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Property profile & analytics
FOR SALE
Office buildings
10545 Friendship Rd, Berlin, MD 21811
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US40-0537251
For Sale
1 / 8
$1,240,000
10545 Friendship Rd, Berlin, MD 21811
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1999
Construction
BRICK
Total area
6,600 SF
Lot
5.17 ac (225,205 SF)
Zoning code
C1
APN
03-008681
UPID
US40-0537251
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
American Service Experts, LLC. HVAC Service General Contractor
-
Bennington Ceramic Tilebenning General Contractor Renovation Specialist
-
Airlift Entertainment Hotel & Motel Resort
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.70M
Blend (final)
Blend
$1.59M
Owner & transaction history
Kendall Holdings LLC · 1 yrs held
Kendall Holdings LLC
since 2024
7 recorded transactions
Zoning & alternative use
C1 · Berlin, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$2.1M
+30.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Berlin submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Berlin submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,625,000
Current use
RETAIL STORES
$2,115,000
Change: +30% · Conversion: Moderate
WAREHOUSE, STORAGE
$1,535,000
Change: -5% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,435,000
Change: -12% · Conversion: Easy
Blend value · Realmo final
$1.59M
Range $1.43M – $1.74M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$240 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$8,215
Tax year 2023
Assessed value
$858,433
Assessed 2023
Previous assessed
$823,400
+4.3% YoY
Effective rate
0.96%
On assessed value
Land market value
$439,200
Improvement market value
$489,300
Total market value
$928,500
Applied tax rate
3.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Sale
Year built
1999
Construction
BRICK
Heating
FORCED AIR
Cooling
AC.PACKAGE
Stories
1
Units
1
Bathrooms
1
Total area
6,600 SF
Lot
5.17 ac (225,205 SF)
Zoning code
C1
APN
03-008681
UPID
US40-0537251
Jurisdiction
WORCESTER
Zoning & alternative use
C1 · Berlin, MD
Zoning C1 · permitted uses
C1 · Berlin, MD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Berlin. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$1.6M
RETAIL STORES
Est. value
$2.1M
WAREHOUSE, STORAGE
Est. value
$1.5M
COMMERCIAL (GENERAL)
Est. value
$1.4M
OFFICE BUILDING Current
RETAIL STORES
WAREHOUSE, STORAGE
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1999
Construction
BRICK
Heating
FORCED AIR
Cooling
Yes
Stories
1
Units
1
Bathrooms
1
Lot
5.17 ac
Current owner
From public records · entity-resolved
Kendall Holdings LLC
Entity
Mailing address
8808 HUNTING HOUND RD, BERLIN, MD 21811-3521
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 18, 2024
$1,050,000
Kendall Holdings LLC
Ejf Real Estate LLC
Deed
$700,000 · Ejf Real Estate LLC
Feb 22, 2019
—
Ejf Real Estate LLC
—
Deed
related
$1,183,000 · Bank Of Ocean Cty
Jul 1, 2015
$861,500
Ejf Real Estate LLC
Friendship Commercial Center LLC
Deed
$668,000 · Susquehanna Bank
Jul 15, 2009
$585,000
Friendship Commercial Ctr LLC
Friendship LLC
Grant Deed
related
$500,000 · Wilmington Trust Fsb
—
—
Ejf Real Estate LLC
—
Deed Of Trust
related
$1,183,000 · Bank Of Ocean Cty
—
—
Friendship Commercial Ctr LLC
—
Deed Of Trust
related
$250,000 · M & T Bank
—
—
Friendship LLC
—
Deed Of Trust
related
$200,000 · John D & Janet L Reed
—
—
Friendship Commercial Center
—
Deed Of Trust
related
$150,000 · M&t Bk
—
—
Friendship Commercial Center
—
Deed Of Trust
related
$569,047 · M&t Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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