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    Property profile & analytics

    1523 Signature Dr Hanover, MD

    • Office buildings
    • 36,120 SF
    • 21.48 lot acres
    For Lease
    View listing
    Last Sale
    Apr 10, 2024
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US40-1573432
    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

    • Office buildings

    Property Details for 1523 Signature Dr

    Year built
    2019
    Lot size
    21.48 lot acres
    Property size
    36,120 SF
    Zone code
    W1
    Property type
    Office buildings
    APN
    05-000-90252649
    APU
    500090252649

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,385,000
      Market price range: $4.13M - $12.4M
      AI Estimate
      $3,602,000
      Market price range: $2.07M - $8.20M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $7,420,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $6,615,000
      Change: -11% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Hanover
    County
    Anne Arundel
    State
    Maryland
    Longitude
    -76.7195
    Latitude
    39.172
    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
    $36,385
    $0.00
    $0.00
    $3,575,700
    -
    $881,300
    $2,938,100
    $3,819,400

    Comparable in this City

    • Value Estimation
      $7,145,000
      44,130 SF

      1362 Mellon Rd

      OFFICE BUILDING • 44,130 SF
      1362 Mellon Rd, Hanover, MD 21076-3192
      View Details
    • Value Estimation
      $10,105,000
      81,520 SF

      7250 Pkwy Dr

      OFFICE BUILDING • 81,520 SF
      7250 Pkwy Dr, Hanover, MD 21076-1388
      View Details
    • Value Estimation by Request
      936 SF

      1803 Dorsey Rd

      OFFICE BUILDING • 936 SF
      1803 Dorsey Rd, Hanover, MD 21076-1122
      View Details
    • Value Estimation
      $42,820,000
      150,080 SF

      7556 Teague Rd

      OFFICE BUILDING • 150,080 SF
      7556 Teague Rd, Hanover, MD 21076-1213
      View Details
    • Value Estimation
      $14,285,000
      52,900 SF

      7580 Buckingham Blvd

      OFFICE BUILDING • 52,900 SF
      7580 Buckingham Blvd, Hanover, MD 21076-3208
      View Details
    • Value Estimation
      $2,100,000
      11,236 SF

      2613 Cabover Dr

      OFFICE BUILDING • 11,236 SF
      2613 Cabover Dr, Hanover, MD 21076-1596
      View Details

    Similar Nearby for Sale

    • $387,278
      Pending

      Hanover Land Parcel for Sale

      0.5 acre land parcel in Hanover, MD, rezoned to R-15.
      316-7147 Wright Rd, Hanover, MD 21076
      View Details
    • $3,800,000
      5.00 Acres

      7234 Ridge Rd

      Industrial property for sale in Hanover, MD
      7234 Ridge Rd, Hanover, MD 21076
      View Details
    • $950,254
      Pending

      Hanover Land Parcel for Sale

      1.44 acre land parcel in Hanover, MD, rezoned R-15.
      260-7131 Wright Rd, Hanover, MD 21076
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      11,552 SF

      Class A Office Building Hanover

      63,000 SF Class A office building near BWI Airport.
      7030 Dorsey Rd, Hanover, MD 21076
      View Details
    • Contact for pricing

      New Development on Dorsey Road

      New commercial development with pad sites available for lease.
      1738-1758 Dorsey Rd, Hanover, MD 21076
      View Details
    • $17 SF/Yr

      Turnkey Flex Space Sublease

      5,000 SF flex space near BWI Airport.
      941 Mercantile Dr, Hanover, MD 21076
      View Details
    • Contact for pricing

      Flex Space Near BWI Airport

      Flex/R&D space in a strategically located business community.
      Dorsey Rd At Airport 100 Way, Hanover, MD 21076
      View Details
    • Contact for pricing

      Commercial Property for Lease

      Commercial property available for lease in Hanover, Maryland.
      1350 Dorsey Rd, Hanover, MD 21076
      View Details
    • Contact for pricing
      156,898 SF

      Hanover Warehouse Space Available

      156,898 sqft warehouse space for rent in Hanover, MD.
      7458 New Ridge Rd, Hanover, MD 21076
      View Details
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    1523 Signature Dr
    Hanover, MD
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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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