Office Condo Unit with
For Sale
$550,000
23 FREDERICK STREET, Walkersville, MD 21793
Well-maintained office condominium unit available with a leaseback in place through September 2027.
Property Size1,600 SF
Price / SF$343.75
Days on Market49
Property Features for 23 FREDERICK STREET
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Office
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$4,543
Amenities
Central Air
3
Parking.
Lot.
Building Details
Year Built
1987
Listing Agency:
MacRo, Ltd.
(703) 507-1069
Listed By:
Ashleigh Laura Rossi · License #659717
(703) 507-1069
Source:
Xome
Added: Jul 4
Changed: Aug 12
Last Checked: Aug 21 at 5:03AM
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 MacRo, Ltd.
Investment Insights
Based on property information with market context.
This well-maintained office condominium unit, identified as Unit 4 at 23 E. Frederick Street, is offered for sale as a turn-key investment with an existing occupant. The property is presented as a reliable, income-producing setup, with the seller requesting a leaseback through September 2027 to help support a seamless transition after closing.
The opportunity is located at 23 E. Frederick Street in Walkersville, Maryland. The transaction structure is designed to eliminate the need to secure a new tenant immediately after closing, since occupancy is already in place under the leaseback arrangement through September 2027.
The opportunity is located at 23 E. Frederick Street in Walkersville, Maryland. The transaction structure is designed to eliminate the need to secure a new tenant immediately after closing, since occupancy is already in place under the leaseback arrangement through September 2027.
Key Highlights
- Well‑maintained office condominium unit with a leaseback in place through September 2027
- Central air conditioning
- Heating system listed as "3"
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
$29,313
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
5.33%
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%
$586,260
$586.3K
Cap Rate 7%
$418,757
$418.8K
Cap Rate 9%
$325,700
$325.7K
Market Conditions
NOI Build-Up for 1,600 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
$49.5K $30.96/SF
− Vacancy
−$10.5K −$6.53/SF
EGI
$39.1K $24.43/SF
− OpEx
−$9.8K −$6.11/SF
NOI
$29.3K $18.32/SF
Area
Frederick County, MD
Vacancy
21.10%
Lease Rate
$30.96 /SF/Yr
Expense Ratio
25.00%
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%
$586,260
Cap Rate 7%
$418,757
Cap Rate 9%
$325,700
Alternative Uses
Best Use
Office B
$418.8K
$366.4K – $488.6K
NOI $29,313 @ 7.0% cap · market cap 5.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$592.9K
$518.8K – $691.7K
NOI $41,501 @ 7.0% cap · market cap 7.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
Explore this area
Business Placement
Demographics for 21793, MD
10,447
Population
4,069
Households
2.6
Avg Household Size
40
Median Age
39%
College-Educated
96%
High-School Grad
21.4 sq mi
ZIP Area
488
Density / Sq Mi
$128,504
Median Household Income
$56,329
Median Earnings
$1,489
Median Rent
$416,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Well-maintained office condominium unit available with a leaseback in place through September 2027.
Where is this office units located?
The property is located at 23 FREDERICK STREET Walkersville, MD.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Well‑maintained office condominium unit with a leaseback in place through September 2027; Central air conditioning; Heating system listed as "3"
