Building Details

Building Size 22,786 SF

Year Built 1920

Listed By: Cassandra Garland Show Phone

Source: Evrealestate

Added: Apr 2 Changed: Oct 4 Last Checked: Oct 16 at 6:12AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cassandra Garland

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Investment Insights

Based on property information with market context.

This commercial property, zoned GC, features two buildings with two entrances. The first building is a three-story brick structure offering warehouse and storage space, high ceilings, and loading docks on the first and second levels. It also includes two restrooms, a remodeled kitchenette, and an office area with a separate entrance and access to the entire building. The second building is a two-story block structure, also equipped with a loading dock for each level. The property offers easy access to highways and is within walking distance of downtown and residential developments. The location has a walk score of 50, indicating it is car-dependent, and a bike score of 35, meaning it is somewhat bikeable. The property is suitable for various business uses.

Key Highlights

• Prime commercial property with general commercial (GC) zoning offering endless business possibilities.
• Two substantial buildings with two entrances, providing flexibility and potential for multiple businesses or uses.
• Easy access to highways, facilitating transportation and logistics.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$176,020

Cap Rate

8.38%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,520,400 $3.5M

Cap Rate 7%

$2,514,571 $2.5M

Cap Rate 9%

$1,955,778 $2.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 22,786 SF

Gross rent

$267.5K $11.74/SF

− Vacancy

−$16.1K −$0.70/SF

EGI

$251.5K $11.04/SF

− OpEx

−$75.4K −$3.31/SF

NOI

$176.0K $7.72/SF

Area

Frederick County, MD

Vacancy

6.00%

Lease Rate

$11.74 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,520,400

Cap Rate 7%

$2,514,571

Cap Rate 9%

$1,955,778

Alternative Uses

Best Use

Office B

$5.96M

$5.22M – $6.96M (±1% cap)

NOI $417,453 @ 7.0% cap · market cap 19.88%

Second Best

Warehouse

$3.05M

$2.67M – $3.56M (±1% cap)

NOI $213,739 @ 7.0% cap · market cap 10.18%

Theoretical Best

Specialty Retail

$8.44M

$7.39M – $9.85M (±1% cap)

NOI $591,031 @ 7.0% cap · market cap 28.14%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Office Units

Suggested Use

Top Pick Law Firm Dental Office Hair Salon Real Estate Agency HVAC Service Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

253

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 21769, MD

11,759

Population

4,519

Households

2.6

Avg Household Size

43

Median Age

48%

College-Educated

97%

High-School Grad

40.1 sq mi

ZIP Area

293

Density / Sq Mi

$148,821

Median Household Income

$70,288

Median Earnings

$1,600

Median Rent

$490,800

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Frequently Asked Questions

What type of property is this?

Warehouse - Commercial property with warehouse space and easy highway access.

Where is this warehouse located?

The property is located at 106 N Church Street Middletown, MD.

What is the asking price?

The asking price for this property is $2,100,000.

What are key features of this property?

This property features: Prime commercial property with general commercial (GC) zoning offering endless business possibilities.; Two substantial buildings with two entrances, providing flexibility and potential for multiple businesses or uses.; Easy access to highways, facilitating transportation and logistics.