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    692 Ritchie Hwy Severna Park, MD 21146

    Sponsored
    For Sale
    $389,125

    1,415 SF Medical Office, Great Location

    Property size:
    1,415 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional 1,415 square foot medical office condo in Severna Park, Maryland presents a compelling investment or owner-user opportunity. Located at 692 Ritchie Highway, zip code 21146, this property consists of two contiguous units (Suite 204 and 205) offering a versatile and spacious layout. Suite 204 boasts a large office, storage area, bathroom, conference room, and reception area, while Suite 205 includes a conference room, bathroom, large office, and a bullpen workspace. The building enjoys a prime location on Ritchie Highway with prominent pylon signage ensuring high visibility. Ample parking is available for tenants and visitors. The asking price is $389,125, translating to $275 per square foot. This property is ideally suited for medical professionals or office condo investors, and benefits from its proximity to established businesses such as The Pediatric Group, Adoro Medical Spa, and the offices of Dr. Spivak and Dr. Miller, Orthodontists. The modern amenities and convenient location make this an attractive option for both users and investors seeking a strong return in the thriving Severna Park market within Anne Arundel County.

    Property Features for 692 Ritchie Hwy

    General Information

    Property type
    Medical offices
    Square Feet
    1,415 SF

    HighLights

    • 1,415 SF medical office condo, two contiguous units (Suites 204 & 205), Severna Park, MD 21146.
    • Suite 204 includes a large office, storage, bathroom, conference room, and reception area.
    • Suite 205 features a conference room, bathroom, large office, and bullpen.
    • Prime Ritchie Highway location with pylon signage and ample parking.
    Property Profile Location Intelligence

    Current Use by Public Records

    Colley Susan A Family Counselor Passport Title Services, ... Title Company Carol D. Forsyth, ... Nurse Practitioner Melissa Loria, CRNP Doctor Dr. Robert G. ... Pediatrician

    Suggested Use

    Law Firm Realty agency Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Severna Park
    County
    Anne Arundel
    State
    Maryland
    Longitude
    -76.5394
    Latitude
    39.0692595

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    FAQs

    What type of property is this?
    Medical office - 1,415 SF Medical Office, Great Location
    Where is this medical office located?
    The property is located at 692 Ritchie Hwy 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: 1,415 SF medical office condo, two contiguous units (Suites 204 & 205), Severna Park, MD 21146.; Suite 204 includes a large office, storage, bathroom, conference room, and reception area.; Suite 205 features a conference room, bathroom, large office, and bullpen.
    Request Owner's contact information
    692 Ritchie Hwy Severna Park, MD 21146
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    Severna Park, MD 21146
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    692 Ritchie Hwy Severna Park, MD 21146
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