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Property profile & analytics
FOR LEASE
Grocery and convenience stores
229 Tippin Dr LAND LEASE Thurmont, MD 21788
Entity Owned
28-yr Hold
~
Est. High Equity
Property ID
US40-1800421
For Lease
1 / 6
$3,000/Mo
229 Tippin Dr,Unit LAND LEASE, Thurmont, MD 21788
View Listing →
Property profile
Verified
Property type
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Year built
1992
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
42,508 SF
Lot
6.55 ac (285,318 SF)
Zoning code
GB
APN
15-348437
UPID
US40-1800421
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$7.13M
Comparable Approach
Comparable
$5.48M
Blend (final)
Blend
$6.71M
Owner & transaction history
Orchard Village II LLC · 28 yrs held
Orchard Village II LLC
since 1997
4 recorded transactions
Zoning & alternative use
GB · Thurmont, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Industrial (general)
$9.9M
+4.5%
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 Thurmont submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Thurmont 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$7,715,000
6.5%
$7,125,000
7%
$6,615,000
Alternative Use
Use
Estimation
RETAIL STORES
$9,485,000
Current use
INDUSTRIAL (GENERAL)
$9,905,000
Change: +4% · Conversion: Difficult
Blend value · Realmo final
$6.71M
Range $6.03M – $7.38M · ±10%
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
$158 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$72,723
Tax year 2023
Assessed value
$4,787,800
Assessed 2023
Previous assessed
$4,571,933
+4.7% YoY
Effective rate
1.52%
On assessed value
Assessed land
$1,069,900
Assessed improvement
$3,717,900
Land market value
$1,069,900
Improvement market value
$3,717,900
Total market value
$4,787,800
Applied tax rate
10.0000
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
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Status
For Lease
Year built
1992
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
PACKAGE
Cooling
AC.PACKAGE
Buildings
3
Stories
1
Units
3
Total area
42,508 SF
Lot
6.55 ac (285,318 SF)
Zoning code
GB
APN
15-348437
UPID
US40-1800421
Jurisdiction
FREDERICK
Metro division
BETHESDA-GAITHERSBURG-FREDERICK, MD METROPOLITAN DIVISION
Zoning & alternative use
GB · Thurmont, MD
Zoning GB · permitted uses
GB · Thurmont, MD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Thurmont. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$9.5M
INDUSTRIAL (GENERAL)
Est. value
$9.9M
RETAIL STORES Current
INDUSTRIAL (GENERAL)
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
1992
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
PACKAGE
Cooling
Yes
Stories
1
Buildings
3
Units
3
Lot
6.55 ac
Current owner
From public records · entity-resolved
Orchard Village II LLC
Entity
Mailing address
178 THOMAS JOHNSON DR STE #201, FREDERICK, MD 21702-4541
Ownership since
1997
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 2, 2016
—
Orchard Ville II LLC
—
Deed
related
$2,463,379 · Frederick County Bank
Nov 26, 1997
—
Orchard Village II LLC
Orchard Village LP
Quit Claim Deed
related
—
—
—
Orchard Village II LLC
—
Deed Of Trust
related
$2,700,000 · Ncb Savings Bank
—
—
Orchard Ville II LLC
—
Deed Of Trust
related
$2,463,379 · Frederick County Bank
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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