Residential Income Property with
New
For Sale
$429,900
3030 MILL ISLAND PKWY #113, Frederick, MD 21701
FREDERICK, MD
Property Size1,508 SF
Price / SF$285.08
Days on Market2
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
Active
Amenities
swimming pool
community center
tennis courts
playgrounds
walking and jogging paths
Building Details
Year built
2011
Listing Agency:
Northrop - Frederick/Urbana
(240) 680-1515
Listed By:
Rich Phillips
(888) 536-0216
Added: Sep 3
Changed: Sep 4
Last Checked: Sep 4 at 4:06PM
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.
Investment Insights
Based on property information with market context.
This first-floor condominium at 3030 Mill Island Parkway includes 1,508 square feet with two bedrooms, two-and-a-half bathrooms, and an open living arrangement. Real hardwood flooring serves the main areas, while a private den provides flexible office space. The primary bedroom offers three closets with built-in organizers. A secure assigned garage space and separate outdoor storage area add practical convenience. Major updates include HVAC work completed in 2019, a water heater installed in 2022, and a refrigerator replaced 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 are located within the community, with Wegmans, Walmart, and other shopping and services minutes away. Route 15 and Thomas Johnson Drive provide access to Frederick-area destinations. Association services include snow removal and trash collection.
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 are located within the community, with Wegmans, Walmart, and other shopping and services minutes away. Route 15 and Thomas Johnson Drive provide access to Frederick-area destinations. Association services include snow removal and trash collection.
Key Highlights
- 1,508‑square‑foot first‑floor condominium with two bedrooms and two‑and‑a‑half bathrooms
- Private den or home office complements the open interior layout
- Secure assigned garage parking space plus separate exterior storage area
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
$20,518
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
4.77%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - First-floor condominium with an open interior, private office, preserve views, and access to an amenity-rich community.
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‑square‑foot first‑floor condominium with two bedrooms and two‑and‑a‑half bathrooms; Private den or home office complements the open interior layout; Secure assigned garage parking space plus separate exterior storage area
