Renovated Flex Space with
For Sale
$2,639,700
6339 Howard Lane, Elkridge, MD 21075
11,732 SF commercial property with office and warehouse functionality.
Property Size11,732 SF
Price / SF$225
Days on Market96
Property Features for 6339 Howard Lane
General Information
Standard status
Active
Size
11,732 SF
Class
B
Property subtype
Single Tenant Office
Building Details
Building Size
11,732 SF
Year Built
1971
Listing Agency:
Lee & Associates | Chesapeake Region, LLC
(410) 336-5314
Listed By:
Kate Jordan
(410) 336-5314
Source:
Thebrokerlist
Added: May 19
Changed: Aug 22
Last Checked: Aug 22 at 3:31AM
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 Lee & Associates | Chesapeake Region, LLC
Investment Insights
Based on property information with market context.
This 11,732 square foot commercial property is located in Central Maryland. The building underwent a complete renovation in 2006, including the installation of a full sprinkler system. The property blends professional office space with fully conditioned warehouse storage functionality, suitable for corporate offices, medical facilities, or daycare centers. It features custom built-in workstations, a 20' 6" clear height, and window-lined private offices providing natural light. The fully air-conditioned warehouse is suitable for storage or electronic assembly operations. A 12’ x 12’ electric drive-in door provides access for loading and deliveries. The property includes a 20-foot reception area. There is potential for an outdoor play area, suitable for daycare or ABA therapy uses. The owners proactively put steel in place to add a roof deck in the future. The property is close to BWI, Rt 1 and Howard County amenities.
Key Highlights
- Fully Air‑Conditioned Warehouse - Ideal for storage or electronic assembly operations.
- Complete gut renovation in 2006 with a full sprinkler system.
- Blends professional office space with fully conditioned warehouse storage functionality.
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
$176,064
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
6.67%
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%
$3,521,280
$3.5M
Cap Rate 7%
$2,515,200
$2.5M
Cap Rate 9%
$1,956,267
$2.0M
Market Conditions
NOI Build-Up for 11,732 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
$281.6K $24.00/SF
− Vacancy
−$10.7K −$0.91/SF
EGI
$270.9K $23.09/SF
− OpEx
−$94.8K −$8.08/SF
NOI
$176.1K $15.01/SF
Area
Howard County, MD
Vacancy
3.80%
Lease Rate
$24.00 /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%
$3,521,280
Cap Rate 7%
$2,515,200
Cap Rate 9%
$1,956,267
Alternative Uses
Best Use
Flex RnD
$2.52M
$2.20M – $2.93M
NOI $176,064 @ 7.0% cap · market cap 6.67%
Second Best
Industrial
$1.91M
$1.67M – $2.23M
NOI $133,780 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$4.35M
$3.81M – $5.08M
NOI $304,559 @ 7.0% cap · market cap 11.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
405
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21075, MD
35,900
Population
13,191
Households
2.7
Avg Household Size
34
Median Age
58%
College-Educated
94%
High-School Grad
13.9 sq mi
ZIP Area
2,583
Density / Sq Mi
$133,321
Median Household Income
$69,892
Median Earnings
$2,108
Median Rent
$439,400
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 - 11,732 SF commercial property with office and warehouse functionality.
Where is this flex space located?
The property is located at 6339 Howard Lane Elkridge, MD.
What is the asking price?
The asking price for this property is $2,639,700.
What are key features of this property?
This property features: Fully Air‑Conditioned Warehouse - Ideal for storage or electronic assembly operations.; Complete gut renovation in 2006 with a full sprinkler system.; Blends professional office space with fully conditioned warehouse storage functionality.
