New search
Property profile & analytics
OFF-MARKET
Estimated value
$1,275,000
Office buildings
115 Division St, Salisbury, MD 21801-4928
Entity Owned
12-yr Hold
~
Est. High Equity
Property ID
US40-1027186
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1920
Construction
BRICK
Total area
7,680 SF
Lot
0.32 ac (13,792 SF)
Zoning code
CBD
APN
05-026172
UPID
US40-1027186
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
-
Salisbury Pride Parade and Festival Music Venue
-
Downtown Salisbury Visitor Center Travel Agency
-
Maryland Folk Festival Music Venue
-
Daily Times Newspaper & Magazine Television Studio
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.41M
Blend (final)
Blend
$1.28M
Owner & transaction history
Devreco LLC · 12 yrs held
Devreco LLC
since 2013
2 recorded transactions
Zoning & alternative use
CBD · Salisbury, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Industrial (general)
$1.6M
+10.9%
Retail stores
$1.4M
+0.1%
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 Salisbury submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Salisbury 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
$1,400,000
Current use
INDUSTRIAL (GENERAL)
$1,550,000
Change: +11% · Conversion: Difficult
RETAIL STORES
$1,400,000
Change: +0% · Conversion: Moderate
COMMERCIAL (GENERAL)
$1,260,000
Change: -10% · Conversion: Easy
Blend value · Realmo final
$1.28M
Range $1.15M – $1.40M · ±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
$166 / 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
$7,281
Tax year 2023
Assessed value
$729,900
Assessed 2023
Previous assessed
$729,200
+0.1% YoY
Effective rate
1.00%
On assessed value
Land market value
$124,800
Improvement market value
$606,500
Total market value
$731,300
Applied tax rate
1.0000
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
Off-Market
Year built
1920
Construction
BRICK
Heating
YES
Cooling
YES
Stories
2
Units
1
Total area
7,680 SF
Lot
0.32 ac (13,792 SF)
Zoning code
CBD
APN
05-026172
UPID
US40-1027186
Jurisdiction
WICOMICO
Zoning & alternative use
CBD · Salisbury, MD
Zoning CBD · permitted uses
CBD · Salisbury, MD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Salisbury. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$1.4M
INDUSTRIAL (GENERAL)
Est. value
$1.6M
RETAIL STORES
Est. value
$1.4M
COMMERCIAL (GENERAL)
Est. value
$1.3M
OFFICE BUILDING Current
INDUSTRIAL (GENERAL)
RETAIL STORES
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
1920
Construction
BRICK
Heating
YES
Cooling
Yes
Stories
2
Units
1
Lot
0.32 ac
Current owner
From public records · entity-resolved
Devreco LLC
Entity
Mailing address
150 W MARKET ST STE #101, SALISBURY, MD 21801-5138
Ownership since
2013
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 19, 2018
—
Devreco LLC
—
Deed
related
$1,122,000 · Provident State Bank INC
Oct 10, 2013
$85,000
Devreco LLC
City Of Salisbury
Grant Deed
$85,000 · Hebron Savings Bank
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 115 Division St?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
