Neighborhood Retail Strip
For Sale
Contact for pricing
1603 Ridgeside Dr, Mount Airy, MD 21771
Retail strip property anchored by Rita’s Italian Ice & Frozen Custard with tenant mix including wellness and personal care.
Property Size4,896 SF
Lot Size0.66 Acres
Price / SF$306.37
Days on Market137
Property Features for 1603 Ridgeside Dr
General Information
Standard status
Active
Size
4,896 SF
Class
A
Lot size
0.66 Acres
Property subtype
Retail
Zoning
CC
Occupancy
100%
Lease Type
NNN
Net Operating Income
$90,526
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Buildings
1
Stories
1
Units
4
Tenancy
Multi
Listing Agency:
Cypress Property Advisors, LLC
Listed By:
Michael Durst · License #MD 37642
Source:
Crexi
Added: Apr 22
Changed: Aug 28
Last Checked: Sep 3 at 5:08AM
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 Cypress Property Advisors, LLC
Investment Insights
Based on property information with market context.
1603 Ridgeside Drive is a retail strip property offering 4,896 square feet on approximately 0.66 acres. The center includes an established tenant mix featuring Rita’s Italian Ice & Frozen Custard, along with Reflections Hair Design, MK Wellness Clinic, and Bullett’s Ink. Accessible parking supports day-to-day customer access for the various service- and food-oriented tenants.
The property is located in Mt. Airy, Maryland, within a neighborhood retail corridor. Convenient access is available to Route 27 and Interstate 70, serving a suburban community with local traffic supported by nearby residential development.
For prospective buyers, the asset is presented as a stable neighborhood retail offering with anchored tenancy and a balanced mix of food, personal care, wellness, and specialty services.
The property is located in Mt. Airy, Maryland, within a neighborhood retail corridor. Convenient access is available to Route 27 and Interstate 70, serving a suburban community with local traffic supported by nearby residential development.
For prospective buyers, the asset is presented as a stable neighborhood retail offering with anchored tenancy and a balanced mix of food, personal care, wellness, and specialty services.
Key Highlights
- 4,896‑sq‑ft retail strip property in Mt. Airy, MD
- On approximately 0.66 acres with convenient access to Route 27 and Interstate 70
- Anchored by Rita’s Italian Ice & Frozen Custard
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
$53,331
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
3.56%
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%
$1,066,620
$1.1M
Cap Rate 7%
$761,871
$761.9K
Cap Rate 9%
$592,567
$592.6K
Market Conditions
NOI Build-Up for 4,896 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
$78.1K $15.96/SF
− Vacancy
−$2.0K −$0.40/SF
EGI
$76.2K $15.56/SF
− OpEx
−$22.9K −$4.67/SF
NOI
$53.3K $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 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%
$1,066,620
Cap Rate 7%
$761,871
Cap Rate 9%
$592,567
Alternative Uses
Best Use
Retail
$761.9K
$666.6K – $888.9K
NOI $53,331 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.81M
$1.59M – $2.12M
NOI $126,994 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
676
Businesses Nearby
373k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 44%
Superstores 18%
Shops & Services 16%
Groceries 15%
Walmart
Superstores
68,645 visits/mo
0.3 miles
Chick-fil-A
Dining
54,599 visits/mo
0.1 miles
McDonald's
Dining
37,254 visits/mo
0.2 miles
Safeway
Groceries
34,098 visits/mo
0.3 miles
Starbucks
Dining
25,978 visits/mo
0.2 miles
Demographics for 21771, MD
30,697
Population
11,401
Households
2.7
Avg Household Size
43
Median Age
46%
College-Educated
95%
High-School Grad
89.5 sq mi
ZIP Area
343
Density / Sq Mi
$154,844
Median Household Income
$70,011
Median Earnings
$2,117
Median Rent
$532,200
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?
Strip mall - Retail strip property anchored by Rita’s Italian Ice & Frozen Custard with tenant mix including wellness and personal care.
Where is this strip mall located?
The property is located at 1603 Ridgeside Dr Mount Airy, 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: 4,896‑sq‑ft retail strip property in Mt. Airy, MD; On approximately 0.66 acres with convenient access to Route 27 and Interstate 70; Anchored by Rita’s Italian Ice & Frozen Custard
