Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    241 E 2nd St Frederick, MD 21701

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $850,000

    Six-unit apartment building in downtown Frederick with strong income potential.

    Type:Commercial
    Added:
    Mar 31, 2026
    Days on Market:
    16
    Last Refresh:
    Apr 2 at 8:13 pm

    Property Features for 241 E 2nd St

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    KELSEY M NORRIS

    Listing agent KELSEY M NORRIS

    Listing office CHARIS REALTY GROUP

    Listing date Mar 31, 2026

    Source Corcoran

    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 CHARIS REALTY GROUP

    Overview

    Downtown Frederick Apartment Building

    This six-unit apartment building is located in Downtown Frederick, near Eveready Square and Market Street. The property features a mix of apartment types, including three 1-bedroom/1-bath units, two 2-bedroom/1-bath units, and one studio apartment. Each unit includes updated bathrooms, generously sized kitchens, and new electric baseboard heating. A private parking lot is available for tenants, along with outdoor seating areas. The property is positioned as an investment opportunity with income potential in a sought-after area.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Law Firm Real Estate Agency Dental Office Spa & Massage Center Hair Salon Nail Salon Food Market Grocery & Convenience Store Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Frederick
    County
    Frederick
    State
    Maryland
    Longitude
    -77.4053266
    Latitude
    39.4162896

    Nearby Similar for Sale

    • $419,999

      Frederick Office Suite For Sale

      Street-level office suite with tax benefits and modern design.
      6550 MERCANTILE Drive E, FREDERICK, MD 21703
      View Details
    • $624,999

      Frederick Medical/Office Condo For Sale

      Professional medical/office condo in Frederick, ideal for owner-occupants or investors.
      100 TUSCANNY #5, FREDERICK, MD 21702
      View Details
    • $3,250,000

      Frederick Office/Medical Building For Sale

      10,600 SF office/medical building with onsite parking and natural light.
      195 THOMAS JOHNSON Drive, FREDERICK, MD 21702
      View Details
    • $899,900
      2,848 SF

      Historic Frederick Multifamily Investment Opportunity

      Four-unit multifamily property in Frederick's Historic District.
      232 E 2ND Street, FREDERICK, MD 21701
      View Details
    • $789,900

      Downtown Frederick Office/Medical Space

      2,848 SF office/medical space in historic downtown Frederick.
      241 E 4TH Street, FREDERICK, MD 21701
      View Details
    • $631,250
      2,525 SF

      Downtown Frederick Office Space

      Unique office space in historic building with modern amenities.
      241 E 4th St #206, FREDERICK, MD 21701
      View Details
    • $1,500,000

      Leased Mixed-Use Frederick Property

      Income-producing property in a desirable, walkable downtown location.
      23-25-27 S MARKET ST, FREDERICK, MD 21701
      View Details
    • $3,250,000
      10,600 SF

      Freestanding Office/Medical Building For Sale

      10,600 SF office/medical building with parking and natural light.
      195 Thomas Johnson Dr, FREDERICK, MD 21702
      View Details
    • $545,000

      Downtown Frederick Commercial Opportunity

      Prime commercial property in downtown Frederick with versatile zoning.
      325 W 7th St, FREDERICK, MD 21701
      View Details
    • $1,800,000
      6,000 SF

      Versatile Commercial Building Near Interstates

      6,000 sq ft commercial building suitable for industrial or flex uses.
      4603 Wedgewood Blvd, FREDERICK, MD 21703
      View Details
    • $599,900
      1,960 SF

      Downtown Frederick Multifamily Investment Opportunity

      Four-unit multifamily property in downtown Frederick with strong rental demand.
      209 Dill Avenue, Frederick, MD 21701
      View Details
    • $585,000
      1,013 SF

      Frederick Office Space For Rent

      Office space for rent in Frederick, Maryland.
      50 Carroll Creek Way, Frederick, MD
      View Details

    FAQs

    What type of property is this?
    Apartment building - Six-unit apartment building in downtown Frederick with strong income potential.
    Where is this apartment building located?
    The property is located at 241 E 2nd St Frederick, MD.
    What is the asking price?
    The asking price for this property is $850,000.
    What are key features of this property?
    This property features: Prime Downtown Frederick location near Eveready Square and Market Street; Strong income potential from a well‑maintained 6‑unit apartment building; Desirable unit mix: three 1‑bedroom, two 2‑bedroom, and one studio apartment
    (240) 913-9339
    We can help!
    Listing Contact
    KELSEY M NORRIS
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!