Commercial Land in Prime
For Sale
$1,150,000
2038 Liberty Rd, Sykesville, MD 21784
Commercial land with building in a desirable Southern Carroll location.
Property Size2,558 SF
Lot Size1.07 Acres
Price / SF$449.57
Days on Market526
Property Features for 2038 Liberty Rd
General Information
Standard status
Active
Size
2,558 SF
Lot size
1.07 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,898
Amenities
Corner
Road Frontage
Building Details
Year Built
1961
Listing Agency:
LONG & FOSTER REAL ESTATE, INC.
(410) 795-9600
Listed By:
SYLVIA L ROLLINS-JONES
Source:
Corcoran
Added: Mar 1, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:06AM
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 LONG & FOSTER REAL ESTATE, INC.
Investment Insights
Based on property information with market context.
This commercial property offers 46,760 square feet (1.073 acres) of land in Southern Carroll County. The property is comprised of one deed with two separate tax IDs. One lot, designated AB, encompasses approximately 27,400 square feet. The second tax record, Lot C, features 19,360 square feet of land and includes a 2,558 square foot above-grade building with a finished lower level and ground-level walkout. Situated at the corner of Liberty Road and Locust Lane, the property benefits from four entrances, two on Liberty Road and two on Locust Lane. The location is within walking distance of a strip shopping center, daycare facilities, carry-out restaurants, a grocery store, and other retail establishments. It is also less than one mile from Walmart, Starbucks, Michaels, and other national retailers. The property includes several parking spaces. The two separate tax ID lots (AB and C) are being sold together, offering various possibilities for commercial use.
Key Highlights
- Prime corner lot location at the intersection of Liberty Rd and Locust Lane.
- Large commercial land area: 46,760 SF (1.073 acres).
- Existing 2,558 SF above‑grade building with a finished lower level and ground‑level walkout.
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
$36,206
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
3.15%
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%
$724,120
$724.1K
Cap Rate 7%
$517,229
$517.2K
Cap Rate 9%
$402,289
$402.3K
Market Conditions
NOI Build-Up for 2,558 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
$55.3K $21.60/SF
− Vacancy
−$3.5K −$1.38/SF
EGI
$51.7K $20.22/SF
− OpEx
−$15.5K −$6.07/SF
NOI
$36.2K $14.15/SF
Area
Carroll County, MD
Vacancy
6.39%
Lease Rate
$21.60 /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%
$724,120
Cap Rate 7%
$517,229
Cap Rate 9%
$402,289
Alternative Uses
Best Use
Retail
$517.2K
$452.6K – $603.4K
NOI $36,206 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$948.6K
$830.1K – $1.11M
NOI $66,405 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
Explore this area
Business Placement
Demographics for 21784, MD
40,028
Population
13,664
Households
2.9
Avg Household Size
41
Median Age
53%
College-Educated
96%
High-School Grad
56.1 sq mi
ZIP Area
714
Density / Sq Mi
$141,228
Median Household Income
$71,145
Median Earnings
$1,673
Median Rent
$478,200
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?
Commercial land - Commercial land with building in a desirable Southern Carroll location.
Where is this commercial land located?
The property is located at 2038 Liberty Rd Sykesville, MD.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Prime corner lot location at the intersection of Liberty Rd and Locust Lane.; Large commercial land area: 46,760 SF (1.073 acres).; Existing 2,558 SF above‑grade building with a finished lower level and ground‑level walkout.
