Veterinary Medical Office
New
For Sale
$7,677,117
3051 Thurston Rd, Frederick, MD 21704
Medical office space associated with veterinary healthcare use.
Property Size28,334 SF
Price / SF$270.95
Days on Market4
Property Features for 3051 Thurston Rd
General Information
Standard status
Active
Size
28,334 SF
Property subtype
Single-Tenant Office Medical
Lease Type
NN
Amenities
Minimal Landlord Responsibilities
Corporate Guarantee provided by Thrive Pet Healthcare
Tenant Exercised First 5-Year Renewal Early, Showing Commitment to the Location
Strategically Located in a Dense Residential and Retail Area
Building Details
Building Size
28,334 SF
Listing Agency:
Marcus & Millichap | Boston
(512) 338-7842
Listed By:
Carter Blankner · License #License(s): TX: 835248
(512) 338-7842
Source:
Marcusmillichap
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 17 at 10:14AM
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 Marcus & Millichap | Boston
Investment Insights
Based on property information with market context.
This medical office property contains 28,334 square feet and is identified with veterinary healthcare use through the Greenbriar Veterinary Hospital name and Thrive Pet Healthcare association. The asset is offered for sale and carries a stated 7.75% cap rate.
The property is located at 3051 Thurston Rd in Frederick, Maryland, within ZIP code 21704. The available information identifies the asset as medical office space without additional details regarding interior layout, site features, parking, or building improvements.
The property is located at 3051 Thurston Rd in Frederick, Maryland, within ZIP code 21704. The available information identifies the asset as medical office space without additional details regarding interior layout, site features, parking, or building improvements.
Key Highlights
- 28,334 square feet of medical office space
- Veterinary healthcare use identified through Greenbriar Veterinary Hospital and Thrive Pet Healthcare
- Stated 7.75% cap rate
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
$534,933
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
6.97%
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%
$10,698,660
$10.7M
Cap Rate 7%
$7,641,900
$7.6M
Cap Rate 9%
$5,943,700
$5.9M
Market Conditions
NOI Build-Up for 28,334 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
$992.8K $35.04/SF
− Vacancy
−$101.3K −$3.57/SF
EGI
$891.6K $31.47/SF
− OpEx
−$356.6K −$12.59/SF
NOI
$534.9K $18.88/SF
Area
Frederick County, MD
Vacancy
10.20%
Lease Rate
$35.04 /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%
$10,698,660
Cap Rate 7%
$7,641,900
Cap Rate 9%
$5,943,700
Alternative Uses
Best Use
Healthcare Medical
$7.64M
$6.69M – $8.92M
NOI $534,933 @ 7.0% cap · market cap 6.97%
Second Best
Office B
$7.42M
$6.49M – $8.65M
NOI $519,095 @ 7.0% cap · market cap 6.76%
Theoretical Best
Specialty Retail
$10.50M
$9.19M – $12.25M
NOI $734,937 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
336
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21704, MD
19,275
Population
6,230
Households
3.1
Avg Household Size
37
Median Age
58%
College-Educated
96%
High-School Grad
26.6 sq mi
ZIP Area
725
Density / Sq Mi
$164,457
Median Household Income
$82,145
Median Earnings
$2,395
Median Rent
$585,900
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.
Similar Off Market Nearby
- Compassion Veterinary Center — 3540 Worthington Blvd, Frederick, MD 21704
- Greenbriar Veterinary Hospital - A Thrive Pet Healthcare Partner — 3051 Thurston Rd, Frederick, MD 21704
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office space associated with veterinary healthcare use.
Where is this medical office space located?
The property is located at 3051 Thurston Rd Frederick, MD.
What is the asking price?
The asking price for this property is $7,677,117.
What are key features of this property?
This property features: 28,334 square feet of medical office space; Veterinary healthcare use identified through Greenbriar Veterinary Hospital and Thrive Pet Healthcare; Stated 7.75% cap rate
