Medical Office Space For
For Sale
$725,000
251 LEWIS Ln 102, Havre de Grace, MD 21078
Medical office space available within Havre de Grace Medical Center.
Property Size4,338 SF
Price / SF$167.13
Days on Market164
Property Features for 251 LEWIS Ln 102
General Information
Standard status
Active
Size
4,338 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,173
Building Details
Year Built
2008
Units
1
Listing Agency:
EXP Realty, LLC
(410) 688-4042
Listed By:
Reed J Stupalski · License #611586
(410) 688-4042
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 21 at 10:59AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
Available for sale is a 4,338 square foot medical office space located on the main level of Havre de Grace Medical Center. Public records identify the space as Unit 102, though it is physically labeled on-site as Units 103 and 104. The suite is currently configured as two separate spaces. One side is set up as a medical office, and the other is leased to a physical therapy provider with a 5 year lease in place at a fixed $24 per sq ft. Features include multiple private offices, reception areas, restrooms, kitchenettes, laundry areas, and open workspaces. The building offers level main entry, elevator access, and free surface parking.
Key Highlights
- Located in Havre de Grace Medical Center.
- 4,338 sq ft of medical office space.
- Existing lease provides income at $24 per sq ft.
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
$54,095
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
7.46%
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%
$1,081,900
$1.1M
Cap Rate 7%
$772,786
$772.8K
Cap Rate 9%
$601,056
$601.1K
Market Conditions
NOI Build-Up for 4,338 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
$106.2K $24.48/SF
− Vacancy
−$16.0K −$3.70/SF
EGI
$90.2K $20.78/SF
− OpEx
−$36.1K −$8.31/SF
NOI
$54.1K $12.47/SF
Area
Harford County, MD
Vacancy
15.10%
Lease Rate
$24.48 /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%
$1,081,900
Cap Rate 7%
$772,786
Cap Rate 9%
$601,056
Alternative Uses
Best Use
Healthcare Medical
$772.8K
$676.2K – $901.6K
NOI $54,095 @ 7.0% cap · market cap 7.46%
Second Best
Office B
$434.5K
$380.2K – $506.9K
NOI $30,414 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$1.53M
$1.34M – $1.78M
NOI $106,846 @ 7.0% cap · market cap 14.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
452
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21078, MD
20,321
Population
8,760
Households
2.3
Avg Household Size
46
Median Age
41%
College-Educated
93%
High-School Grad
30.1 sq mi
ZIP Area
675
Density / Sq Mi
$109,451
Median Household Income
$53,942
Median Earnings
$1,331
Median Rent
$355,500
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 Office Space - Medical office space available within Havre de Grace Medical Center.
Where is this medical office space located?
The property is located at 251 LEWIS Ln 102 Havre de Grace, MD.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Located in Havre de Grace Medical Center.; 4,338 sq ft of medical office space.; Existing lease provides income at $24 per sq ft.
