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

    233 Leonard Ln Salisbury, MD 21801-8057

    • Office buildings
    • 1,000 SF
    • 1.21 lot acres
    OFF-MARKET
    Value Estimations
    $320,000
    Show details
    Cap Rate Potential
    5.7%
    Office buildings
    Location Intelligence
    Property ID
    US40-2236239
    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

    • United Landscaping Inc / Landscape Architect / Landscape Designer

    Property Details for 233 Leonard Ln

    Year built
    1966
    Construction
    BRICK
    Lot size
    1.21 lot acres
    Property size
    1,000 SF
    Zone code
    I
    Property type
    Office buildings
    APN
    09-003053
    APU
    9003053

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $355,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $340,000
      6.5%
      $315,000
      7%
      $290,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $288,000
      Market price range: $105k - $289k
      AI Estimate
      $219,000
      Market price range: $84.2k - $219k

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $285,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Salisbury
    County
    Wicomico
    State
    Maryland
    Longitude
    -75.5775
    Latitude
    38.401
    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
    $1,519
    $76,300
    $76,000
    $152,300
    -
    $76,300
    $76,000
    $152,300

    Comparable in this City

    • Value Estimation by Request
      11,040 SF

      1729 Salisbury Blvd

      OFFICE BUILDING • 11,040 SF
      1729 Salisbury Blvd, Salisbury, MD 21801-3330
      View Details
    • Value Estimation by Request
      4,000 SF

      215 Ohio Ave

      OFFICE BUILDING • 4,000 SF
      215 Ohio Ave, Salisbury, MD 21801-5897
      View Details
    • Value Estimation by Request
      4,627 SF

      155 Carroll St

      OFFICE BUILDING • 4,627 SF
      155 Carroll St, Salisbury, MD 21801-5421
      View Details
    • Value Estimation
      $310,000
      966 SF

      315 Naylor Ml Rd

      OFFICE BUILDING • 966 SF
      315 Naylor Ml Rd, Salisbury, MD 21801-1113
      View Details
    • Value Estimation
      $550,000
      12,421 SF

      2300 Northwood Dr

      OFFICE BUILDING • 12,421 SF
      2300 Northwood Dr, Salisbury, MD 21801-7807
      View Details
    • Value Estimation
      $360,000
      2,635 SF

      2112 Windsor Dr

      OFFICE BUILDING • 2,635 SF
      2112 Windsor Dr, Salisbury, MD 21801
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,050 SF

      Freestanding Building Near Salisbury University

      Two-story brick building near Salisbury University with high traffic location.
      1503 S Salisbury Blvd, Salisbury, MD 21801
      View Details
    • $990,000
      0.19 Acres

      Historic Office Building on Plaza

      Two-story, 12,700 sq ft office building in downtown Salisbury.
      201 W Main St, Salisbury, MD 21801
      View Details
    • $550,000
      0.08 Acres

      Salisbury MD NNN Investment Opportunity

      Single-tenant NNN investment property leased to Amedisys (Homecall).
      1205 Pemberton Dr, Salisbury, MD 21801
      View Details
    • $2,100,000
      8,500 SF

      Class A Office Building

      Fully tenanted professional space near Route 50, Salisbury, MD.
      Mount Hermon Rd, Salisbury, MD 21801
      View Details
    • $340,000
      6,350 SF

      Downtown Salisbury Office Building For Sale

      6,350 SF office building in downtown Salisbury, Maryland.
      122 East Main St, Salisbury, MD 21801
      View Details
    • Contact for pricing
      17,000 SF

      Professional Office Space For Sale

      Custom office space available in Salisbury, Maryland for sale.
      Pemberton Dr, Salisbury, MD 21801
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      3,049 SF

      Downtown Salisbury Retail/Office Space

      Retail/Office space in downtown Salisbury, previously used as a medical office.
      224 Main St, Salisbury, MD 21801
      View Details
    • $2,377 /Mo

      Office Space in Salisbury, MD

      2,387 SF office space available for lease in Salisbury.
      601 E Naylor Mill Rd, Salisbury, MD 21801
      View Details
    • $1,099 /Mo

      Office Space For Rent

      Office space available for lease in Salisbury, Maryland.
      2203 Northwood Dr, Salisbury, MD 21801
      View Details
    • $700 /Mo
      15,214 SF

      Downtown Salisbury Office Unit

      Office unit for lease in the Cannon Building.
      106 Circle Ave, Salisbury, MD 21801
      View Details
    • $10 SF/Yr
      1,200 SF

      Office Space in Salisbury, MD

      Conveniently located office space with ample parking and renovation potential.
      2320-2336 Goddard Pkwy, Salisbury, MD 21801
      View Details
    • $450 /Mo

      Downtown Office Space For Lease

      Single office in shared building with communal amenities, available now.
      200 E Church St E, Salisbury, MD 21801
      View Details
    Request Owner's contact information
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    233 Leonard Ln
    Salisbury, MD 21801-8057
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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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