Office-Medical Suite with
For Sale
Under Contract
$779,000
241 E 4TH Street, Frederick, MD 21701
Commercial Sale, FREDERICK, MD
Property Size2,848 SF
Lot Size1.49 Acres
Price / SF$273.53
Days on Market472
Property Features for 241 E 4TH Street
General Information
Property type
Other
Property subtype
Office
Parking
8
Parking features
On Street, Parking Lot
Elementary school district
FREDERICK COUNTY PUBLIC SCHOOLS
Middle school district
FREDERICK COUNTY PUBLIC SCHOOLS
High school district
FREDERICK COUNTY PUBLIC SCHOOLS
Standard status
Active Under Contract
Lot size
1.49 Acres
Taxes and HOA fees
Tax Annual Amount
8852
Utilities
Heating system
Central
Cooling system
Central Air
Amenities
conference room
full kitchen
breakroom
Building Details
Year built
1937
Number of units
1
Building materials
Brick, Brick Front, Metal Siding
Listing Agency:
Mackintosh, Inc.
(301) 662-0155
Listed By:
Nancy A Green · License #512471
(301) 748-3321
Added: May 16, 2025
Changed: Aug 19
Last Checked: Aug 30 at 4:06PM
MLS# MDFR2064534
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
A beautifully decorated 2,848 SF office/medical space with a professional layout designed for day-to-day operations. The suite includes five offices, a conference room, three large open cubicle areas, and a large full kitchen. Multiple restrooms and a breakroom are located in the common area. The space also contains three AC units.
The property is located on East Street in historic downtown Frederick at 241 E 4TH Street. The broader offering is within a 44,840 SF building situated on 1.49 acres.
Zoning is listed as DB. The property has an active 8-month lease with an option to buy, and the suite is also identified as available for lease.
The property is located on East Street in historic downtown Frederick at 241 E 4TH Street. The broader offering is within a 44,840 SF building situated on 1.49 acres.
Zoning is listed as DB. The property has an active 8-month lease with an option to buy, and the suite is also identified as available for lease.
Key Highlights
- 2,848 SF Office/Medical Space in Historic Downtown Frederick
- Five Offices, Conference Room, Three Large Open Cubicle Areas, Large Full Kitchen
- Located on East Street with on‑street and parking lot options
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$53,769
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.90%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,075,380
$1.1M
Cap Rate 7%
$768,129
$768.1K
Cap Rate 9%
$597,433
$597.4K
Market Conditions
NOI Build-Up for 2,848 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$99.8K $35.04/SF
− Vacancy
−$10.2K −$3.57/SF
EGI
$89.6K $31.47/SF
− OpEx
−$35.8K −$12.59/SF
NOI
$53.8K $18.88/SF
Area
Frederick County, MD
Vacancy
10.20%
Lease Rate
$35.04 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,075,380
Cap Rate 7%
$768,129
Cap Rate 9%
$597,433
Alternative Uses
Best Use
Healthcare Medical
$768.1K
$672.1K – $896.2K
NOI $53,769 @ 7.0% cap · market cap 6.90%
Second Best
Office B
$745.4K
$652.2K – $869.6K
NOI $52,177 @ 7.0% cap · market cap 6.70%
Theoretical Best
Specialty Retail
$1.06M
$923.4K – $1.23M
NOI $73,872 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,244
Businesses Nearby
Explore this area
Business Placement
Demographics for 21701, MD
39,629
Population
18,914
Households
2.1
Avg Household Size
40
Median Age
50%
College-Educated
95%
High-School Grad
39.7 sq mi
ZIP Area
998
Density / Sq Mi
$102,306
Median Household Income
$59,381
Median Earnings
$1,607
Median Rent
$404,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - A furnished 2,848 SF office/medical suite with multiple offices, open cubicle areas, and a full kitchen.
Where is this office units located?
The property is located at 241 E 4TH Street Frederick, MD.
What is the asking price?
The asking price for this property is $779,000.
What are key features of this property?
This property features: 2,848 SF Office/Medical Space in Historic Downtown Frederick; Five Offices, Conference Room, Three Large Open Cubicle Areas, Large Full Kitchen; Located on East Street with on‑street and parking lot options
