Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1113 Healthway Dr Salisbury, MD 21804
    Back to Search
    Property profile & analytics

    1113 Healthway Dr Salisbury, MD 21804

    View on Map
    • Office buildings
    • 23,895 SF
    • 2.01 lot acres
    For Sale
    $3,311,122
    View Listing →
    Fully Leased Two-Story Office Building For Sale
    $3,311,122
    2.01 Acres

    Fully Leased Two-Story Office Building

    Two-story office building fully leased with long-term tenants.

    1113 HEALTHWAY, Salisbury, MD 21804
    View Listing
    Property ID
    US40-1912550
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • CollegeJo / (Bike/Boat/Book/etc) Store
    • ESPS Total Wellness / Crisis Center / Medical Clinic
    • Kathryn Seifert / Physician / Medical Clinic
    • ESPS is permanently closed / Physician
    • Coastal Hospice / Home Health Care Service / Hospice

    Property Details for 1113 Healthway Dr

    Year built
    2017
    Lot size
    2.01 lot acres
    Property size
    23,895 SF
    Zone code
    LB1
    Property type
    Office buildings
    APN
    05-129711
    APU
    5129711

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,363,000
      Market price range: $2.90M - $5.39M
      AI Estimate
      $4,061,000
      Market price range: $2.48M - $5.41M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $3,980,000
      Current use
      AUTO REPAIR, GARAGE
      $6,770,000
      Change: +70% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $4,825,000
      Change: +21% Conversion: Difficult
      RETAIL STORES
      $4,355,000
      Change: +9% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $3,870,000
      Change: -3% Conversion: Easy

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Salisbury
    County
    Wicomico
    State
    Maryland
    Longitude
    -75.5776
    Latitude
    38.3706
    CBSA code
    41540
    CBSA name
    SALISBURY, MD-DE METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $24,619
    $0.00
    $0.00
    $2,468,067
    -
    $251,500
    $2,320,500
    $2,572,000

    Comparable in this City

    • Value Estimation
      $1,870,000
      12,572 SF

      1801 Sweetbay Dr

      OFFICE BUILDING • 12,572 SF
      1801 Sweetbay Dr, Salisbury, MD 21804-1664
      View Details
    • Value Estimation
      $815,000
      6,000 SF

      111 Milford St

      OFFICE BUILDING • 6,000 SF
      111 Milford St, Salisbury, MD 21804-7104
      View Details
    • Value Estimation
      $2,700,000
      15,486 SF

      101 Long Ave

      OFFICE BUILDING • 15,486 SF
      101 Long Ave, Salisbury, MD 21804-5045
      View Details
    • Value Estimation
      $1,510,000
      13,446 SF

      1101 Robert St

      OFFICE BUILDING • 13,446 SF
      1101 Robert St, Salisbury, MD 21804-4408
      View Details
    • Value Estimation by Request
      1,792 SF

      306 Tilghman Rd

      OFFICE BUILDING • 1,792 SF
      306 Tilghman Rd, Salisbury, MD 21804-1919
      View Details
    • Value Estimation by Request
      912 SF

      1625 Nock Way

      OFFICE BUILDING • 912 SF
      1625 Nock Way, Salisbury, MD 21804-3806
      View Details

    Similar Nearby for Sale

    • $3,311,122

      Fully Leased Two-Story Office Building

      Two-story office building fully leased with long-term tenants.
      1113 Healthway Dr, Salisbury, MD 21804
      View Details
    • $199,900
      980 SF

      Visible Office Building on Route 50

      Well-positioned office building with high visibility and convenient access.
      111 Naylor St, Salisbury, MD 21804
      View Details
    • Contact for pricing
      9,566 SF

      Medical/Professional Building on South Division

      9,566 SF building in Salisbury's premier medical park.
      1340 S Division St, Salisbury, MD 21804
      View Details
    • $4,400,000
      9.10 Acres

      Two-Story Building with Additional Land

      Two-story building with 21 units and additional land.
      224 Phillip Morris Dr, Salisbury, MD 21804
      View Details
    • $199,900

      High-Visibility Office Building on Route 50

      Well-located office building with high traffic and flexible zoning.
      111 Naylor St, Salisbury, MD 21804
      View Details

    Similar Nearby for Lease

    • $21 SF/Yr

      Commercial Space in Salisbury, MD

      Commercial space for rent with customizable floor plans and parking.
      224 Phillip Morris Dr, Salisbury, MD 21804
      View Details
    • Contact for pricing

      Salisbury Office Building For Rent

      Office building in Salisbury, MD, near medical and educational facilities.
      400 Snow Hill Rd, Salisbury, MD 21804
      View Details
    • Contact for pricing

      Salisbury Office Building For Rent

      Office building suitable for medical, daycare, or school use.
      400 Snow Hill Rd, Salisbury, MD 21804
      View Details
    • $18 SF/Yr
      33,000 SF

      New Construction Office Space

      New construction office space with easy access and ample parking.
      Sweetbay Dr, Salisbury, MD 21804
      View Details
    View Listing
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1113 Healthway Dr
    Salisbury, MD 21804
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1113 Healthway Dr, Salisbury, MD, 21804
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!