Medical Office Suite with Exam
For Sale
Contact for pricing
145 E Carroll St, Salisbury, MD 21801
Professional medical office suite includes receptionist/waiting area and four exam rooms within the H Gray Reeves Center.
Property Size2,062 SF
Price / SF$145.49
Days on Market35
Property Features for 145 E Carroll St
General Information
Standard status
Active
Size
2,062 SF
Property subtype
OFFICE
Listing Agency:
SVN - Miller | Easton
(410) 726-0966
Listed By:
Flo Brotzman · License #574198
(410) 726-0966
Source:
Moodyscre
Added: Jul 10
Changed: Jul 26
Last Checked: Jul 26 at 9:55PM
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 SVN - Miller | Easton
Investment Insights
Based on property information with market context.
This 2,062-square-foot medical or professional office is located within the H Gray Reeves Professional Center and is set up for clinical and other client-facing uses. The suite features an attractive front receptionist and waiting area, check-in and check-out windows, four exam rooms, two restrooms, an executive office, and a kitchen. There is both a front entrance and a private entrance designed to support confidentiality.
The office is directly across from Tidal Health Peninsula Regional Hospital, providing convenient access for patients and staff.
The layout balances public-facing functions with back-of-house space, including dedicated exam rooms and separate private entries for client privacy.
The office is directly across from Tidal Health Peninsula Regional Hospital, providing convenient access for patients and staff.
The layout balances public-facing functions with back-of-house space, including dedicated exam rooms and separate private entries for client privacy.
Key Highlights
- 2,062 SF medical or professional office in the H Gray Reeves Professional Center
- Directly across from Tidal Health Peninsula Regional Hospital
- Includes front receptionist and waiting area with check‑in and check‑out windows
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
$27,280
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
9.09%
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%
$545,600
$545.6K
Cap Rate 7%
$389,714
$389.7K
Cap Rate 9%
$303,111
$303.1K
Market Conditions
NOI Build-Up for 2,062 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
$52.0K $25.20/SF
− Vacancy
−$6.5K −$3.15/SF
EGI
$45.5K $22.05/SF
− OpEx
−$18.2K −$8.82/SF
NOI
$27.3K $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%
$545,600
Cap Rate 7%
$389,714
Cap Rate 9%
$303,111
Alternative Uses
Best Use
Office B
$562.5K
$492.2K – $656.2K
NOI $39,373 @ 7.0% cap · market cap 13.12%
Second Best
Healthcare Medical
$389.7K
$341.0K – $454.7K
NOI $27,280 @ 7.0% cap · market cap 9.09%
Theoretical Best
Office A
$721.3K
$631.1K – $841.5K
NOI $50,491 @ 7.0% cap · market cap 16.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,179
Businesses Nearby
Explore this area
Business Placement
Demographics for 21801, MD
31,183
Population
12,140
Households
2.6
Avg Household Size
37
Median Age
34%
College-Educated
87%
High-School Grad
40.1 sq mi
ZIP Area
778
Density / Sq Mi
$67,140
Median Household Income
$36,290
Median Earnings
$1,058
Median Rent
$286,800
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?
Medical center - Professional medical office suite includes receptionist/waiting area and four exam rooms within the H Gray Reeves Center.
Where is this medical center located?
The property is located at 145 E Carroll St Salisbury, MD.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: 2,062 SF medical or professional office in the H Gray Reeves Professional Center; Directly across from Tidal Health Peninsula Regional Hospital; Includes front receptionist and waiting area with check‑in and check‑out windows
