Historic Office Building with
New
For Sale
$2,795,000
112 CHURCH STREET, Frederick, MD 21701
National Register-listed property with preserved architectural details, flexible rooms, and an additional apartment or office suite.
Property Size12,213 SF
Lot Size0.35 Acres
Price / SF$228.85
Days on Market6
Property Features for 112 CHURCH STREET
General Information
Standard status
Active
Size
12,213 SF
Total Parking Spaces
9
Lot size
0.35 Acres
Property subtype
Commercial
Amenities
eight working fireplaces
pool
hot tub
floating staircase
millwork
raised wood paneling
18-ft ceilings
Building Details
Year Built
1812
Buildings
1
Stories
3
Listing Agency:
Mackintosh, Inc.
(301) 662-0881
Listed By:
James R Mackintosh
(301) 662-0881
Source:
Cummingsrealtors
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 9 at 8:25AM
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 Mackintosh, Inc.
Investment Insights
Based on property information with market context.
Built in 1812, this National Register-listed office property spans three stories and includes 17 rooms arranged within a historically detailed structure. Interior features include 18-ft ceilings, substantial millwork, raised wood paneling, a floating staircase, an Austrian crystal chandelier, and eight working fireplaces with marble mantels. A separate 1BR apartment/office adds another distinct component to the property.
The site occupies .35 acres and includes a fenced outdoor area with a pool and hot tub, along with parking for 9 vehicles. Located in Downtown Frederick near Market Street shops and dining, the property combines a preserved historic setting with office, live-work, hospitality, or residential use potential as described in the source information.
The site occupies .35 acres and includes a fenced outdoor area with a pool and hot tub, along with parking for 9 vehicles. Located in Downtown Frederick near Market Street shops and dining, the property combines a preserved historic setting with office, live-work, hospitality, or residential use potential as described in the source information.
Key Highlights
- National Register‑listed property built in 1812
- Three‑story layout with 17 rooms
- 18‑ft ceilings, raised wood paneling, millwork, and floating staircase
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
$223,749
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
8.01%
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%
$4,474,980
$4.5M
Cap Rate 7%
$3,196,414
$3.2M
Cap Rate 9%
$2,486,100
$2.5M
Market Conditions
NOI Build-Up for 12,213 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
$378.1K $30.96/SF
− Vacancy
−$79.8K −$6.53/SF
EGI
$298.3K $24.43/SF
− OpEx
−$74.6K −$6.11/SF
NOI
$223.7K $18.32/SF
Area
Frederick County, MD
Vacancy
21.10%
Lease Rate
$30.96 /SF/Yr
Expense Ratio
25.00%
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%
$4,474,980
Cap Rate 7%
$3,196,414
Cap Rate 9%
$2,486,100
Alternative Uses
Best Use
Office B
$3.20M
$2.80M – $3.73M
NOI $223,749 @ 7.0% cap · market cap 8.01%
Second Best
Mixed Use
$1.23M
$1.08M – $1.44M
NOI $86,102 @ 7.0% cap · market cap 3.08%
Theoretical Best
Specialty Retail
$4.53M
$3.96M – $5.28M
NOI $316,785 @ 7.0% cap · market cap 11.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
56
Businesses Nearby
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - National Register-listed property with preserved architectural details, flexible rooms, and an additional apartment or office suite.
Where is this office building located?
The property is located at 112 CHURCH STREET Frederick, MD.
What is the asking price?
The asking price for this property is $2,795,000.
What are key features of this property?
This property features: National Register‑listed property built in 1812; Three‑story layout with 17 rooms; 18‑ft ceilings, raised wood paneling, millwork, and floating staircase
