5.87 Acre Property on Route
For Sale
$599,000
4499 LEONARDTOWN Rd, Waldorf, MD 20601
5.87 acre property suitable for various uses.
Property Size2,551 SF
Lot Size5.87 Acres
Days on Market267
Property Features for 4499 LEONARDTOWN Rd
General Information
Standard status
Active
Size
2,551 SF
Lot size
5.87 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$5,892
Building Details
Building Size
2,551 SF
Year Built
1957
Listing Agency:
(240) 925-5793
Listed By:
James G Elrod · License #51636
(240) 925-5793
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 11
Last Checked: Aug 20 at 8:43AM
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 James G Elrod
Investment Insights
Based on property information with market context.
This 5.87-acre property is located on Route 5 in Forest Park. The site includes a building previously used as an office and veterinary clinic, along with a large brick home featuring hardwood floors that require attention. A mold issue exists within the home. Additionally, there is a large outbuilding that could serve multiple purposes. The location is suitable for a church or another veterinary clinic, with the potential for other uses through special exception.
Key Highlights
- 5.87 acre property on Route 5
- Large outbuilding with potential uses
- Good location for a church or veterinary clinic
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
$21,076
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
3.52%
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%
$421,520
$421.5K
Cap Rate 7%
$301,086
$301.1K
Cap Rate 9%
$234,178
$234.2K
Market Conditions
NOI Build-Up for 2,551 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
$38.3K $15.00/SF
− Vacancy
−$3.1K −$1.23/SF
EGI
$35.1K $13.77/SF
− OpEx
−$14.1K −$5.51/SF
NOI
$21.1K $8.26/SF
Area
Charles County, MD
Vacancy
8.20%
Lease Rate
$15.00 /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%
$421,520
Cap Rate 7%
$301,086
Cap Rate 9%
$234,178
Alternative Uses
Best Use
Healthcare Medical
$301.1K
$263.5K – $351.3K
NOI $21,076 @ 7.0% cap · market cap 3.52%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$35.82M
$31.34M – $41.79M
NOI $2,507,402 @ 7.0% cap · market cap 418.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
35
Businesses Nearby
Explore this area
Business Placement
Demographics for 20601, MD
27,789
Population
10,560
Households
2.6
Avg Household Size
38
Median Age
32%
College-Educated
94%
High-School Grad
47.8 sq mi
ZIP Area
581
Density / Sq Mi
$120,278
Median Household Income
$59,004
Median Earnings
$2,154
Median Rent
$380,700
Median Home Value
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 space - 5.87 acre property suitable for various uses.
Where is this medical space located?
The property is located at 4499 LEONARDTOWN Rd Waldorf, MD.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 5.87 acre property on Route 5; Large outbuilding with potential uses; Good location for a church or veterinary clinic
