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    Property profile & analytics

    187 Thomas Johnson Dr Frederick, MD 21702

    • Medical Office Space
    • 14,444 SF
    • 1.05 lot acres
    For Lease
    View listing
    $15 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US40-1126359
    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

    • Dr. Scott Worrell / Physician
    • WellSpan Parkway Neurology - Frederick / Medical Clinic
    • Mid-Maryland Internal Medicine / Physician
    • Ms. Kasey Rigby / Physician
    • Dr. Joseph Holobinko / Physician

    Property Details for 187 Thomas Johnson Dr

    Year built
    1985
    Construction
    BRICK
    Lot size
    1.05 lot acres
    Property size
    14,444 SF
    Zone code
    GC
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    02-137356
    APU
    2137356

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,515,000
      Current use
      WAREHOUSE, STORAGE
      $1,505,000
      Change: -1% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $1,490,000
      Change: -2% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,470,000
      Change: -3% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Frederick
    County
    Frederick
    State
    Maryland
    Longitude
    -77.4076
    Latitude
    39.4402
    CBSA code
    47900
    CBSA name
    WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 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
    $48,692
    $314,000
    $2,378,200
    $2,692,200
    -
    $314,000
    $2,378,200
    $2,692,200

    Comparable in this City

    • Value Estimation
      $7,595,000
      48,600 SF

      1560 Opossumtown Pike

      MEDICAL BUILDING • 48,600 SF
      1560 Opossumtown Pike, Frederick, MD 21702-4337
      View Details
    • Value Estimation
      $700,000
      8,494 SF

      81 Thomas Johnson Ct

      MEDICAL BUILDING • 8,494 SF
      81 Thomas Johnson Ct, Frederick, MD 21702-4674
      View Details
    • Value Estimation
      $2,900,000
      19,944 SF

      1475 Taney Ave

      MEDICAL BUILDING • 19,944 SF
      1475 Taney Ave, Frederick, MD 21702-4747
      View Details
    • Value Estimation
      $1,495,000
      26,920 SF

      69 Thomas Johnson Dr

      MEDICAL BUILDING • 26,920 SF
      69 Thomas Johnson Dr, Frederick, MD 21702-4856
      View Details
    • Value Estimation
      $2,250,000
      10,873 SF

      195 Thomas Johnson Dr

      MEDICAL BUILDING • 10,873 SF
      195 Thomas Johnson Dr, Frederick, MD 21702-5156
      View Details
    • Value Estimation
      $2,670,000
      12,988 SF

      130 Thomas Johnson Dr

      MEDICAL BUILDING • 12,988 SF
      130 Thomas Johnson Dr, Frederick, MD 21702-4419
      View Details

    Similar Nearby for Sale

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      Frederick Medical/Office Condo For Sale

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    • $3,250,000
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      Frederick Office/Medical Building For Sale

      10,600 SF office/medical building with onsite parking and natural light.
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    • $3,250,000

      Freestanding Office/Medical Building For Sale

      10,600 SF office/medical building with parking and natural light.
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      Free-Standing 2-Story Medical Building For Sale

      Free-Standing 2-Story Medical Building For Sale
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      Baltimore Pike Commercial Complex

      Multi-building retail & warehouse opportunity
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    • Contact for pricing
      654 SF

      Elevatored Office Building on Thomas Johnson

      Three-level condo offices ranging from 654 SF to 7,751 SF.
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    Similar Nearby for Lease

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      Medical Office Space Available

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    • $16 SF/Yr

      Thomas Johnson Drive Office Space

      Commercial/Medical office space for lease near Frederick Hospital.
      46 Thomas Johnson Dr, Frederick, MD 21702
      View Details
    • $23 SF/Yr
      44,867 SF

      Frederick MD Office/Medical Building

      Freestanding office/medical building with parking and natural light for lease.
      195 Thomas Johnson Dr, Frederick, MD 21702
      View Details
    • $16 SF/Yr

      Commercial/Medical Office Space Available

      Commercial/medical office space for lease, convenient location, remodeling options.
      46 Thomas Johnson Dr, Frederick, MD 21702
      View Details
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    187 Thomas Johnson Dr
    Frederick, MD 21702
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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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