Listing Agency: Rinnier Development Company Show Phone

Listed By: Matthew Trader · License #631428 Show Phone

Source: Moodyscre

Added: Feb 6, 2025 Changed: Oct 25 Last Checked: Oct 28 at 10:11AM

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Review the available facts, identify missing information and prepare questions for the agent.

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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.

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 / Yr

$34,266

Cap Rate

8.06%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$685,320 $685.3K

Cap Rate 7%

$489,514 $489.5K

Cap Rate 9%

$380,733 $380.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,590 SF

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 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 (±1% cap)

NOI $49,454 @ 7.0% cap · market cap 11.64%

Second Best

Healthcare Medical

$489.5K

$428.3K – $571.1K (±1% cap)

NOI $34,266 @ 7.0% cap · market cap 8.06%

Theoretical Best

Office A

$906.0K

$792.8K – $1.06M (±1% cap)

NOI $63,420 @ 7.0% cap · market cap 14.92%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Crum Laura Physician Lannisters Cleanout General Contractor Rodney Allen Wenrich Physician Dr. Rodney Wenrich Physician South-Side Professional Center Business Service Center

Suggested Use

Top Pick Law Firm Auto Repair Shop HVAC Service Electrical Service Grocery & Convenience Store Plumbing Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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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