Historic Office
For Sale
$295,000
233 W PATRICK St, Frederick, MD 21701
Well-maintained 1,176 SF office building built in 1910 with DB zoning in Frederick.
Property Size1,176 SF
Price / SF$250.85
Days on Market65
Property Features for 233 W PATRICK St
General Information
Standard status
Active
Size
1,176 SF
Property subtype
Commercial
Zoning
DB
Building Details
Year Built
1910
Listing Agency:
VCRE.CO
(301) 639-5894
Listed By:
Justin Saltzman · License #0668428
(301) 639-5894
Source:
Elliman
Added: Jun 3
Changed: Jul 21
Last Checked: Aug 6 at 7:55AM
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 VCRE.CO
Investment Insights
Based on property information with market context.
This well-maintained office building offers 1,176 SF of space in a historic structure built in 1910. The property is presented for office or office building use, with DB zoning providing flexibility for potential tenants and businesses.
The building is located at 233 W Patrick St in Frederick, Maryland. BikeScore is listed as 47 (Somewhat Bikeable), walkScore as 62 (Somewhat Walkable), and transitScore as 36 (Some Transit), offering a moderate level of access for daily commutes.
Zoned DB, the property supports a range of office-related uses while retaining its historic character.
The building is located at 233 W Patrick St in Frederick, Maryland. BikeScore is listed as 47 (Somewhat Bikeable), walkScore as 62 (Somewhat Walkable), and transitScore as 36 (Some Transit), offering a moderate level of access for daily commutes.
Zoned DB, the property supports a range of office-related uses while retaining its historic character.
Key Highlights
- Well‑maintained 1,176 SF office building built in 1910 in Frederick
- Zoned DB, offering flexibility for office or office building uses
- Historic build year (1910) with modern utility for tenant/business use
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
$21,545
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
7.30%
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%
$430,900
$430.9K
Cap Rate 7%
$307,786
$307.8K
Cap Rate 9%
$239,389
$239.4K
Market Conditions
NOI Build-Up for 1,176 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
$36.4K $30.96/SF
− Vacancy
−$7.7K −$6.53/SF
EGI
$28.7K $24.43/SF
− OpEx
−$7.2K −$6.11/SF
NOI
$21.5K $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%
$430,900
Cap Rate 7%
$307,786
Cap Rate 9%
$239,389
Alternative Uses
Best Use
Office B
$307.8K
$269.3K – $359.1K
NOI $21,545 @ 7.0% cap · market cap 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$435.8K
$381.3K – $508.4K
NOI $30,504 @ 7.0% cap · market cap 10.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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 - Well-maintained 1,176 SF office building built in 1910 with DB zoning in Frederick.
Where is this office building located?
The property is located at 233 W PATRICK St Frederick, MD.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Well‑maintained 1,176 SF office building built in 1910 in Frederick; Zoned DB, offering flexibility for office or office building uses; Historic build year (1910) with modern utility for tenant/business use
