Commercial Land in Prime
For Sale
$1,150,000
2038 LIBERTY Rd, Sykesville, MD 21784
Commercial land with building in Southern Carroll County location.
Property Size2,558 SF
Lot Size1.07 Acres
Price / SF$449.57
Days on Market153
Property Features for 2038 LIBERTY Rd
General Information
Standard status
Active
Size
2,558 SF
Lot size
1.07 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,898
Building Details
Year Built
1961
Units
1
Listing Agency:
LONG & FOSTER REAL ESTATE, INC.
(410) 868-2233
Listed By:
Sylvia L Rollins-Jones
(410) 868-2233
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 6:22AM
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 LONG & FOSTER REAL ESTATE, INC.
Investment Insights
Based on property information with market context.
This property features 46,760 square feet (1.073 acres) of commercial land in a prime location in Southern Carroll County. It is currently one deed with two separate tax IDs. One lot, A&B, totals approximately 27,400 square feet. The second tax record, Lot C, has a land area of 19,360 square feet with a 2,558 square foot above-grade building, plus a finished lower level with a ground-level walkout. The property is situated on the corner of Liberty Road and Locust Lane and has four entrances, two from Liberty Road and two on Locust Lane. It is within walking distance to a strip shopping center, daycare, carry-out, grocery store, retail, and restaurants, and less than one mile to Walmart, Starbucks, Michaels, and other national retailers. There are several parking spaces. The property currently has two separate tax ID numbers (lots A&B and lot C) and is being sold together. The possibilities are many on this commercial land area.
Key Highlights
- 1.073 acres of commercial land in a prime location in Southern Carroll County.
- Corner lot on Liberty Rd and Locust Lane with high visibility.
- Existing 2558 SF above‑grade building with finished lower level and ground‑level walkout on Lot C.
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
$36,206
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
3.15%
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%
$724,120
$724.1K
Cap Rate 7%
$517,229
$517.2K
Cap Rate 9%
$402,289
$402.3K
Market Conditions
NOI Build-Up for 2,558 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
$55.3K $21.60/SF
− Vacancy
−$3.5K −$1.38/SF
EGI
$51.7K $20.22/SF
− OpEx
−$15.5K −$6.07/SF
NOI
$36.2K $14.15/SF
Area
Carroll County, MD
Vacancy
6.39%
Lease Rate
$21.60 /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%
$724,120
Cap Rate 7%
$517,229
Cap Rate 9%
$402,289
Alternative Uses
Best Use
Retail
$517.2K
$452.6K – $603.4K
NOI $36,206 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$948.6K
$830.1K – $1.11M
NOI $66,405 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
Explore this area
Business Placement
Demographics for 21784, MD
40,028
Population
13,664
Households
2.9
Avg Household Size
41
Median Age
53%
College-Educated
96%
High-School Grad
56.1 sq mi
ZIP Area
714
Density / Sq Mi
$141,228
Median Household Income
$71,145
Median Earnings
$1,673
Median Rent
$478,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Commercial land with building in Southern Carroll County location.
Where is this commercial land located?
The property is located at 2038 LIBERTY Rd Sykesville, MD.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 1.073 acres of commercial land in a prime location in Southern Carroll County.; Corner lot on Liberty Rd and Locust Lane with high visibility.; Existing 2558 SF above‑grade building with finished lower level and ground‑level walkout on Lot C.
