501 Main St Prince Frederick, MD 20678

Located in the heart of historical Old Town Prince Frederick, this commercial property offers an investment opportunity with a mix of tenants, including medical, legal, dental, insurance, and government entities. The property is conveniently located near the courthouse, governmental center, and hospital. The seller's operating structure is set up as a Land Condo (Old Field Commons) with six building sites. Three sites are operated by single business owners, and three are operated as condominiums with multiple suite owners. The allocation of the common area charge among the six sites is based on building square footage. Building capacity is maximized for each site. Shared building expenses are allocated by the ratio of each condo unit's square footage to the whole in each building. Taxes and utilities are billed by individual condo units. Each condominium unit provides insurance coverage, including their use of the common areas. What is for sale are eight individual units in three buildings where the sellers control 19,031 square feet of 26,430 in total. The occupancy cost to the tenant can consist of rent, CAC, building operating costs, management fees, taxes, and insurance. The seller currently absorbs most of these typical pass-through costs on a gross lease basis, but it is anticipated that as leases renew, they will be replaced with true net leases. The leases are currently under market and produce a relatively low NOI. The asking price reflects this in the cost per finished foot.