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Listing Agency: ONE Street Show Phone

Listed By: Kevin Brandes · License #DCSP98378229 Show Phone

Source: Moodyscre

Added: Mar 10, 2025 Changed: Oct 6 Last Checked: Oct 15 at 2:43AM

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Investment Insights

Based on property information with market context.

Located at 12–16 W Patrick St in Frederick, Maryland, this 25,586-square-foot retail property combines a substantial building footprint with historic character. The asset is classified as retail space and is positioned for commercial, retail, or mixed-use applications under DB zoning.

The property information identifies development rights for expanding the existing structure, providing an additional consideration for future planning. Its address places the building within the Frederick area, while the zoning and existing retail classification support a range of commercial-oriented uses.

Key Highlights

• 25,586 SF building
• DB zoning supports commercial, retail, and mixed‑use potential
• Historic character

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$278,701

Cap Rate

5.31%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,574,020 $5.6M

Cap Rate 7%

$3,981,443 $4.0M

Cap Rate 9%

$3,096,678 $3.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 25,586 SF

Gross rent

$408.4K $15.96/SF

− Vacancy

−$10.2K −$0.40/SF

EGI

$398.1K $15.56/SF

− OpEx

−$119.4K −$4.67/SF

NOI

$278.7K $10.89/SF

Area

Frederick County, MD

Vacancy

2.50%

Lease Rate

$15.96 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,574,020

Cap Rate 7%

$3,981,443

Cap Rate 9%

$3,096,678

Alternative Uses

Best Use

Retail

$3.98M

$3.48M – $4.65M (±1% cap)

NOI $278,701 @ 7.0% cap · market cap 5.31%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$9.48M

$8.30M – $11.06M (±1% cap)

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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Current Use

Retail space

Suggested Use

Top Pick Real Estate Agency Law Firm Building Supply Big Box & Wholesale Store Electrical Service HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

3,024

Businesses Nearby

11k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 70% Groceries 16% Shops & Services 8% Apparel 6%

Shuckin' Shack Oyster Bar Dining

7,560 visits/mo 0.0 miles

The Spice & Tea Exchange Groceries

1,728 visits/mo 0.1 miles

M&T Bank Shops & Services

910 visits/mo 0.1 miles

Talbots Apparel

666 visits/mo 0.4 miles

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 Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

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Frequently Asked Questions

What type of property is this?

Retail space - DB zoning allows commercial, retail, and mixed-use potential at a downtown Frederick address.

Where is this retail space located?

The property is located at 12-16 W Patrick St 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; DB zoning supports commercial, retail, and mixed‑use potential; Historic character