Free-Standing Office
For Sale
$595,000
404 Winfield Ave, Salisbury, MD 21801
Clear-span, heated warehouse with finished, fully conditioned office space and a 14-ft grade level overhead door.
Property Size5,000 SF
Lot Size0.50 Acres
Price / SF$119
Days on Market117
Property Features for 404 Winfield Ave
General Information
Standard status
Active
Size
5,000 SF
Lot size
0.50 Acres
Zoning
Light Industrial
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$9,401
Amenities
3 private offices
conference room
small kitchenette
2 restrooms
heated warehouse
Listing Agency:
SVN/Miller Commercial Real Estate
(410) 543-2440
Listed By:
Kelly Jeter · License #96265
(410) 543-2440
Source:
Exprealty
Added: Apr 29
Changed: Aug 23
Last Checked: Aug 14 at 7:45AM
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
Investment Insights
Based on property information with market context.
This clean, well-kept free-standing office warehouse is offered for sale or lease and includes a clear-span, heated warehouse. The property also features a nicely finished, fully conditioned office with three private offices, a conference room, a small kitchenette, and two restrooms, including one in the warehouse.
The building is zoned Light Industrial and is served by City utilities. A 14-ft grade level overhead door provides grade-level access to the warehouse, and the property is located near Route 13 and the bypass within the Northwood Industrial Park on the north side of Salisbury.
With its combination of warehouse functionality and dedicated office improvements, the layout is well suited for an owner-operator or business requiring both operational and administrative space in a single facility.
The building is zoned Light Industrial and is served by City utilities. A 14-ft grade level overhead door provides grade-level access to the warehouse, and the property is located near Route 13 and the bypass within the Northwood Industrial Park on the north side of Salisbury.
With its combination of warehouse functionality and dedicated office improvements, the layout is well suited for an owner-operator or business requiring both operational and administrative space in a single facility.
Key Highlights
- 5,000 SF free‑standing office/warehouse on 0.5 acres in Northwood Industrial Park
- Light industrial zoning and served by city utilities
- Clear‑span, heated warehouse with a 14‑ft grade level overhead door
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
$42,120
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
7.08%
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%
$842,400
$842.4K
Cap Rate 7%
$601,714
$601.7K
Cap Rate 9%
$468,000
$468.0K
Market Conditions
NOI Build-Up for 5,000 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
$72.0K $14.40/SF
− Vacancy
−$7.2K −$1.44/SF
EGI
$64.8K $12.96/SF
− OpEx
−$22.7K −$4.54/SF
NOI
$42.1K $8.42/SF
Area
Wicomico County, MD
Vacancy
10.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
35.00%
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%
$842,400
Cap Rate 7%
$601,714
Cap Rate 9%
$468,000
Alternative Uses
Best Use
Flex RnD
$601.7K
$526.5K – $702.0K
NOI $42,120 @ 7.0% cap · market cap 7.08%
Second Best
Warehouse
$461.6K
$403.9K – $538.5K
NOI $32,309 @ 7.0% cap · market cap 5.43%
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,433 @ 7.0% cap · market cap 20.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
383
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 21801, MD
31,183
Population
12,140
Households
2.6
Avg Household Size
37
Median Age
34%
College-Educated
87%
High-School Grad
40.1 sq mi
ZIP Area
778
Density / Sq Mi
$67,140
Median Household Income
$36,290
Median Earnings
$1,058
Median Rent
$286,800
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - Clear-span, heated warehouse with finished, fully conditioned office space and a 14-ft grade level overhead door.
Where is this flex space located?
The property is located at 404 Winfield Ave Salisbury, MD.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 5,000 SF free‑standing office/warehouse on 0.5 acres in Northwood Industrial Park; Light industrial zoning and served by city utilities; Clear‑span, heated warehouse with a 14‑ft grade level overhead door
