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    Property profile & analytics

    2002 Medical Pkwy Annapolis, MD 21401-3046

    • Medical offices
    • 154,891 SF
    • 11.56 lot acres
    OFF-MARKET
    Value Estimations
    $32,225,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US40-0974365
    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

    • Reid Raleigh, PA / Doctor / Physician Assistant
    • AAMG Annapolis Primary Care / Medical Center
    • Chesapeake Eye Care and Laser Center / Ophthalmology Clinic / Optometrist
    • Anne arundel medical group / Medical Group
    • Kure Smart Pain Management / Medical Center / Pain Control Clinic

    Property Details for 2002 Medical Pkwy

    Year built
    2001
    Construction
    BRICK
    Lot size
    11.56 lot acres
    Property size
    154,891 SF
    Zone code
    C2
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    02-000-90089722
    APU
    200090089722

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $53,670,000
      WAREHOUSE, STORAGE
      $51,650,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Annapolis
    County
    Anne Arundel
    State
    Maryland
    Longitude
    -76.5372
    Latitude
    38.9911
    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
    $434,230
    $0.00
    $0.00
    $39,764,633
    -
    $10,100,300
    $29,671,000
    $39,771,300

    Comparable in this City

    • Value Estimation
      $1,730,000
      7,255 SF

      802 Bestgate Rd

      MEDICAL BUILDING • 7,255 SF
      802 Bestgate Rd, Annapolis, MD 21401-3024
      View Details
    • Value Estimation
      $15,915,000
      59,405 SF

      2003 Medical Pkwy

      MEDICAL BUILDING • 59,405 SF
      2003 Medical Pkwy, Annapolis, MD 21401-7992
      View Details
    • Value Estimation
      $855,000
      3,948 SF

      171 Defense Hwy

      MEDICAL BUILDING • 3,948 SF
      171 Defense Hwy, Annapolis, MD 21401-7004
      View Details
    • Value Estimation
      $3,110,000
      11,680 SF

      203 Ridgely Ave

      MEDICAL BUILDING • 11,680 SF
      203 Ridgely Ave, Annapolis, MD 21401-1303
      View Details
    • Value Estimation
      $3,085,000
      8,370 SF

      2568 Riva Rd

      MEDICAL BUILDING • 8,370 SF
      2568 Riva Rd, Annapolis, MD 21401-7405
      View Details
    • Value Estimation
      $10,555,000
      52,228 SF

      2620 Riva Rd

      MEDICAL BUILDING • 52,228 SF
      2620 Riva Rd, Annapolis, MD 21401-7305
      View Details

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      Medical Office Condo For Sale

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    Similar Nearby for Lease

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      Annapolis Medical Office Space

      Prime Annapolis location, multiple suites available.
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    • Contact for pricing
      10,000 SF

      Annapolis Medical Office Space For Lease

      Prime Annapolis medical office, 6,200 SF available.
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      View Details
    • $23 SF/Yr
      32,987 SF

      Heritage Harbour Center Offices

      Anne Arundel County Office Space, 8,000 SF Available
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    • Contact for pricing
      1,144 SF

      Annapolis Medical Office Suite L3

      1,144 SF Medical Office For Lease
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    • $24 SF/Yr
      2,150 SF

      Medical Space Near Annapolis

      2150 SF medical space with ample parking available for rent.
      2661 Riva Rd, Annapolis, MD 21401
      View Details
    • $34 SF/Yr
      2,117 SF

      Medical Office Space For Rent

      Class A medical office space available near Annapolis.
      1728-1730 West St, Annapolis, MD 21401
      View Details
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    Annapolis, MD 21401-3046
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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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