Corner Medical Office
For Sale
$549,000
401 PULASKI HIGHWAY, Elkton, MD 21921
Medical office building with two treatment rooms, reception/waiting area, and multiple office and storage levels.
Property Size2,740 SF
Price / SF$200.36
Days on Market64
Property Features for 401 PULASKI HIGHWAY
General Information
Standard status
Active
Size
2,740 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$8,267
Amenities
Central Air, Ceiling Fan(s)
3
Vinyl, Carpet
Composition Shingle
Parking. Corner Lot.
Lot.
Level
Front Yard, Landscaped, Not In Development, Back Yard, Side Yard. Corner, Highway Access, Level, Open, Premium Lot.
Building Details
Year Built
1947
Listing Agency:
INTEGRITY REAL ESTATE
(443) 309-0161
Listed By:
Integrity Real Estate · License #644704
(443) 309-0161
Source:
Xome
Added: Jun 21
Changed: Aug 23
Last Checked: Aug 22 at 8:06AM
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 INTEGRITY REAL ESTATE
Investment Insights
Based on property information with market context.
This corner medical office building includes a main level with a large reception and waiting area with fireplace, a reception desk, a private office, two patient/treatment rooms, laboratory space, a kitchen, and one full bathroom plus one half bath. The second floor provides additional flexible space with a bonus room and a half bath that can support office use, storage, or expansion. A basement level offers abundant storage and includes the building utilities.
The property is situated at the corner of Normira Avenue and Route 40 with convenient access from both streets. It includes approximately 16 parking spaces across front and rear lots, a covered patient drop-off area, and a handicap-accessible front entrance with ramp. Additional amenities include a detached garage and mature landscaping.
With a long-established history operating as a dental office for more than 30 years, the building is suited for continued medical use or adaptation for other professional or service-related operations that benefit from prominent Route 40 exposure and straightforward accessibility.
The property is situated at the corner of Normira Avenue and Route 40 with convenient access from both streets. It includes approximately 16 parking spaces across front and rear lots, a covered patient drop-off area, and a handicap-accessible front entrance with ramp. Additional amenities include a detached garage and mature landscaping.
With a long-established history operating as a dental office for more than 30 years, the building is suited for continued medical use or adaptation for other professional or service-related operations that benefit from prominent Route 40 exposure and straightforward accessibility.
Key Highlights
- Corner commercial property on Route 40 at Normira Avenue, operating as a dental office for 30+ years
- Main level includes large reception and waiting area with fireplace, reception desk, private office, 2 patient/treatment rooms, lab space
- Multiple restrooms: 1 full bath and 1 half bath on the main level, plus a half bath on the second floor
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
$41,858
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
7.62%
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%
$837,160
$837.2K
Cap Rate 7%
$597,971
$598.0K
Cap Rate 9%
$465,089
$465.1K
Market Conditions
NOI Build-Up for 2,740 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
$67.4K $24.60/SF
− Vacancy
−$11.6K −$4.23/SF
EGI
$55.8K $20.37/SF
− OpEx
−$14.0K −$5.09/SF
NOI
$41.9K $15.28/SF
Area
Cecil County, MD
Vacancy
17.20%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
25.00%
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%
$837,160
Cap Rate 7%
$597,971
Cap Rate 9%
$465,089
Alternative Uses
Best Use
Office B
$598.0K
$523.2K – $697.6K
NOI $41,858 @ 7.0% cap · market cap 7.62%
Second Best
Healthcare Medical
$473.8K
$414.5K – $552.7K
NOI $33,163 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$1.02M
$889.1K – $1.19M
NOI $71,129 @ 7.0% cap · market cap 12.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
376
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21921, MD
44,983
Population
18,782
Households
2.4
Avg Household Size
39
Median Age
28%
College-Educated
92%
High-School Grad
94.7 sq mi
ZIP Area
475
Density / Sq Mi
$84,608
Median Household Income
$48,300
Median Earnings
$1,413
Median Rent
$296,000
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.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office building with two treatment rooms, reception/waiting area, and multiple office and storage levels.
Where is this medical office space located?
The property is located at 401 PULASKI HIGHWAY Elkton, MD.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Corner commercial property on Route 40 at Normira Avenue, operating as a dental office for 30+ years; Main level includes large reception and waiting area with fireplace, reception desk, private office, 2 patient/treatment rooms, lab space; Multiple restrooms: 1 full bath and 1 half bath on the main level, plus a half bath on the second floor
