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 Market242
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 · License #DCSP98378229
(240) 370-4103
Source:
Thebrokerlist
Added: Feb 18
Changed: Oct 9
Last Checked: Oct 16 at 5:41AM
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
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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 / Yr
$468,750
Cap Rate
8.93%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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
