Medical Office
For Sale
$389,000
222 Washington Road, Westminster, MD 21157
Small medical building in a medical-oriented park with long-term Quest Diagnostics tenancy.
Property Size1,600 SF
Days on Market184
Property Features for 222 Washington Road
General Information
Standard status
Active
Size
1,600 SF
Class
B
Property subtype
Single Tenant Office
Occupancy
100%
Building Details
Building Size
1,600 SF
Year Built
1978
Tenancy
Single
Listing Agency:
Trout Daniel & Assocaites
(443) 921-9348
Listed By:
gary olschansky · License #645284
(443) 921-9348
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 10
Last Checked: Aug 21 at 3:58AM
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 Trout Daniel & Assocaites
Investment Insights
Based on property information with market context.
This is an opportunity to own a small medical office building within a medical-oriented park. The property is occupied by Quest Diagnostics, which has been in place since 1997. The medical park is governed by an owner’s association, and the setting is designed for medical users.
The building is located about 1/4 mile from Westminster’s Main Street and directly across the street from Carroll Hospital Center. The location places the subject within an established medical-only community, alongside other healthcare-related operations.
The building is located about 1/4 mile from Westminster’s Main Street and directly across the street from Carroll Hospital Center. The location places the subject within an established medical-only community, alongside other healthcare-related operations.
Key Highlights
- Small medical building built in 1978 in a medical‑oriented park
- Quest Diagnostics has occupied the property since 1997
- Tenant is Quest Diagnostics (NYSE‑listed)
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
$19,365
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
4.98%
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%
$387,300
$387.3K
Cap Rate 7%
$276,643
$276.6K
Cap Rate 9%
$215,167
$215.2K
Market Conditions
NOI Build-Up for 1,600 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
$39.4K $24.60/SF
− Vacancy
−$7.1K −$4.43/SF
EGI
$32.3K $20.17/SF
− OpEx
−$12.9K −$8.07/SF
NOI
$19.4K $12.10/SF
Area
Carroll County, MD
Vacancy
18.00%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
40.00%
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%
$387,300
Cap Rate 7%
$276,643
Cap Rate 9%
$215,167
Alternative Uses
Best Use
Healthcare Medical
$276.6K
$242.1K – $322.8K
NOI $19,365 @ 7.0% cap · market cap 4.98%
Second Best
Office B
$160.3K
$140.2K – $187.0K
NOI $11,218 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$593.4K
$519.2K – $692.3K
NOI $41,535 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,595
Businesses Nearby
Balanced
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Thomas Ryan DVM — 330 140 Village Rd, Westminster, MD 21157
- Banfield Pet Hospital — 405 N Center St Ste 24, Westminster, MD 21157
- Carroll County Veterinary Clinic — 334 Gorsuch Rd, Westminster, MD 21157
Frequently Asked Questions
What type of property is this?
Medical Office Space - Small medical building in a medical-oriented park with long-term Quest Diagnostics tenancy.
Where is this medical office space located?
The property is located at 222 Washington Road Westminster, MD.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Small medical building built in 1978 in a medical‑oriented park; Quest Diagnostics has occupied the property since 1997; Tenant is Quest Diagnostics (NYSE‑listed)
