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    Property profile & analytics

    1623 State Rte 3rd N Crofton, MD 21114-2448

    • Medical offices
    • 14,064 SF
    • 0.57 lot acres
    OFF-MARKET
    Last Sale
    Sep 15, 2022
    $1,900,000
    Value Estimations
    $1,795,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US40-1495647
    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

    • Medical offices

    Property Details for 1623 State Rte 3rd N

    Year built
    1984
    Construction
    BRICK
    Lot size
    0.57 lot acres
    Property size
    14,064 SF
    Zone code
    C3
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    02-727-02986810
    APU
    272702986810

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,820,000
      ML approach
      $1,750,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,145,000
      Market price range: $658k - $3.21M

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

    Location Insight

    • Map
    • Local Demand
    City
    Crofton
    County
    Anne Arundel
    State
    Maryland
    Longitude
    -76.6956
    Latitude
    39.0154
    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
    $21,531
    $445,000
    $1,526,700
    $1,971,700
    -
    $445,000
    $1,526,700
    $1,971,700

    Comparable in this City

    • Value Estimation
      $300,000
      2,460 SF

      1664 Vlg Grn

      MEDICAL BUILDING • 2,460 SF
      1664 Vlg Grn, Crofton, MD 21114-2037
      View Details
    • Value Estimation
      $325,000
      2,873 SF

      1684 Vlg Grn

      MEDICAL BUILDING • 2,873 SF
      1684 Vlg Grn, Crofton, MD 21114-2059
      View Details
    • Value Estimation
      $365,000
      1,600 SF

      1660 Vlg Grn

      DENTAL BUILDING • 1,600 SF
      1660 Vlg Grn, Crofton, MD 21114-2033
      View Details
    • Value Estimation by Request
      7,100 SF

      1667 Crofton Ctr

      Lifestyle centers • 7,100 SF
      1667 Crofton Ctr, Crofton, MD 21114
      View Details
    • Value Estimation
      $1,220,000
      62,333 SF

      2131 Davidsonville Rd

      HOSPITAL - PRIVATE • 62,333 SF
      2131 Davidsonville Rd, Crofton, MD 21114-1632
      View Details
    • Value Estimation
      $565,000
      2,200 SF

      1301 Clarity Dr

      HOMES (RETIRED, NURSING) • 2,200 SF
      1301 Clarity Dr, Crofton, MD 21114-1887
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.02 Acres

      833.00\/month (plus utilities). NOT AVAILABLE UNTIL APRIL

      2025.""""}"""
      2135 Defense Hwy, Crofton, MD 21114
      View Details
    • Contact for pricing

      Retail and Office Space Available

      Retail and office spaces available with high traffic and signage.
      1657 Crofton Blvd, Crofton, MD 21114
      View Details
    • $535,000

      End-Unit Home with Updated Kitchen

      End-unit home featuring a custom kitchen and updated primary suite.
      1766 Albermarle Dr, Crofton, MD 21114
      View Details
    • $400,000

      Light-Filled Crofton Townhome with Updates

      Updated 3-bedroom townhome in Crofton with flexible living space.
      2040 Forest Hill Ln, Crofton, MD 21114
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    • $639,900

      Specialty Property for Sale

      Specialty property available for purchase.
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    • $639,900

      Crofton Specialty Property For Sale

      Specialty property available for purchase in Crofton, Maryland.
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    Similar Nearby for Lease

    • $26 SF/Yr
      65,780 SF

      Crofton Medical Office Space for Lease

      Class A Suites, 1,273-3,301 SF Available
      2200 Defense Hwy, Crofton, MD 21114
      View Details
    • Contact for pricing
      7,100 SF

      Crofton Medical Office Space For Lease

      7,100 SF Medical Office Building, Ample Parking
      1667 Crofton Ctr, Crofton, MD 21114
      View Details
    • $3,488 /Mo
      71,874 SF

      Class A Office Building Lease

      Class A office/medical spaces available in Crofton, MD.
      2191 Defense Hwy, Crofton, MD 21114
      View Details
    • Contact for pricing
      5,400 SF

      Single-Story Brick Office Building

      Office building for lease with easy highway access.
      2139 Espey Ct, Crofton, MD 21114
      View Details
    • Contact for pricing
      10,000 SF

      Crofton Drive-Thru Retail Space

      Prime Crofton location, 2,000 SF available.
      1298 Cronson Blvd, Crofton, MD 21114
      View Details
    • $16 SF/Yr
      1,454 SF

      Flex Office/Warehouse Space Available

      36,000 SF flex building in Priest Bridge Business Park.
      2140 Priest Bridge Ct, Crofton, MD 21114
      View Details
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    Crofton, MD 21114-2448
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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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