Clear Spring Office/Medical
For Sale
$299,000
14 S Mill St, Clear Spring, MD 21722
Versatile 1,128 SF office/medical space in Clear Spring, MD.
Property Size1,128 SF
Lot Size0.17 Acres
Price / SF$265.07
Days on Market1037
Property Features for 14 S Mill St
General Information
Standard status
Active
Size
1,128 SF
Lot size
0.17 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,421
Building Details
Year Built
1960
Listing Agency:
BERKSHIRE HATHAWAY HOMESERVICES HOMESALE REALTY
(301) 745-1620
Listed By:
TAYLOR BOWEN · License #WV0028038
Source:
Corcoran
Added: Oct 11, 2023
Changed: Aug 8
Last Checked: Aug 8 at 6:06AM
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 BERKSHIRE HATHAWAY HOMESERVICES HOMESALE REALTY
Investment Insights
Based on property information with market context.
Located at 14 S Mill Street in Clear Spring, Maryland, this property offers 1,128 square feet of office or medical space. The building provides a versatile and conveniently located space suitable for various professional needs.
Key Highlights
- Prime office/medical space
- Conveniently located in Clear Spring, Maryland
- Versatile space suitable for professional needs
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
$13,553
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
4.53%
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%
$271,060
$271.1K
Cap Rate 7%
$193,614
$193.6K
Cap Rate 9%
$150,589
$150.6K
Market Conditions
NOI Build-Up for 1,128 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
$22.2K $19.68/SF
− Vacancy
−$4.1K −$3.66/SF
EGI
$18.1K $16.02/SF
− OpEx
−$4.5K −$4.00/SF
NOI
$13.6K $12.01/SF
Area
Washington County, MD
Vacancy
18.60%
Lease Rate
$19.68 /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%
$271,060
Cap Rate 7%
$193,614
Cap Rate 9%
$150,589
Alternative Uses
Best Use
Office B
$193.6K
$169.4K – $225.9K
NOI $13,553 @ 7.0% cap · market cap 4.53%
Second Best
Healthcare Medical
$192.7K
$168.6K – $224.8K
NOI $13,486 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$250.2K
$218.9K – $291.9K
NOI $17,515 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
85
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21722, MD
5,674
Population
2,347
Households
2.4
Avg Household Size
44
Median Age
23%
College-Educated
93%
High-School Grad
56.9 sq mi
ZIP Area
100
Density / Sq Mi
$86,341
Median Household Income
$54,863
Median Earnings
$877
Median Rent
$298,400
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.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Versatile 1,128 SF office/medical space in Clear Spring, MD.
Where is this medical office space located?
The property is located at 14 S Mill St Clear Spring, MD.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Prime office/medical space; Conveniently located in Clear Spring, Maryland; Versatile space suitable for professional needs
