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    Historic Brick Shell with Potential Title is generated by Realmo AI

    155 157 159 W Patrick Street, Frederick, MD 21701

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    For Sale
    $424,000

    Historic brick shell offering unmatched flexibility for various uses.

    Added:
    May 16, 2025
    Days on Market:
    385
    Last Refresh:
    Mar 16 at 9:08 am

    Property Features for 155 157 159 W Patrick Street

    General Information

    Standard status
    Active

    Building Details

    Year Built
    1860

    We can help!

    Listing Contact
    ROBERTA J MCNAMARA

    Listing agent ROBERTA J MCNAMARA

    Listing office RE/MAX RESULTS

    Listing date May 16, 2025

    Source Corcoran

    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 RE/MAX RESULTS

    HighLights

    • Historic 1860 brick shell with soaring ceilings and exposed brick, offering unique character and architectural appeal.
    • Complete interior renovation opportunity: a blank canvas for restaurant, retail, or residential use, allowing for customized design and layout.
    • New metal and wood shingle roof, ensuring structural integrity and long‑term protection.
    • Abundant natural light from rehabbed windows, enhancing interior spaces and reducing energy costs.
    • Flexible development options: build up or in, divide vertically or horizontally, or create outdoor terraces.
    • Prime location along Carroll Creek, ideal for attracting foot traffic and creating a vibrant business or residential environment.

    Overview

    This historic 1860 brick shell, located in a vibrant city, showcases the industrial elegance of a past era. The building features soaring ceilings, exposed original brickwork, and rehabbed windows that provide ample natural light. A new metal roof has been installed on one section, while the main portion of the building has wood shingles. The facade retains its textured red brick, maintaining an authentic aesthetic suitable for contemporary use. With no interior walls or floors, the open shell offers flexibility for vertical or horizontal division, or the creation of outdoor terraces or green spaces. Potential uses include a restaurant with indoor-outdoor dining, taking advantage of the raw brick walls and possible open-air seating. A boutique or gallery could also thrive, attracting foot traffic with the building's visual intrigue along Carroll Creek. The shell also invites innovative loft-style living, with possibilities for condos, single-family, or multi-family residences. This building combines 19th-century character with the structural integrity to support a modern vision, offering endless potential.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Frederick
    County
    Frederick
    State
    Maryland
    Longitude
    -77.4145
    Latitude
    39.4142

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    FAQs

    What type of property is this?
    Retail space - Historic brick shell offering unmatched flexibility for various uses.
    Where is this retail space located?
    The property is located at 155 157 159 W Patrick Street Frederick, MD.
    What is the asking price?
    The asking price for this property is $424,000.
    What are key features of this property?
    This property features: Historic 1860 brick shell with soaring ceilings and exposed brick, offering unique character and architectural appeal.; Complete interior renovation opportunity: a blank canvas for restaurant, retail, or residential use, allowing for customized design and layout.; New metal and wood shingle roof, ensuring structural integrity and long‑term protection.
    (301) 964-2847
    We can help!
    Listing Contact
    ROBERTA J MCNAMARA
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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