Equipped Bar and
New
For Sale
$350,000
202 CENTER St, Frostburg, MD 21532
Operating bar with a liquor license, restaurant equipment, and commercial kitchen infrastructure in a university-oriented mixed-use district.
Property Size1,984 SF
Lot Size0.20 Acres
Price / SF$176.41
Days on Market2
Property Features for 202 CENTER St
General Information
Standard status
Active
Size
1,984 SF
Lot size
0.20 Acres
Property subtype
Commercial
Zoning
C1
Restaurant
Equipment Included
Yes
Liquor License
Yes
Additional Details
Furnished
Yes
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$3,097
Building Details
Year Built
1920
Listing Agency:
Gates Realty
Listed By:
Jared P Fradiska · License #663563
(301) 707-1097
Source:
Elliman
Added: Sep 5
Last Checked: Sep 5 at 3:19PM
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 Gates Realty
Investment Insights
Based on property information with market context.
This approximately 1,984-square-foot commercial property includes an operating bar along with restaurant and commercial kitchen areas that are currently unused. The sale includes the real estate, liquor license, bar and restaurant equipment, walk-ins, freezers, a large commercial refrigerator, furnishings, and fixtures. Existing staff is also in place. Built in 1920, the property occupies approximately 0.20 acres and is zoned C1 University Corridor/Mixed Use.
The property is located on Center Street in Frostburg within the University Corridor and serves a market that includes the local community and Frostburg State University. Previous operations included bar and restaurant service, private parties, special events, and student-night entertainment. The existing layout and equipment support continued bar operations, restaurant reactivation, or another permitted concept, subject to verification of zoning, licensing, equipment, and permitted uses.
The property is located on Center Street in Frostburg within the University Corridor and serves a market that includes the local community and Frostburg State University. Previous operations included bar and restaurant service, private parties, special events, and student-night entertainment. The existing layout and equipment support continued bar operations, restaurant reactivation, or another permitted concept, subject to verification of zoning, licensing, equipment, and permitted uses.
Key Highlights
- Approximately 1,984 square feet on approximately 0.20 acres
- Operating bar with included liquor license
- Restaurant and commercial kitchen areas currently unused
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
$22,099
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
6.31%
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%
$441,980
$442.0K
Cap Rate 7%
$315,700
$315.7K
Cap Rate 9%
$245,544
$245.5K
Market Conditions
NOI Build-Up for 1,984 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
$35.7K $18.00/SF
− Vacancy
−$4.1K −$2.09/SF
EGI
$31.6K $15.91/SF
− OpEx
−$9.5K −$4.77/SF
NOI
$22.1K $11.14/SF
Area
Allegany County, MD
Vacancy
11.60%
Lease Rate
$18.00 /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%
$441,980
Cap Rate 7%
$315,700
Cap Rate 9%
$245,544
Alternative Uses
Best Use
Specialty Retail
$644.6K
$564.0K – $752.0K
NOI $45,119 @ 7.0% cap · market cap 12.89%
Second Best
Industrial
$315.7K
$276.2K – $368.3K
NOI $22,099 @ 7.0% cap · market cap 6.31%
Theoretical Best
Office A
$735.8K
$643.8K – $858.4K
NOI $51,504 @ 7.0% cap · market cap 14.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
513
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21532, MD
13,328
Population
6,044
Households
2.2
Avg Household Size
39
Median Age
33%
College-Educated
93%
High-School Grad
74.1 sq mi
ZIP Area
180
Density / Sq Mi
$60,158
Median Household Income
$33,054
Median Earnings
$839
Median Rent
$175,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Starbucks — 101 Braddock Rd, Frostburg, MD 21532
- The Beach Club of Frostburg — 202 Center St, Frostburg, MD 21532
- The Main Street Pub — 163 E Main St, Frostburg, MD 21532
- the Main Streer Pub — 167 e main st, frostburg, md 21532
- The Deep End — 16 W Main St, Frostburg, MD 21532
Frequently Asked Questions
What type of property is this?
Bar & Pub - Operating bar with a liquor license, restaurant equipment, and commercial kitchen infrastructure in a university-oriented mixed-use district.
Where is this bar & pub located?
The property is located at 202 CENTER St Frostburg, MD.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Approximately 1,984 square feet on approximately 0.20 acres; Operating bar with included liquor license; Restaurant and commercial kitchen areas currently unused
