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Property profile & analytics
FOR LEASE
Office buildings
1803 Research Blvd, Rockville, MD 20850
Entity Owned
~
Est. High Equity
Property ID
US40-2379207
For Lease
1 / 2
$28 SF/Yr
1803 Research Blvd, Rockville, MD 20850
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1981
Construction
BRICK
Total area
139,463 SF
Lot
6.74 ac (293,594 SF)
Zoning code
MXE
APN
04-02680852
UPID
US40-2379207
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
-
Gretchen Blaylock Physician
-
Montgomery Co Collaboration Association / Organization
-
US Biolab Corporation, Inc Corporate Office
-
AZ1 Construction Services, LLC Roofing Company General Contractor
-
Rockville Chiropractic Associates Alternative Medicine Practice
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$27.97M
Comparable Approach
Comparable
$23.04M
Blend (final)
Blend
$25.76M
Owner & transaction history
Ms 1801 03 LLC
Ms 1801 03 LLC
since 2025
Last sale
$26.0M
5 recorded transactions
Zoning & alternative use
MXE · Rockville, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Rockville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Rockville 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%
$30,300,000
6.5%
$27,970,000
7%
$25,970,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$35,395,000
Change: -18% · Conversion: Difficult
Blend value · Realmo final
$25.76M
Range $23.18M – $28.33M · ±10% · vs last sale $26.00M (Jun 5 2025)
Last sale anchor
$26.00M
Jun 5 2025
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
$185 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$260,534
Tax year 2022
Assessed value
$19,082,700
Assessed 2023
Previous assessed
$18,806,900
+1.5% YoY
Effective rate
1.37%
On assessed value
Assessed land
$7,375,000
Assessed improvement
$11,707,700
Land market value
$7,375,000
Improvement market value
$11,707,700
Total market value
$19,082,700
Applied tax rate
12.0000
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
For Lease
Year built
1981
Construction
BRICK
Heating
PACKAGE
Cooling
AC.PACKAGE
Stories
6
Units
1
Total area
139,463 SF
Lot
6.74 ac (293,594 SF)
Zoning code
MXE
APN
04-02680852
UPID
US40-2379207
Jurisdiction
MONTGOMERY
Metro division
BETHESDA-GAITHERSBURG-FREDERICK, MD METROPOLITAN DIVISION
Zoning & alternative use
MXE · Rockville, MD
Zoning MXE · permitted uses
MXE · Rockville, MD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Rockville. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE
Est. value
$35.4M
WAREHOUSE, STORAGE
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
1981
Construction
BRICK
Heating
PACKAGE
Cooling
Yes
Stories
6
Units
1
Lot
6.74 ac
Current owner
From public records · entity-resolved
Ms 1801 03 LLC
Entity
Mailing address
11921 ROCKVILLE PIKE STE #200, ROCKVILLE, MD 20852-2737
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 3, 2025
—
Ms 1801 03 LLC
—
Deed
related
$44,560,000 · Eagle Bank
Sep 5, 2025
$26,000,000
Ms 1801 03 LLC
Research Blvd LLC
Special Warranty Deed
$44,560,000 · Eagle Bank
Mar 24, 2014
$18,125,000
Research Blvd LLC
Dmarc 2006-cd2 Research Office
Grant Deed
—
Nov 17, 2005
$56,410,000
1801 Research LLC
Realty Associates Fund IV
Grant Deed
$43,000,000 · Suburban Capital Markets INC
Jul 25, 1997
$23,250,000
Realty Associates Fund IV LP
American Trading
Grant Deed
related
—
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?”
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