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    3215 Spartan Rd Olney, MD 20832
    Property profile & analytics

    3215 Spartan Rd Olney, MD 20832

    View on Map
    • Strip malls
    • 9,001 SF
    • 0.72 lot acres
    Off-Market
    Last Sale Jun 15, 2022
    $650,000
    Property ID
    US40-0897410
    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.
    Value Estimations
    $650,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Strip malls

    Property Details for 3215 Spartan Rd

    Year built
    1999
    Construction
    BRICK
    Lot size
    0.72 lot acres
    Property size
    9,001 SF
    Zone code
    CRT2.
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    08-01760388
    APU
    801760388

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $650,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $534,000
      Market price range: $202k - $617k

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

    Location Insight

    • Map
    • Local Demand
    City
    Olney
    County
    Montgomery
    State
    Maryland
    Longitude
    -77.0631
    Latitude
    39.1503
    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
    2022
    $41,094
    $0.00
    $0.00
    $3,606,500
    -
    $945,600
    $2,978,300
    $3,923,900

    Comparable in this City

    • Value Estimation by Request
      7,865 SF

      18209 Hillcrest Ave

      SHOPPING CENTER, STRIP CENTER • 7,865 SF
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    • Value Estimation
      $1,950,000
      34,658 SF

      3110 Olney Sandy Spg Rd

      MINI-MALL • 34,658 SF
      3110 Olney Sandy Spg Rd, Olney, MD 20832-1408
      View Details
    • Value Estimation
      $2,330,000
      58,437 SF

      3410 Olney Laytonsville Rd

      MINI-MALL • 58,437 SF
      3410 Olney Laytonsville Rd, Olney, MD 20832-1734
      View Details
    • Value Estimation
      $40,250,000
      98,025 SF

      18330 Vlg Ctr Dr

      RETAIL STORES (PERSONAL SERVICES) • 98,025 SF
      18330 Vlg Ctr Dr, Olney, MD 20832-1426
      View Details
    • Value Estimation
      $1,385,000
      2,160 SF

      3500 Emory Church Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,160 SF
      3500 Emory Church Rd, Olney, MD 20832
      View Details
    • Value Estimation
      $14,480,000
      28,072 SF

      16800 Georgia Ave

      RETAIL STORES (PERSONAL SERVICES) • 28,072 SF
      16800 Georgia Ave, Olney, MD 20832-2419
      View Details

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      Olney Mixed-Use Property For Sale

      Versatile CRT-2 zoned property in downtown Olney, ideal for live/work.
      3420 N High St N, Olney, MD 20832
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      3,706 SF

      Contiguous Office Condominiums For Sale

      Office condominiums with private offices and open work area available.
      3405-3407 Olandwood Ct, Olney, MD 20832
      View Details

    Similar Nearby for Lease

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      1,423 SF

      Olney Mixed-Use Retail Space

      Retail and restaurant spaces available in Olney Shopping Center.
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      Retail Space for Lease

      Retail space available for lease in Olney, Maryland.
      3110-3140 Olney Sandy Spring Rd, Olney, MD 20832
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      13,390 SF

      Olney Retail Space Available

      Retail property available for lease in Olney, Maryland.
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    • $20 SF/Yr
      6,000 SF

      Warehouse, Flex & Retail Space

      Warehouse, flex, and retail space for lease on Georgia Ave.
      16650 Georgia Ave, Olney, MD 20832
      View Details
    • Contact for pricing
      1,653 SF

      Olney Office Space For Rent

      Office space featuring windowed offices, open workspace, and kitchen.
      3420 Morningwood Dr, Olney, MD 20832
      View Details
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    3215 Spartan Rd
    Olney, MD 20832
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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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    3215 Spartan Rd, Olney, MD, 20832
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