Move-In Ready Medical Office
For Sale
Contact for pricing
1346 S Division St, Salisbury, MD 21804
Medical office condominium in excellent, move-in ready condition, formerly a dentist office.
Property Size2,590 SF
Price / SF$164.09
Days on Market585
Property Features for 1346 S Division St
General Information
Standard status
Active
Size
2,590 SF
Property subtype
OFFICE
Listing Agency:
Rinnier Development Company
(410) 742-8151
Listed By:
Matthew Trader · License #631428
(443) 614-4297
Source:
Moodyscre
Added: Feb 6, 2025
Changed: Sep 2
Last Checked: Sep 13 at 6:47AM
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 medical/professional office condominium is in excellent condition and is move-in ready. The space is configured as an office, and it previously operated as a dentist office. Existing furniture can be included in the purchase, while medical and tech equipment is not included.
Located within the Southside Professional Center, the property is positioned for professional use within a dedicated office setting.
Offered for sale as a condominium unit, this is a practical option for an owner-user seeking an office ready for immediate occupancy.
Located within the Southside Professional Center, the property is positioned for professional use within a dedicated office setting.
Offered for sale as a condominium unit, this is a practical option for an owner-user seeking an office ready for immediate occupancy.
Key Highlights
- Medical/professional office condominium in the Southside Professional Center
- Former dentist office setup for medical or professional use
- Move‑in ready and in excellent condition
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
$34,266
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
8.06%
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%
$685,320
$685.3K
Cap Rate 7%
$489,514
$489.5K
Cap Rate 9%
$380,733
$380.7K
Market Conditions
NOI Build-Up for 2,590 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
$65.3K $25.20/SF
− Vacancy
−$8.2K −$3.15/SF
EGI
$57.1K $22.05/SF
− OpEx
−$22.8K −$8.82/SF
NOI
$34.3K $13.23/SF
Area
Wicomico County, MD
Vacancy
12.50%
Lease Rate
$25.20 /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%
$685,320
Cap Rate 7%
$489,514
Cap Rate 9%
$380,733
Alternative Uses
Best Use
Office B
$706.5K
$618.2K – $824.2K
NOI $49,454 @ 7.0% cap · market cap 11.64%
Second Best
Healthcare Medical
$489.5K
$428.3K – $571.1K
NOI $34,266 @ 7.0% cap · market cap 8.06%
Theoretical Best
Office A
$906.0K
$792.8K – $1.06M
NOI $63,420 @ 7.0% cap · market cap 14.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
717
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21804, MD
40,049
Population
16,736
Households
2.4
Avg Household Size
37
Median Age
28%
College-Educated
89%
High-School Grad
68.6 sq mi
ZIP Area
584
Density / Sq Mi
$68,882
Median Household Income
$35,902
Median Earnings
$1,343
Median Rent
$230,200
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office condominium in excellent, move-in ready condition, formerly a dentist office.
Where is this medical office space located?
The property is located at 1346 S Division St Salisbury, MD.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Medical/professional office condominium in the Southside Professional Center; Former dentist office setup for medical or professional use; Move‑in ready and in excellent condition
