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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    232 Leonard Ln Salisbury, MD 21801-8067

    • Warehouses
    • 29,640 SF
    • 4.26 lot acres
    OFF-MARKET
    Value Estimations
    $3,450,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US40-0593689
    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

    • Warehouses

    Property Details for 232 Leonard Ln

    Year built
    2020
    Lot size
    4.26 lot acres
    Property size
    29,640 SF
    Zone code
    LI
    Property type
    Warehouses
    APN
    09-049541
    APU
    9049541

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,190,000
      6.5%
      $2,945,000
      7%
      $2,735,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,108,000
      Market price range: $1.35M - $5.51M
      AI Estimate
      $3,299,000
      Market price range: $1.27M - $5.09M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $3,695,000
      Current use
      RETAIL STORES
      $5,405,000
      Change: +46% Conversion: Moderate
      OFFICE BUILDING
      $5,400,000
      Change: +46% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $4,865,000
      Change: +32% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Salisbury
    County
    Wicomico
    State
    Maryland
    Longitude
    -75.5773
    Latitude
    38.3994
    CBSA code
    41540
    CBSA name
    SALISBURY, MD-DE 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
    $22,400
    $267,800
    $1,977,800
    $2,245,600
    -
    $267,800
    $1,977,800
    $2,245,600

    Comparable in this City

    • Value Estimation
      $1,925,000
      15,600 SF

      28440 Owens Br Rd

      WAREHOUSE, STORAGE • 15,600 SF
      28440 Owens Br Rd, Salisbury, MD 21801-1761
      View Details
    • Value Estimation by Request
      2,460 SF

      1213 Salisbury Blvd

      WAREHOUSE, STORAGE • 2,460 SF
      1213 Salisbury Blvd, Salisbury, MD 21801
      View Details
    • Value Estimation by Request
      2,336 SF

      222 Ml St

      WAREHOUSE, STORAGE • 2,336 SF
      222 Ml St, Salisbury, MD 21801-4207
      View Details
    • Value Estimation by Request
      3,300 SF

      116 Baltimore Ave

      WAREHOUSE, STORAGE • 3,300 SF
      116 Baltimore Ave, Salisbury, MD 21801-3300
      View Details
    • Value Estimation by Request
      8,152 SF

      110 Columbia Rd

      Individual retail properties • 8,152 SF
      110 Columbia Rd, Salisbury, MD 21801
      View Details
    • Value Estimation
      $640,000
      14,520 SF

      111 Olive St

      WAREHOUSE, STORAGE • 14,520 SF
      111 Olive St, Salisbury, MD 21801-3623
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      30,800 SF

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      Office/warehouse flex buildings in Salisbury, MD, with investment potential.
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    • $2,199,000

      Fully Leased Mixed-Use Complex

      Prominent, fully leased mixed-use complex in central Salisbury.
      1517 N Salisbury Blvd, Salisbury, MD 21801
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    • Contact for pricing

      Warehouse/Office Space in Northwood Park

      13,400 SF warehouse/office unit available in July 2025.
      2020-2040 Shipley Dr, Salisbury, MD 21801
      View Details
    • $5,200,000
      39,600 SF

      Industrial Investment in Salisbury, MD

      39,600 SF industrial property with two tenants and new leases.
      700 Marvel Rd, Salisbury, MD 21801
      View Details
    • Contact for pricing
      39,000 SF

      Industrial Property with Warehouse, Office

      Industrial property featuring warehouse and office space for lease.
      108 Cherry St, Salisbury, MD 21801
      View Details

    Similar Nearby for Lease

    • $9 SF/Yr

      Industrial Space Available For Lease

      26,000 SF industrial space with multiple configurations available for lease.
      2128 Northwood Dr, Salisbury, MD 21801
      View Details
    • $6 SF/Yr

      High Ceiling Warehouse-Service Space

      Warehouse-service space with high ceilings, gas heat, and sprinkler system.
      406 B Marvel Rd, Salisbury, MD 21801
      View Details
    • $7 SF/Yr

      North Salisbury Flex/Industrial Space

      Flex/industrial space in North Salisbury with offices and loading dock.
      610 Beam St, Salisbury, MD 21801
      View Details
    • $3,575 /Mo

      Warehouse with Covered Loading Dock

      6600 SF warehouse space featuring a covered loading dock.
      110 Williamsport Cir, Salisbury, MD 21801
      View Details
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    232 Leonard Ln
    Salisbury, MD 21801-8067
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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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