Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1606 Frst Dr Annapolis, MD 21403-1004
    Back to Search
    Property profile & analytics

    1606 Frst Dr, Annapolis, MD 21403-1004

    View on Map
    • Medical Office Space
    • 5,102 SF
    • 0.54 lot acres
    Off-Market
    Property ID
    US40-1753286
    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
    $785,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Dr. Thomas C. Bonfiglio, DDS / Dental Office
    • Drs. Lee, Bonfiglio, Vesely, & Associates / Dental Office
    • Dr. Edward W. Vesely, DMD / Dental Office
    • Dr. Robert Winnard / Dental Office
    • Dr. Albert Lee DDS, MAGD, DICOI / Dental Office

    Property Details for 1606 Frst Dr

    Year built
    1979
    Construction
    BRICK
    Lot size
    0.54 lot acres
    Zone code
    P
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    06-000-02725207
    APU
    600002725207

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Mar 31, 1998 $625,000 Lee Et Al LLC Tatterson Trust Grant Deed $563k · First National Bank Maryland
    Oct 27, 1997 — Tatterson & Trustee John M & Dor Tatterson,john Quit Claim Deed · related —
    — — Lee At Al LLC — Deed Of Trust · related $289k · Sandy Spring Bk
    — — Lee Et Al LLC Etal — Deed Of Trust · related $367k · Sandy Spring Bk
    — — Lee Et Al LLC — Deed Of Trust · related $585k · First Citizens Bank & Trust Co

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Annapolis
    County
    Anne Arundel
    State
    Maryland
    Longitude
    -76.5125
    Latitude
    38.9636
    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
    $13,506
    $931,800
    $8,700
    $940,500
    -
    $931,800
    $8,700
    $940,500

    Comparable in this City

    • Value Estimation
      $1,235,000
      10,200 SF

      1614 Frst Dr

      MEDICAL BUILDING
      1614 Frst Dr, Annapolis, MD 21403
      View Details
    • Value Estimation
      $4,060,000
      35,220 SF

      7101 Bay Frnt Dr

      HOSPITAL - PRIVATE
      7101 Bay Frnt Dr, Annapolis, MD 21403-3622
      View Details
    • Value Estimation
      $7,365,000
      84,189 SF

      979 Bay Vlg Dr

      HOMES (RETIRED, NURSING)
      979 Bay Vlg Dr, Annapolis, MD 21403-4089
      View Details
    • Value Estimation
      $8,675,000
      51,815 SF

      35 Milkshake Ln

      HOSPITAL - PRIVATE
      35 Milkshake Ln, Annapolis, MD 21403-1507
      View Details
    • Value Estimation
      $955,000
      7,140 SF

      3023 Arundel On The Bay Rd

      HOMES (RETIRED, NURSING)
      3023 Arundel On The Bay Rd, Annapolis, MD 21403-4301
      View Details
    • Value Estimation by Request
      28,936 SF

      900 Van Buren St

      HOSPITAL - PRIVATE
      900 Van Buren St, Annapolis, MD 21403-2124
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Eastport Professional Building Office Space

      Office space available in Eastport Professional Building.
      918 Chesapeake Ave, Annapolis, MD 21403
      View Details
    • Contact for pricing

      Versatile Two-Story Commercial Space

      Two-story commercial space with flexible layout, available May 2025.
      122 Severn Ave, Annapolis, MD 21403
      View Details
    • $353,735

      Annapolis Office Space For Sale

      Office suite with flexible layout in a central location.
      1160 Spa Rd, Annapolis, MD 21403
      View Details
    • $4,500,000
      3,811 SF

      1321 Forest Dr, Annapolis, MD 21403

      Commercial real estate
      1321 Forest Dr, Annapolis, MD 21403
      View Details
    • $1,350,000
      Pending

      Annapolis Specialty Property for Sale

      Specialty property available for purchase in Annapolis, Maryland.
      703 Glendon Ave, Annapolis, MD 21403
      View Details
    • $149,000
      0.26 Acres

      Annapolis Land Investment Opportunity

      0.26-acre lot in Oyster Harbor subdivision, Annapolis, MD.
      1217 Cross St, Annapolis, MD 21403
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Eastport Annapolis Office Space

      Office space available for lease in Eastport Annapolis.
      315 Severn Ave, Annapolis, MD 21403
      View Details
    • Contact for pricing
      1,100 SF

      Waterfront Maritime Industrial Property

      Suites available in maritime industrial property with boat slips.
      980 Awald Rd, Annapolis, MD 21403
      View Details
    • Contact for pricing
      6,653 SF

      Annapolis City Marina Office Space

      Class A office space in Annapolis' Eastport neighborhood.
      410 Severn Ave, Annapolis, MD 21403
      View Details
    • Contact for pricing

      Renovated Office Suites For Rent

      Newly renovated office suites available in Annapolis' Bay Ridge.
      1819 Bay Ridge Ave, Annapolis, MD 21403
      View Details
    • Contact for pricing

      Corner Office with Water Views

      Rare corner office condo with water views available for lease.
      100 Severn Ave, Annapolis, MD 21403
      View Details
    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.
    1606 Frst Dr
    Annapolis, MD 21403-1004
    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
    1606 Frst Dr, Annapolis, MD, 21403
    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!