Historic Downtown Mount Airy
For Sale
$2,850,000
233-239 South Main Street, Mount Airy, MD 21771
Two retail buildings in historic Mount Airy downtown.
Property Size9,613 SF
Price / SF$296.47
Days on Market318
Property Features for 233-239 South Main Street
General Information
Standard status
Active
Size
9,613 SF
Property subtype
Retail
Building Details
Building Size
9,613 SF
Listed By:
James F. Miers
(301) 605-3846
Source:
Naiglobal
Added: Nov 21, 2025
Changed: Oct 3
Last Checked: Oct 4 at 8:03AM
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 James F. Miers
Investment Insights
Based on property information with market context.
Located in the heart of Mount Airy’s historic downtown, 233-239 South Main Street is a commercial investment opportunity, consisting of two retail buildings. The property, built in 1928, totals 9,613 square feet in two buildings. The two-story brick building at 233 South Main Street totals 8,400 square feet and once served as the Mt. Airy Volunteer Fire Department. The building offers restaurant and boutique shop space. Constructed more recently, 239 South Main Street is a single-story building totaling 1,213 square feet and is presently home to a bakery. The property is currently occupied by four tenants, with potential for an owner-user to occupy a portion of the space. The property offers ample parking spaces and handicap-accessible entrances to its shops. The surrounding area has seen steady investment and revitalization. Positioned in Mount Airy’s most walkable corridor, 233-239 South Main Street is surrounded by locally-owned shops, eateries, and civic landmarks. The space has long served as a destination for specialty retail, restaurants, and neighborhood foot traffic. The property has quick and easy access to I-70 and is well situated between Baltimore and Frederick, MD.
Key Highlights
- Prime location in Mount Airy's historic downtown, a walkable corridor surrounded by shops and restaurants.
- Investment opportunity with two retail buildings totaling 9,613 SF.
- Potential for owner‑user to occupy a portion of the property while generating income from existing tenants.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$249,345
Cap Rate
8.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,986,900
$5.0M
Cap Rate 7%
$3,562,071
$3.6M
Cap Rate 9%
$2,770,500
$2.8M
Market Conditions
NOI Build-Up for 9,613 SF
Gross rent
$336.8K $35.04/SF
− Vacancy
−$4.4K −$0.46/SF
EGI
$332.5K $34.58/SF
− OpEx
−$83.1K −$8.65/SF
NOI
$249.3K $25.94/SF
Area
Frederick County, MD
Vacancy
1.30%
Lease Rate
$35.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,986,900
Cap Rate 7%
$3,562,071
Cap Rate 9%
$2,770,500
Alternative Uses
Best Use
Specialty Retail
$3.56M
$3.12M – $4.16M
NOI $249,345 @ 7.0% cap · market cap 8.75%
Second Best
Retail
$1.50M
$1.31M – $1.75M
NOI $104,712 @ 7.0% cap · market cap 3.67%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
627
Businesses Nearby
627
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
CARQUEST Auto Parts
Shops & Services
627 visits/mo
0.1 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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Strip mall - Two retail buildings in historic Mount Airy downtown.
Where is this strip mall located?
The property is located at 233-239 South Main Street Mount Airy, MD.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: Prime location in Mount Airy's historic downtown, a walkable corridor surrounded by shops and restaurants.; Investment opportunity with two retail buildings totaling 9,613 SF.; Potential for owner‑user to occupy a portion of the property while generating income from existing tenants.
