Leased Mixed-Use
For Sale
$1,500,000
232527 S MARKET STREET, Frederick, MD 21701
Two leased storefronts sit below three residential apartments in a historic building with six off-street parking spaces.
Property Size4,358 SF
Price / SF$344.19
Days on Market15
Property Features for 232527 S MARKET STREET
General Information
Standard status
Active
Size
4,358 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1890
Tenancy
Multi
Listing Agency:
Long & Foster Real Estate, Inc.
(301) 606-8611
Listed By:
Christine Reeder
(301) 606-8611
Source:
Xome
Added: Jul 17
Changed: Jul 18
Last Checked: Jul 30 at 2:27AM
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.
Located at 232527 S Market Street in Frederick, MD, this leased mixed-use property includes two established commercial storefronts on the ground level and three residential apartments above. The current storefront tenants include a boutique purse/apparel shop and a florist, providing an income stream from multiple units within one historic building.
The property is described as positioned just steps from Carroll Creek and surrounded by Frederick’s restaurants, breweries, boutiques, and year-round events. Access to six leased off-street parking spaces is included, which supports daily convenience for residents and customers.
The building is offered for sale with existing leases in place across the storefront and apartment components. Shown by appointment only; contact the listing agent or co-listing agent for additional details.
The property is described as positioned just steps from Carroll Creek and surrounded by Frederick’s restaurants, breweries, boutiques, and year-round events. Access to six leased off-street parking spaces is included, which supports daily convenience for residents and customers.
The building is offered for sale with existing leases in place across the storefront and apartment components. Shown by appointment only; contact the listing agent or co-listing agent for additional details.
Key Highlights
- Historic building built in 1890 with two leased commercial storefronts and three residential apartments above
- Commercial tenants include a boutique purse/apparel shop and a florist
- Six leased off‑street parking spaces included
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $96.7k | $22.20 |
| − Vacancy | −$4.6k | −$1.05 |
| EGI | $92.2k | $21.15 |
| − OpEx | −$27.6k | −$6.34 |
| NOI | $64.5k | $14.80 |
4,358 SF · lease $22.20/SF/yr · vacancy 4.75% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$921.5K
$806.3K – $1.08M
NOI $64,506 @ 7.0% cap · market cap 4.30%
Second Best
Apartment 5plus
$847.1K
$741.2K – $988.3K
NOI $59,295 @ 7.0% cap · market cap 3.95%
Theoretical Best
Specialty Retail
$1.61M
$1.41M – $1.88M
NOI $113,039 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
908
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two leased storefronts sit below three residential apartments in a historic building with six off-street parking spaces.
Where is this mixed-use property located?
The property is located at 232527 S MARKET STREET Frederick, MD.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Historic building built in 1890 with two leased commercial storefronts and three residential apartments above; Commercial tenants include a boutique purse/apparel shop and a florist; Six leased off‑street parking spaces included
