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    Downtown Frederick Office/Medical Space Title is generated by Realmo AI

    241 E 4TH Street, Frederick, MD 21701

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    For Sale
    $789,900

    Commercial Sale - FREDERICK, MD

    Type:Office
    Property size:
    2,848 SF
    Lot size:
    1.49 Acres
    Price / SF:
    $277/SF
    Added:
    May 16, 2025
    Days on Market:
    381
    Last Refresh:
    May 31 at 10:06 am

    Property Features for 241 E 4TH Street

    General Information

    Property type
    Other
    Property subtype
    Office
    Parking
    8
    Parking features
    On Street, Parking Lot
    Standard status
    Active
    Size
    2,848 SF
    Lot size
    1.49 Acres

    Taxes and HOA fees

    Tax Annual Amount
    8852

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    1937
    Number of units
    1
    Building materials
    Brick, Brick Front, Metal Siding

    We can help!

    Listing Contact
    Nancy A Green

    Listing agent Nancy A Green License #512471

    Listing office Mackintosh, Inc. 262 W Patrick Street, Frederick, MD

    Listing date May 16, 2025

    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.

    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
    • Three AC Units within the Suite
    • Multiple Restrooms and Breakroom in Common Area
    • DB Zoning

    Overview

    This is a 2,848 square foot office or medical space located in historic downtown Frederick. The suite features five offices, a conference room, three large open cubicle areas, and a large full kitchen. The property is located on East Street. Multiple restrooms and a breakroom are available in a common area. The suite contains three AC units. The building encompasses 44,840 square feet and is situated on a 1.49-acre lot, which is equivalent to 64,620 square feet. The zoning is DB.

    Local Financial Insights For Healthcare Medical

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $99.8k $35.04
    − Vacancy −$10.2k −$3.57
    EGI $89.6k $31.47
    − OpEx −$35.8k −$12.59
    NOI $53.8k $18.88
    2,848 SF · lease $35.04/SF/yr · vacancy 10.20% · expense 40.00%

    Alternative Uses

    Best Use
    Healthcare Medical
    $768.1K
    $672.1K – $896.2K (±1% cap)
    NOI $53,769 @ 7.0% cap · market cap 6.81%
    Second Best
    Office B
    $745.4K
    $652.2K – $869.6K (±1% cap)
    NOI $52,177 @ 7.0% cap · market cap 6.61%
    Theoretical Best
    Specialty Retail
    $1.06M
    $923.4K – $1.23M (±1% cap)
    NOI $73,872 @ 7.0% cap · market cap 9.35%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Paige Hammarlund, Charis ... Real Estate Agency Latoya Thomas, Realtor Real Estate Agency The Wolfe Team of Charis ... Real Estate Agency Allie Vasquez | Maryland ... Real Estate Agency Jeremy Sanchez Realtor ... Real Estate Agency

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Mc Clellan Veterinary Clinic — 142A W Patrick St, Frederick, MD 21701
    • Kellogg H Scott DVM — 142 W Patrick St # A, Frederick, MD 21701
    • Animal Hospital — Frederick, MD 21701

    Location Insight

    • Map
    • Local Demand
    City
    Frederick
    County
    Frederick
    State
    Maryland
    Longitude
    -77.4057
    Latitude
    39.41902

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    FAQs

    What type of property is this?
    Medical Office Space - 2,848 SF office/medical space in historic downtown Frederick.
    Where is this medical office space located?
    The property is located at 241 E 4TH Street Frederick, MD.
    What is the asking price?
    The asking price for this property is $789,900.
    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
    (301) 748-3321
    We can help!
    Listing Contact
    Nancy A Green
    Real Estate License ID: 512471
    Request Owner's contact information
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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.

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