Renovated Office Building in
For Sale
$599,500
611 Nursery Rd, Westminster, MD 21157
Professional office space suitable for medical or commercial use.
Property Size2,984 SF
Price / SF$200.90
Days on Market138
Property Features for 611 Nursery Rd
General Information
Standard status
Active
Size
2,984 SF
Building Details
Year Built
1966
Listing Agency:
RE/MAX Advantage Realty
Listed By:
Bruce F D'Anthony · License #74350
(410) 871-2600
Source:
Vinsonproperties
Added: Apr 24
Changed: Sep 8
Last Checked: Sep 8 at 7:09AM
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 RE/MAX Advantage Realty
Investment Insights
Based on property information with market context.
This brick building offers an opportunity to own or lease office space in a fully renovated property. The building, with over 3000 square feet and a basement, features professionally built-out private offices, along with a conference or break room. The property is suitable for various uses, including medical practices, insurance companies, title companies, and real estate firms. A large parking area accommodates 15 cars or a couple of trucks. Disability access is available at the main entry. The paved parking lot was renovated in 2025. The property is located in the heart of Westminster. The walk score is 63, indicating it is somewhat walkable, and the bike score is 33, indicating it is somewhat bikeable. The transit score is 15, indicating minimal transit.
Key Highlights
- Fully renovated brick building in the heart of Westminster.
- Excellent, professional office space with private rooms and a conference/break room.
- Versatile property suitable for medical, insurance, title, real estate, and other professional uses.
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
$20,921
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
3.49%
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%
$418,420
$418.4K
Cap Rate 7%
$298,871
$298.9K
Cap Rate 9%
$232,456
$232.5K
Market Conditions
NOI Build-Up for 2,984 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
$34.0K $11.40/SF
− Vacancy
−$6.1K −$2.05/SF
EGI
$27.9K $9.35/SF
− OpEx
−$7.0K −$2.34/SF
NOI
$20.9K $7.01/SF
Area
Carroll 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%
$418,420
Cap Rate 7%
$298,871
Cap Rate 9%
$232,456
Alternative Uses
Best Use
Office B
$298.9K
$261.5K – $348.7K
NOI $20,921 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$968.3K – $1.29M
NOI $77,464 @ 7.0% cap · market cap 12.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
964
Businesses Nearby
Explore this area
Business Placement
Demographics for 21157, MD
38,584
Population
15,466
Households
2.5
Avg Household Size
42
Median Age
37%
College-Educated
93%
High-School Grad
77.7 sq mi
ZIP Area
497
Density / Sq Mi
$102,835
Median Household Income
$50,254
Median Earnings
$1,236
Median Rent
$394,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Professional office space suitable for medical or commercial use.
Where is this office units located?
The property is located at 611 Nursery Rd Westminster, MD.
What is the asking price?
The asking price for this property is $599,500.
What are key features of this property?
This property features: Fully renovated brick building in the heart of Westminster.; Excellent, professional office space with private rooms and a conference/break room.; Versatile property suitable for medical, insurance, title, real estate, and other professional uses.
