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Property profile & analytics
FOR LEASE
Warehouses
515 Dover Rd, Rockville, MD 20850
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US40-0927236
For Lease
1 / 2
$18,735,000
515 Dover Rd, Rockville, MD 20850
View Listing →
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1999
Construction
BRICK
Total area
96,345 SF
Lot
3.06 ac (133,253 SF)
Zoning code
I2
APN
04-03119060
UPID
US40-0927236
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
National Fire Protection LLC General Contractor Construction Company
-
Vortex Strength Gym & Fitness Center
-
Simms Garage Door Repairs Building Supply General Contractor
-
Kirlin Mid-Atlantic Llc Construction Company
-
Kirlin Mechanical Services General Contractor Construction Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$18.80M
Comparable Approach
Comparable
$18.48M
Blend (final)
Blend
$18.74M
Owner & transaction history
Red Gate III LLC · 3 yrs held
Red Gate III LLC
since 2023
Last sale
$18.8M
3 recorded transactions
Zoning & alternative use
I2 · Rockville, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$29.7M
+21.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Rockville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Rockville submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$21,950,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$20,370,000
6.5%
$18,800,000
7%
$17,460,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$24,450,000
Current use
OFFICE BUILDING
$29,665,000
Change: +21% · Conversion: Difficult
Blend value · Realmo final
$18.74M
Range $16.86M – $20.61M · ±10% · vs last sale $18.84M (Jul 6 2023)
Last sale anchor
$18.84M
Jul 6 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$194 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$225,478
Tax year 2022
Assessed value
$10,500,000
Assessed 2023
Previous assessed
$10,500,000
+0.0% YoY
Effective rate
2.15%
On assessed value
Assessed land
$1,157,900
Assessed improvement
$9,342,100
Land market value
$1,157,900
Improvement market value
$9,342,100
Total market value
$10,500,000
Applied tax rate
12.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Status
For Lease
Year built
1999
Construction
BRICK
Heating
PACKAGE
Cooling
AC.PACKAGE
Stories
2
Units
1
Total area
96,345 SF
Lot
3.06 ac (133,253 SF)
Zoning code
I2
APN
04-03119060
UPID
US40-0927236
Jurisdiction
MONTGOMERY
Metro division
BETHESDA-GAITHERSBURG-FREDERICK, MD METROPOLITAN DIVISION
Zoning & alternative use
I2 · Rockville, MD
Zoning I2 · permitted uses
I2 · Rockville, MD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Rockville. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$24.5M
OFFICE BUILDING
Est. value
$29.7M
WAREHOUSE, STORAGE Current
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1999
Construction
BRICK
Heating
PACKAGE
Cooling
Yes
Stories
2
Units
1
Lot
3.06 ac
Current owner
From public records · entity-resolved
Red Gate III LLC
Entity
Mailing address
15215 SHADY GRV RD STE #201, ROCKVILLE, MD 20850-6207
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 6, 2023
$9,300,000
Red Gate III LLC
Trident Pacific LLC
Quit Claim Deed
related
—
Jan 10, 2017
$18,835,340
Nm Krln LLC
Dover Properties LLC
Grant Deed
$13,200,000 · Cantor Com'l R/e Lndg
Sep 23, 1998
$1,998,600
Dover Properties LLC
Wheeler,william T
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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