- CubeSmart Self Storage — 2120 Windsor Dr, Salisbury, MD 21801
Frequently Asked Questions
What type of property is this?
Warehouse - 20,000 SF warehouse on 3.2 acres, Salisbury, MD.
Where is this warehouse located?
The property is located at 2020 Northwood Dr Salisbury, MD.
What is the asking price?
The asking price for this property is $1,990,000.
What are key features of this property?
This property features: $120,000 Net Operating Income (NOI); NNN Lease with No Landlord Responsibilities; 20,000 SF on 3.2 Acres
