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    Property profile & analytics

    23 Main St Bel Air, MD 21014-3537

    • Office buildings
    • 9,620 SF
    • 0.89 lot acres
    OFF-MARKET
    Last Sale
    Jul 29, 2020
    $2,173,000
    Value Estimations
    $1,960,000
    Show details
    Cap Rate Potential
    2.4%
    Office buildings
    Location Intelligence
    Property ID
    US40-1140514
    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

    • Harford County Family Justice Center / County Government Office
    • Harford County Child Advocacy Center / Domestic Abuse Treatment Center

    Property Details for 23 Main St

    Year built
    1940
    Construction
    BRICK
    Lot size
    0.89 lot acres
    Property size
    9,620 SF
    Zone code
    B2
    Property type
    Office buildings
    APN
    03-026000
    APU
    3026000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,862,000
      Market price range: $1.58M - $2.58M
      AI Estimate
      $1,493,000
      Market price range: $1.20M - $2.30M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,065,000
      Current use
      AUTO REPAIR, GARAGE
      $3,005,000
      Change: +46% Conversion: Difficult
      RETAIL STORES
      $2,400,000
      Change: +16% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $2,185,000
      Change: +6% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,710,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Bel Air
    County
    Harford
    State
    Maryland
    Longitude
    -76.3497
    Latitude
    39.5375
    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
    2022
    $13,535
    $0.00
    $0.00
    $1,668,167
    -
    $1,317,700
    $847,200
    $2,164,900

    Comparable in this City

    • Value Estimation
      $1,245,000
      8,600 SF

      145 Hickory Ave

      OFFICE BUILDING • 8,600 SF
      145 Hickory Ave, Bel Air, MD 21014-3239
      View Details
    • Value Estimation
      $3,300,000
      13,014 SF

      20 Main St

      OFFICE BUILDING • 13,014 SF
      20 Main St, Bel Air, MD 21014-3538
      View Details
    • Value Estimation
      $820,000
      5,676 SF

      48 Gordon St

      OFFICE BUILDING • 5,676 SF
      48 Gordon St, Bel Air, MD 21014-2916
      View Details
    • Value Estimation
      $530,000
      2,863 SF

      22 Linwood Ave

      OFFICE BUILDING • 2,863 SF
      22 Linwood Ave, Bel Air, MD 21014-3971
      View Details
    • Value Estimation
      $1,940,000
      12,120 SF

      42 Main St

      OFFICE BUILDING • 12,120 SF
      42 Main St, Bel Air, MD 21014-3538
      View Details
    • Value Estimation
      $1,240,000
      4,899 SF

      221 Main St

      OFFICE BUILDING • 4,899 SF
      221 Main St, Bel Air, MD 21014-3824
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,641 SF

      Bel Air Office Building For Sale

      4,641 SF office building available in Bel Air, Maryland.
      808 Baltimore Pike, Bel Air, MD 21014
      View Details
    • $1,500,000

      Bel Air Commercial/Institutional Property

      Commercial/institutional property in Bel Air, close to downtown.
      116 Alice Ann St, Bel Air, MD 21014
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      Bel Air Office Building For Sale

      47,000 SF office building available in Bel Air, Maryland.
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    • $475,000

      Bel Air All-Brick Rancher

      Charming rancher in downtown Bel Air, ideal for residential or office.
      308 Fulford Ave, Bel Air, MD 21014
      View Details
    • $590,000
      Pending

      837 S MAIN STREET, BEL AIR, MD 21014

      Medical Office Space
      837 S Main St, Bel Air, MD 21014
      View Details
    • $425,000
      0.17 Acres

      Bel Air Commercial Property

      Commercial property in Bel Air, currently a medical office.
      4 W Broadway, Bel Air, MD 21014
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      400 SF

      Stand Alone Office Building

      Stand alone office building minutes from Downtown Bel Air.
      754 N Hickory Ave, Bel Air, MD 21014
      View Details
    • $2,000 /Mo
      14,810 SF

      Renovated Office Space in Bel Air

      Newly renovated office space with open layout and convenient location.
      909 S Main St, Bel Air, MD 21014
      View Details
    • $2,106 /Mo
      15,246 SF

      Downtown Bel Air Retail/Office Center

      Multi-tenant retail and office center in prime downtown location.
      426 S Main St, Bel Air, MD 21014
      View Details
    • $575 /Mo
      9,148 SF

      Bel Air Lower-Level Office Unit

      Versatile office space in a desirable Bel Air location.
      1 Heighe St, Bel Air, MD 21014
      View Details
    • $2,000 /Mo

      Bel Air Office/Medical Suite

      Move-in-ready office/medical suite in the heart of Bel Air.
      602 S Atwood Rd, Bel Air, MD 21014
      View Details
    • Contact for pricing

      Harford Mall Retail & Office

      Retail and office spaces available within Harford Mall.
      696a Bel Air Rd, Bel Air, MD 21014
      View Details
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    23 Main St
    Bel Air, MD 21014-3537
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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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