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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    115 Airport Dr Westminster, MD 21157-3056

    • Industrial properties
    • 16,127 SF
    • 1.82 lot acres
    OFF-MARKET
    Value Estimations
    $1,360,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US40-0895444
    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.

    Current Use by Public Records

    • Ink Splash Vehicle Wraps, Signage & Apparel / Print Shop / Advertising Agency
    • APS Firehouse Alerting / Fire Department Equipment Supplier / Security System Installation Service
    • Dr. Anne Etzkorn / Practitioner Service Location / Dentist
    • Westminster Family Dentistry / Dentist
    • CompassMSP / Computer Support And Services / Computer Consultant

    Property Details for 115 Airport Dr

    Year built
    1989
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.82 lot acres
    Property size
    16,127 SF
    Zone code
    INDUS
    Property type
    Industrial properties
    Property subtype
    Loft space
    APN
    07-098111
    APU
    7098111

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,545,000
      6.5%
      $1,425,000
      7%
      $1,325,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,740,000
      Market price range: $1.24M - $3.68M
      AI Estimate
      $911,000
      Market price range: $557k - $1.80M

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

    Location Insight

    • Map
    • Local Demand
    City
    Westminster
    County
    Carroll
    State
    Maryland
    Longitude
    -76.999
    Latitude
    39.6053
    CBSA code
    12580
    CBSA name
    BALTIMORE-TOWSON, MD 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
    $14,590
    $289,200
    $574,100
    $863,300
    -
    $289,200
    $574,100
    $863,300

    Comparable in this City

    • Value Estimation
      $3,010,000
      35,694 SF

      125 Airport Dr

      INDUSTRIAL LOFT BUILDING • 35,694 SF
      125 Airport Dr, Westminster, MD 21157-3024
      View Details
    • Value Estimation
      $2,240,000
      26,760 SF

      1129 Business S Pkwy

      INDUSTRIAL LOFT BUILDING • 26,760 SF
      1129 Business S Pkwy, Westminster, MD 21157-3004
      View Details
    • Value Estimation
      $920,000
      16,500 SF

      77 John St

      INDUSTRIAL LOFT BUILDING • 16,500 SF
      77 John St, Westminster, MD 21157-4809
      View Details
    • Value Estimation
      $1,575,000
      16,648 SF

      41 Magna Way

      INDUSTRIAL LOFT BUILDING • 16,648 SF
      41 Magna Way, Westminster, MD 21157-3073
      View Details
    • Value Estimation
      $910,000
      16,783 SF

      111 John St

      INDUSTRIAL LOFT BUILDING • 16,783 SF
      111 John St, Westminster, MD 21157-4865
      View Details
    • Value Estimation
      $7,840,000
      31,875 SF

      1135 Business S Pkwy

      INDUSTRIAL LOFT BUILDING • 31,875 SF
      1135 Business S Pkwy, Westminster, MD 21157-3019
      View Details

    Similar Nearby for Sale

    • $5,800,000
      13.58 Acres

      WESTMINSTER, MD Light Industrial Land

      13.58 acre light industrial property with road frontage.
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    • $254,900
      3,720 SF

      Westminster Mixed-Use Property

      Historic District gem, multiple uses.
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    • $350,000
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      Westminster Mixed-Use Investment Property

      High-yield storage units, prime location.
      137 Westminster Ave, Westminster, MD 21157
      View Details
    • $750,000

      Mixed-Use Property with Rental Income

      Mixed-use property featuring commercial space and five residential units.
      172 E Main St, Westminster, MD 21157
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    • $295,000

      Established Storage Facility For Sale

      Two-level storage facility with 17 rental units in Westminster.
      137 Westminster Ave, Westminster, MD 21157
      View Details
    • $2,750,000
      84,920 SF

      Commercial Land Development Opportunity

      6.38 acres of commercially approved land for immediate development.
      2525 W Liberty Rd, Westminster, MD 21157
      View Details

    Similar Nearby for Lease

    • $1,650 /Mo

      Iconic Commercial Property in Westminster

      Spacious commercial property in historic downtown Westminster, perfect for various uses.
      1 E Main St, Westminster, MD 21157
      View Details
    • Contact for pricing
      2,096 SF

      Westminster Flex/Warehouse Space Available

      Flex, office, and warehouse spaces for lease in Westminster.
      125 Airport Dr, Westminster, MD 21157
      View Details
    • Contact for pricing
      111,493 SF

      Westminster Flex Space Available

      Flex, office, and warehouse spaces available for lease.
      and Business Pky Airport Dr, Westminster, MD 21157
      View Details
    • Contact for pricing
      4,622 SF

      Westminster Flex/Industrial Space Available

      Flex, industrial, warehouse, and office spaces for lease.
      1135 Business Pkwy S, Westminster, MD 21157
      View Details
    • $10 SF/Yr
      340 SF

      Westminster Warehouse with Loading Dock

      Small warehouse in Westminster with loading dock and drive-in doors.
      142 Railroad Ave, Westminster, MD 21157
      View Details
    • $3,718 /Mo

      Westminster Flex Space For Rent

      5,250 SF flex space in Westminster Trade Center.
      150 Airport Dr, Westminster, MD 21157
      View Details
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    115 Airport Dr
    Westminster, MD 21157-3056
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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
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