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    Professional Office Space Available Title is generated by Realmo AI

    11204 RACETRACK ROAD, Berlin, MD 21811

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    For Lease
    $18 SF/Yr $10,032/Mo (calc)

    Multiple office units for rent with easy highway access.

    Type:Rental
    Property size:
    6,353 SF
    Added:
    May 4, 2024
    Days on Market:
    750
    Last Refresh:
    May 20 at 12:45 am

    Property Features for 11204 RACETRACK ROAD

    General Information

    Standard status
    Active
    Size
    6,353 SF
    Property subtype
    Rental

    Building Details

    Year Built
    2004

    We can help!

    Listing Contact
    William Rinnier

    Listing agent William Rinnier License #514904

    Listing office Rinnier Development Co

    Listing date May 4, 2024

    Source Exitrealty

    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 Co

    HighLights

    • Professional office space.
    • Multiple units and various sizes available, ranging from 707 to 6,353 SF.
    • Easy access to major routes US 50 and US 113.
    • Convenient location close to Berlin, Ocean City, and Salisbury.
    • Proximity to Ocean Pines and Atlantic General Hospital.
    • Built in 2004.

    Overview

    Professional office spaces are available for rent, offering multiple units with sizes ranging from 707 to 6,353 square feet. The location provides easy access to US 50, US 113, Ocean Pines, Ocean City, and Atlantic General Hospital. The property is also located minutes from Berlin, Ocean City, and close to Salisbury. In building 11200, Unit 201 offers 1,595 square feet, Unit 202 provides 1,445 square feet, and Unit 203 includes 1,439 square feet. In building 11202, Unit 103 has 707 square feet, Unit 105 features 976 square feet, and Unit 201 offers 6,353 square feet. Base rent is $21.95 per square foot for ground floor units and $17.95 per square foot for second-floor units, with an additional CAM fee of $5.45 per square foot.
    Location Intelligence

    Current Use by Public Records

    FYZICAL Therapy & Balance ... Physician FYZICAL® Ocean Pines Physician Carson Bunting Physician Peninsula Home Care Home Health Care Service Robert Steinberg Dental Office

    Suggested Use

    Restaurant Real Estate Agency Building Supply Dental Office Hair Salon Nail Salon Hotel & Motel Gym & Fitness Center Department Store HVAC Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Berlin
    County
    Worcester
    State
    Maryland
    Longitude
    -75.187359
    Latitude
    38.387674

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      Professional Office Space Available

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    FAQs

    What type of property is this?
    Office units - Multiple office units for rent with easy highway access.
    Where is this office units located?
    The property is located at 11204 RACETRACK ROAD Berlin, MD.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: Professional office space.; Multiple units and various sizes available, ranging from 707 to 6,353 SF.; Easy access to major routes US 50 and US 113.
    (410) 742-8151
    We can help!
    Listing Contact
    William Rinnier
    Real Estate License ID: 514904
    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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