First-Floor Medical Office
For Sale
$259,999
3450 ELLICOTT CENTER DRIVE, Ellicott City, MD 21043
Direct-entry unit offers step-free access, central air, laminate flooring, and parking within a business-park setting.
Property Size988 SF
Price / SF$263.16
Days on Market109
Property Features for 3450 ELLICOTT CENTER DRIVE
General Information
Standard status
Active
Size
988 SF
Property subtype
Office
Additional Details
Floor
First floor
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,748
Amenities
Central Air
3
Laminate
Shingle
Parking.
Unassigned, Lot.
Business Park.
Building Details
Year Built
1988
Stories
2
Tenancy
Single
Listing Agency:
HP Realty Group Inc
(443) 794-0700
Listed By:
Sang Pak · License #506890
(443) 794-0700
Source:
Xome
Added: Apr 23
Changed: Aug 9
Last Checked: Aug 9 at 4:37AM
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 HP Realty Group Inc
Investment Insights
Based on property information with market context.
Unit 104 is a 988-square-foot medical office condominium in a business park setting. The first-floor layout provides direct entry without steps, with central air and laminate flooring. The space was previously used as a dental office and is currently occupied by a chiropractic practice.
The property is located at 3450 Ellicott Center Drive in Ellicott City, with access to I-95 and Routes 29, 40, and 70. Parking is available in the lot, with spaces identified as unassigned. Built in 1988, the unit offers a compact professional-office configuration suited to medical use.
The property is located at 3450 Ellicott Center Drive in Ellicott City, with access to I-95 and Routes 29, 40, and 70. Parking is available in the lot, with spaces identified as unassigned. Built in 1988, the unit offers a compact professional-office configuration suited to medical use.
Key Highlights
- 988‑square‑foot medical office condominium
- First‑floor unit with direct, step‑free entrance
- Previously operated as a dental office; currently used for chiropractic care
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
$11,958
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
4.60%
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%
$239,160
$239.2K
Cap Rate 7%
$170,829
$170.8K
Cap Rate 9%
$132,867
$132.9K
Market Conditions
NOI Build-Up for 988 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
$24.3K $24.60/SF
− Vacancy
−$4.4K −$4.43/SF
EGI
$19.9K $20.17/SF
− OpEx
−$8.0K −$8.07/SF
NOI
$12.0K $12.10/SF
Area
Howard County, MD
Vacancy
18.00%
Lease Rate
$24.60 /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%
$239,160
Cap Rate 7%
$170,829
Cap Rate 9%
$132,867
Alternative Uses
Best Use
Healthcare Medical
$170.8K
$149.5K – $199.3K
NOI $11,958 @ 7.0% cap · market cap 4.60%
Second Best
Office B
$99.0K
$86.6K – $115.5K
NOI $6,927 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$366.4K
$320.6K – $427.5K
NOI $25,648 @ 7.0% cap · market cap 9.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,276
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 21043, MD
48,775
Population
17,978
Households
2.7
Avg Household Size
39
Median Age
64%
College-Educated
95%
High-School Grad
17.1 sq mi
ZIP Area
2,852
Density / Sq Mi
$141,846
Median Household Income
$77,574
Median Earnings
$1,964
Median Rent
$607,300
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
- Dunloggin Veterinary Hospital — 9105 Frederick Rd, Ellicott City, MD 21042
- HomeVets Patapsco Valley — 8525 Baltimore National Pike Suite E, Ellicott City, MD 21043
- Denise A. Huson — 8525 Baltimore National Pike # 5, Ellicott City, MD 21043
- Dr. Rikki Kane, DVM — 9105 frederick rd, ellicott city, md 21042
- Kane Rikki Y DVM — 9105 Frederick Rd, Ellicott City, MD 21042
Frequently Asked Questions
What type of property is this?
Medical Office Space - Direct-entry unit offers step-free access, central air, laminate flooring, and parking within a business-park setting.
Where is this medical office space located?
The property is located at 3450 ELLICOTT CENTER DRIVE Ellicott City, MD.
What is the asking price?
The asking price for this property is $259,999.
What are key features of this property?
This property features: 988‑square‑foot medical office condominium; First‑floor unit with direct, step‑free entrance; Previously operated as a dental office; currently used for chiropractic care
