Medical/Professional Office Condo For
401-106 Milford St, Salisbury, MD 21804
For Sale
$199,900
Medical/professional office condo in a well-maintained professional center.
Property Size1,125 SF
Price / SF$177.69
Days on Market394
Property Features for 401-106 Milford St
General Information
Standard status
Size
Taxes and HOA fees
Annual Taxes
Listing Agency:
SVN/Miller Commercial Real Estate
(410) 543-2440
Listed By:
Florence Brotzman · License #597618
(410) 543-2419
Source:
Exprealty
Added: Oct 10, 2025
Changed: Oct 26
Last Checked: Nov 6 at 10:01AM
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 Commercial Real Estate
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Investment Insights
Based on property information with market context.
This 1,125 sq.ft. medical/professional office is located in The Milford Professional Center. The corner condo unit is in good condition and features a side drive-up window and private rear parking. The layout includes a large, open front area divided by a service counter, along with a private office and restroom in the back. Signage is available over the front door and on the complex sign, which is conveniently located in front of the unit. The established and well-landscaped center houses physicians, a lab, and other professional users. The property is located 2 miles from Tidal Health and 1 mile from Salisbury University. Note that this property cannot be leased as a pharmacy.
Key Highlights
- Premier location at the front of The Milford Professional Center.
- Corner unit with side drive‑up window and private rear parking.
- 1,125 sq.ft. medical/professional office space.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,884
Cap Rate
7.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$297,680
$297.7K
Cap Rate 7%
$212,629
$212.6K
Cap Rate 9%
$165,378
$165.4K
Market Conditions
NOI Build-Up for 1,125 SF
Gross rent
$28.4K $25.20/SF
− Vacancy
−$3.5K −$3.15/SF
EGI
$24.8K $22.05/SF
− OpEx
−$9.9K −$8.82/SF
NOI
$14.9K $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 Rate 5%
$297,680
Cap Rate 7%
$212,629
Cap Rate 9%
$165,378
Alternative Uses
Best Use
Office B
$306.9K
$268.5K – $358.0K
NOI $21,481 @ 7.0% cap · market cap 10.75%
Second Best
Healthcare Medical
$212.6K
$186.1K – $248.1K
NOI $14,884 @ 7.0% cap · market cap 7.45%
Theoretical Best
Office A
$393.5K
$344.3K – $459.1K
NOI $27,547 @ 7.0% cap · market cap 13.78%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
858
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
Demographics for 21804, MD
40,049
Population
16,736
Households
2.4
Avg Household Size
37
Median Age
28%
College-Educated
89%
High-School Grad
68.6 sq mi
ZIP Area
584
Density / Sq Mi
$68,882
Median Household Income
$35,902
Median Earnings
$1,343
Median Rent
$230,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Medical Office Space in Salisbury, MD
Properties on Market for Medical Office Space in Salisbury
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical/professional office condo in a well-maintained professional center.
Where is this medical office space located?
The property is located at 401-106 Milford St Salisbury, MD.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Premier location at the front of The Milford Professional Center.; Corner unit with side drive‑up window and private rear parking.; 1,125 sq.ft. medical/professional office space.
