Historic Retail
For Sale
Contact for pricing
12-16 W Patrick St, Frederick, MD 21701
DB zoning allows commercial, retail, and mixed-use potential at a downtown Frederick address.
Property Size25,586 SF
Price / SF$205.19
Days on Market540
Property Features for 12-16 W Patrick St
General Information
Standard status
Active
Size
25,586 SF
Property subtype
RETAIL
Zoning
DB
Listing Agency:
ONE Street
(240) 813-9344
Listed By:
Kevin Brandes · License #665654
Source:
Moodyscre
Added: Mar 10, 2025
Changed: Aug 29
Last Checked: Aug 30 at 11:53PM
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 ONE Street
Investment Insights
Based on property information with market context.
Located at 12–16 W Patrick St in Frederick, Maryland, this 25,586-square-foot retail property combines a substantial building footprint with historic character. The asset is classified as retail space and is positioned for commercial, retail, or mixed-use applications under DB zoning.
The property information identifies development rights for expanding the existing structure, providing an additional consideration for future planning. Its address places the building within the Frederick area, while the zoning and existing retail classification support a range of commercial-oriented uses.
The property information identifies development rights for expanding the existing structure, providing an additional consideration for future planning. Its address places the building within the Frederick area, while the zoning and existing retail classification support a range of commercial-oriented uses.
Key Highlights
- 25,586 SF building
- DB zoning supports commercial, retail, and mixed‑use potential
- Historic character
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
$278,701
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
5.31%
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%
$5,574,020
$5.6M
Cap Rate 7%
$3,981,443
$4.0M
Cap Rate 9%
$3,096,678
$3.1M
Market Conditions
NOI Build-Up for 25,586 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
$408.4K $15.96/SF
− Vacancy
−$10.2K −$0.40/SF
EGI
$398.1K $15.56/SF
− OpEx
−$119.4K −$4.67/SF
NOI
$278.7K $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%
$5,574,020
Cap Rate 7%
$3,981,443
Cap Rate 9%
$3,096,678
Alternative Uses
Best Use
Retail
$3.98M
$3.48M – $4.65M
NOI $278,701 @ 7.0% cap · market cap 5.31%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.48M
$8.30M – $11.06M
NOI $663,659 @ 7.0% cap · market cap 12.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,024
Businesses Nearby
11k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 70%
Groceries 16%
Shops & Services 8%
Apparel 6%
Shuckin' Shack Oyster Bar
Dining
7,560 visits/mo
0.0 miles
The Spice & Tea Exchange
Groceries
1,728 visits/mo
0.1 miles
M&T Bank
Shops & Services
910 visits/mo
0.1 miles
Talbots
Apparel
666 visits/mo
0.4 miles
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - DB zoning allows commercial, retail, and mixed-use potential at a downtown Frederick address.
Where is this retail space located?
The property is located at 12-16 W Patrick St Frederick, MD.
What is the asking price?
The asking price for this property is $5,250,000.
What are key features of this property?
This property features: 25,586 SF building; DB zoning supports commercial, retail, and mixed‑use potential; Historic character
