Historic Office Building with Expansion
For Sale
$5,250,000
12 West Patrick Street, Frederick, MD 21701
DB-zoned downtown property supports office, retail, and mixed-use redevelopment.
Property Size25,586 SF
Price / SF$205.19
Days on Market197
Property Features for 12 West Patrick Street
General Information
Standard status
Active
Size
25,586 SF
Class
B
Property subtype
Multi Tenant Office
Zoning
DB
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Land Use
commercial, residential, mixed-use, retail
Building Details
Building Size
25,586 SF
Year Built
1925
Buildings
1
Listing Agency:
ONE Street Commercial Properties
Listed By:
Kevin Brandes
(240) 370-4103
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 31
Last Checked: Aug 31 at 2:45AM
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 Commercial Properties
Investment Insights
Based on property information with market context.
The property at 12 West Patrick Street comprises a 25,586 SF building constructed in 1925, with historic character and development rights for expansion of the existing structure. Its DB zoning supports a range of commercial, retail, residential, and mixed-use applications, subject to applicable approvals.
Situated in historic downtown Frederick, the property is near the Carroll Creek Promenade, art galleries, restaurants, the National Museum of Civil War Medicine, the Weinberg Center for the Arts, and the Frederick Historic District. Interstate 70 and Interstate 270 provide regional access, while Washington, DC is approximately 50 miles to the south.
Situated in historic downtown Frederick, the property is near the Carroll Creek Promenade, art galleries, restaurants, the National Museum of Civil War Medicine, the Weinberg Center for the Arts, and the Frederick Historic District. Interstate 70 and Interstate 270 provide regional access, while Washington, DC is approximately 50 miles to the south.
Key Highlights
- 25,586 SF building constructed in 1925
- DB zoning supports commercial, retail, residential, and mixed‑use applications
- Development rights provide for expansion of the current structure
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
$468,750
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
8.93%
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%
$9,375,000
$9.4M
Cap Rate 7%
$6,696,429
$6.7M
Cap Rate 9%
$5,208,333
$5.2M
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
$792.1K $30.96/SF
− Vacancy
−$167.1K −$6.53/SF
EGI
$625.0K $24.43/SF
− OpEx
−$156.3K −$6.11/SF
NOI
$468.8K $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%
$9,375,000
Cap Rate 7%
$6,696,429
Cap Rate 9%
$5,208,333
Alternative Uses
Best Use
Office B
$6.70M
$5.86M – $7.81M
NOI $468,750 @ 7.0% cap · market cap 8.93%
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
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,024
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - DB-zoned downtown property supports office, retail, and mixed-use redevelopment.
Where is this office building located?
The property is located at 12 West Patrick Street 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 constructed in 1925; DB zoning supports commercial, retail, residential, and mixed‑use applications; Development rights provide for expansion of the current structure
