Third-Floor Residential Income
For Sale
$261,999
Pending
1603 BERRY ROSE #3D, Frederick, MD 21701
Well-maintained condominium with vaulted ceilings, updated systems, and convenient access to everyday amenities.
Property Size1,072 SF
Days on Market99
Property Features for 1603 BERRY ROSE #3D
General Information
Standard status
Pending
Size
1,072 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Building Details
Building Size
1,072 SF
Year Built
1994
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
Listed By:
Shelley Nichole Eyler
(240) 815-9040
Source:
Cindee.kw
Added: May 29
Changed: Aug 31
Last Checked: Sep 4 at 2:08AM
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 Berkshire Hathaway HomeServices PenFed Realty
Investment Insights
Based on property information with market context.
This third-floor condominium, built in 1994, features cathedral ceilings that expand the living area and a bump-out dining space. Laminate flooring, a custom butcher’s block bar, and a balcony add practical and functional appeal. Major updates include a 2021 HVAC system and a 2024 refresh involving the dishwasher, dryer, and balcony.
The property is within the city limits and located near walking paths, shopping, and restaurants. Its combination of refreshed components, distinctive ceiling height, and added dining and seating areas creates a well-defined residential income property offering.
The property is within the city limits and located near walking paths, shopping, and restaurants. Its combination of refreshed components, distinctive ceiling height, and added dining and seating areas creates a well-defined residential income property offering.
Key Highlights
- Third‑floor condominium with cathedral ceilings
- Bump‑out dining area adds functional living space
- 2021 HVAC system
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
$14,586
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
5.57%
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%
$291,720
$291.7K
Cap Rate 7%
$208,371
$208.4K
Cap Rate 9%
$162,067
$162.1K
Market Conditions
NOI Build-Up for 1,072 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
$27.9K $26.04/SF
− Vacancy
−$1.4K −$1.30/SF
EGI
$26.5K $24.74/SF
− OpEx
−$11.9K −$11.13/SF
NOI
$14.6K $13.61/SF
Area
Frederick County, MD
Vacancy
5.00%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$291,720
Cap Rate 7%
$208,371
Cap Rate 9%
$162,067
Alternative Uses
Best Use
Apartment 5plus
$208.4K
$182.3K – $243.1K
NOI $14,586 @ 7.0% cap · market cap 5.57%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$397.2K
$347.6K – $463.4K
NOI $27,806 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
258
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Well-maintained condominium with vaulted ceilings, updated systems, and convenient access to everyday amenities.
Where is this residential income property located?
The property is located at 1603 BERRY ROSE #3D Frederick, MD.
What is the asking price?
The asking price for this property is $261,999.
What are key features of this property?
This property features: Third‑floor condominium with cathedral ceilings; Bump‑out dining area adds functional living space; 2021 HVAC system
