Severna Park Office/Medical
For Sale
Contact for pricing
Pending
692 Ritchie Highway, Severna Park, MD 21146
Two contiguous units ideal for office or medical use.
Property Size1,415 SF
Days on Market881
Property Features for 692 Ritchie Highway
General Information
Standard status
Pending
Size
1,415 SF
Property subtype
Office
Zoning
C2
Investment Type
Owner/User
Building Details
Units
2
Tenancy
Single
Listing Agency:
Douglas Commercial
Listed By:
Scott Douglas · License #MD 580592
(301) 655-8253
Source:
Crexi
Added: Jun 1, 2024
Changed: Oct 25
Last Checked: Oct 28 at 5:17AM
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 Douglas Commercial
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Investment Insights
Based on property information with market context.
This property offers an investment or owner-user opportunity in Severna Park, Maryland. The two contiguous units total 1,415 square feet, suitable for office or medical use, or for office condo investors. The property features a layout and contemporary amenities. It is located on Ritchie Highway and includes pylon signage and parking. Other companies in the building include The Pediatric Group, Adoro Medical Spa, Dr Spivak, and Dr. Miller, Orthodontists.
Key Highlights
- Prime location on Ritchie Highway in Severna Park, MD.
- Suitable for office or medical use.
- Two contiguous units totaling 1,415 SF.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,516
Cap Rate
5.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$410,320
$410.3K
Cap Rate 7%
$293,086
$293.1K
Cap Rate 9%
$227,956
$228.0K
Market Conditions
NOI Build-Up for 1,415 SF
Gross rent
$38.2K $27.00/SF
− Vacancy
−$4.0K −$2.84/SF
EGI
$34.2K $24.17/SF
− OpEx
−$13.7K −$9.67/SF
NOI
$20.5K $14.50/SF
Area
Anne Arundel County, MD
Vacancy
10.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$410,320
Cap Rate 7%
$293,086
Cap Rate 9%
$227,956
Alternative Uses
Best Use
Healthcare Medical
$293.1K
$256.5K – $341.9K
NOI $20,516 @ 7.0% cap · market cap 5.27%
Second Best
Office B
$141.7K
$124.0K – $165.4K
NOI $9,921 @ 7.0% cap · market cap 2.55%
Theoretical Best
Office A
$413.9K
$362.2K – $482.9K
NOI $28,975 @ 7.0% cap · market cap 7.45%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,115
Businesses Nearby
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Business Placement
Demographics for 21146, MD
28,593
Population
10,329
Households
2.8
Avg Household Size
43
Median Age
60%
College-Educated
96%
High-School Grad
10.1 sq mi
ZIP Area
2,831
Density / Sq Mi
$169,835
Median Household Income
$87,575
Median Earnings
$1,619
Median Rent
$643,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - Two contiguous units ideal for office or medical use.
Where is this office unit located?
The property is located at 692 Ritchie Highway Severna Park, MD.
What is the asking price?
The asking price for this property is $389,125.
What are key features of this property?
This property features: Prime location on Ritchie Highway in Severna Park, MD.; Suitable for office or medical use.; Two contiguous units totaling 1,415 SF.
