First-Floor Residential Income
For Sale
$429,900
Pending
3030 MILL ISLAND PKWY #113, Frederick, MD 21701
FREDERICK, MD
Property Size1,508 SF
Days on Market47
Property Features for 3030 MILL ISLAND PKWY #113
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 2, Bedroom 1
Subdivision
PARK PLACE AT MILL ISLAND
Elementary school
WALKERSVILLE
Middle school
WALKERSVILLE
High school
WALKERSVILLE
Elementary school district
FREDERICK COUNTY PUBLIC SCHOOLS
Middle school district
FREDERICK COUNTY PUBLIC SCHOOLS
High school district
FREDERICK COUNTY PUBLIC SCHOOLS
Standard status
Pending
Amenities
swimming pool
community center
tennis courts
playgrounds
walking and jogging paths
Building Details
Year built
2008
Listing Agency:
Northrop - Frederick/Urbana
Listed By:
Rich Phillips
(240) 680-1515
Added: Sep 3
Changed: Oct 6
Last Checked: Oct 19 at 6:06PM
MLS# MDFR2086528
Copyright © 2026 Long & Foster Real Estate. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 1,508-square-foot, first-floor condominium at 3030 Mill Island Parkway #113 includes two bedrooms, two-and-a-half bathrooms, and a private den that can serve as a home office. The interior features an open living arrangement, hardwood flooring in the main areas, and a primary bedroom with three closets fitted with built-in organizers. A secure assigned garage space and separate exterior storage area add practical convenience. The property was built in 2008 and has received updates to the HVAC in 2019, water heater in 2022, and refrigerator in 2020.
The residence overlooks a preserve area within Wormans Mill. Community amenities include a swimming pool, community center, tennis courts, playgrounds, and walking and jogging paths. Restaurants within the community are accessible on foot, while Wegmans, Walmart, and other shopping and services are minutes away. Route 15 and Thomas Johnson Drive provide access to surrounding Frederick destinations. Snow removal and trash service are included in the association fee.
The residence overlooks a preserve area within Wormans Mill. Community amenities include a swimming pool, community center, tennis courts, playgrounds, and walking and jogging paths. Restaurants within the community are accessible on foot, while Wegmans, Walmart, and other shopping and services are minutes away. Route 15 and Thomas Johnson Drive provide access to surrounding Frederick destinations. Snow removal and trash service are included in the association fee.
Key Highlights
- 1,508 SF first‑floor condominium with two bedrooms and 2.5 bathrooms
- Private den or home office plus open main living areas
- Primary bedroom includes three closets with custom built‑in organizers
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,518
Cap Rate
4.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$410,360
$410.4K
Cap Rate 7%
$293,114
$293.1K
Cap Rate 9%
$227,978
$228.0K
Market Conditions
NOI Build-Up for 1,508 SF
Gross rent
$39.3K $26.04/SF
− Vacancy
−$2.0K −$1.30/SF
EGI
$37.3K $24.74/SF
− OpEx
−$16.8K −$11.13/SF
NOI
$20.5K $13.61/SF
Area
Frederick County, MD
Vacancy
5.00%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$410,360
Cap Rate 7%
$293,114
Cap Rate 9%
$227,978
Alternative Uses
Best Use
Apartment 5plus
$293.1K
$256.5K – $342.0K
NOI $20,518 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$558.8K
$488.9K – $651.9K
NOI $39,115 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
126
Businesses Nearby
Explore this area
Business Placement
Demographics for 21701, MD
39,629
Population
18,914
Households
2.1
Avg Household Size
40
Median Age
50%
College-Educated
95%
High-School Grad
39.7 sq mi
ZIP Area
998
Density / Sq Mi
$102,306
Median Household Income
$59,381
Median Earnings
$1,607
Median Rent
$404,900
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence with an open layout, private office, secure garage parking, and access to extensive community amenities.
Where is this residential income property located?
The property is located at 3030 MILL ISLAND PKWY #113 Frederick, MD.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: 1,508 SF first‑floor condominium with two bedrooms and 2.5 bathrooms; Private den or home office plus open main living areas; Primary bedroom includes three closets with custom built‑in organizers
