Turnkey Restaurant and
For Sale
$2,500,000
11037 Liberty Rd, Frederick, MD 21701
Turnkey buildout with a full-service kitchen, retail refrigeration, and outdoor dining for restaurant and market concepts.
Property Size10,130 SF
Days on Market55
Property Features for 11037 Liberty Rd
General Information
Standard status
Active
Size
10,130 SF
Property subtype
Restaurant
Building Details
Building Size
10,130 SF
Year Built
2023
Listing Agency:
VCRE
(301) 471-8669
Listed By:
Tony C
(301) 471-8669
Source:
Thebrokerlist
Added: Jun 16
Changed: Aug 8
Last Checked: Aug 9 at 4:27AM
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 VCRE
Investment Insights
Based on property information with market context.
This property is a turnkey restaurant and market space with a full-service commercial kitchen and retail-ready refrigeration for market or grab-and-go formats. The layout also includes a dedicated meat processing space, an outdoor dining area for seasonal seating and events, and a family-oriented play area designed to support a welcoming guest experience. In addition, there is expansive second-level event space suited for private gatherings or programming. Major renovations were completed in 2023, including an upgraded onsite septic system, and the property is described as built in 2023.
Located at 11037 Liberty Rd in Frederick, Maryland, the building is offered as a two-unit configuration within a single 10,130 SF structure. The property is zoned General Commercial (GC), providing flexibility for a range of commercial uses. The offering notes that alcoholic beverage sales for carry-out are permitted.
For operators looking to open or reposition a dining and retail concept, the existing kitchen, refrigeration, and event-capable second level reduce the need for immediate start-up work. The combination of a market-oriented interior, outdoor seating, and on-site event space supports businesses that want to serve food while also offering retail components or community-focused programming within a GC zoning framework.
Located at 11037 Liberty Rd in Frederick, Maryland, the building is offered as a two-unit configuration within a single 10,130 SF structure. The property is zoned General Commercial (GC), providing flexibility for a range of commercial uses. The offering notes that alcoholic beverage sales for carry-out are permitted.
For operators looking to open or reposition a dining and retail concept, the existing kitchen, refrigeration, and event-capable second level reduce the need for immediate start-up work. The combination of a market-oriented interior, outdoor seating, and on-site event space supports businesses that want to serve food while also offering retail components or community-focused programming within a GC zoning framework.
Key Highlights
- Built in 2023 with a 10,130 SF building for restaurant and market concepts
- Full‑service commercial kitchen included and described as ready for immediate operation
- Retail space includes refrigeration for market or grab‑and‑go concepts
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
$110,343
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
4.41%
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%
$2,206,860
$2.2M
Cap Rate 7%
$1,576,329
$1.6M
Cap Rate 9%
$1,226,033
$1.2M
Market Conditions
NOI Build-Up for 10,130 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
$161.7K $15.96/SF
− Vacancy
−$4.0K −$0.40/SF
EGI
$157.6K $15.56/SF
− OpEx
−$47.3K −$4.67/SF
NOI
$110.3K $10.89/SF
Area
Frederick County, MD
Vacancy
2.50%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
30.00%
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%
$2,206,860
Cap Rate 7%
$1,576,329
Cap Rate 9%
$1,226,033
Alternative Uses
Best Use
Specialty Retail
$3.75M
$3.28M – $4.38M
NOI $262,756 @ 7.0% cap · market cap 10.51%
Second Best
Retail
$1.58M
$1.38M – $1.84M
NOI $110,343 @ 7.0% cap · market cap 4.41%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
Well-served
Demand for This Use
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turnkey buildout with a full-service kitchen, retail refrigeration, and outdoor dining for restaurant and market concepts.
Where is this conventional restaurant located?
The property is located at 11037 Liberty Rd Frederick, MD.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Built in 2023 with a 10,130 SF building for restaurant and market concepts; Full‑service commercial kitchen included and described as ready for immediate operation; Retail space includes refrigeration for market or grab‑and‑go concepts
