Triplex with Detached
New
For Sale
$475,000
430 W PATRICK Street, Frederick, MD 21701
Multi-Family, FREDERICK, MD
Property Size1,740 SF
Lot Size0.09 Acres
Price / SF$272.99
Days on Market2
Property Features for 430 W PATRICK Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Dining Room, Basement
Parking
5
Parking features
Garage - Detached, Off Street
Interior features
Attic, Bathroom - Walk-In Shower, Combination Kitchen/Dining, Efficiency, Entry Level Bedroom, Wood Floors
Fireplace
1
Appliances
Washer, Dryer, Stove, Refrigerator, Oven/Range - Electric
Subdivision
DOWNTOWN FREDERICK
Elementary school
CALL SCHOOL BOARD
Middle school
WEST FREDERICK
High school
FREDERICK
Elementary school district
FREDERICK COUNTY PUBLIC SCHOOLS
Middle school district
FREDERICK COUNTY PUBLIC SCHOOLS
High school district
FREDERICK COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
1,740 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
8049
Utilities
Heating system
Baseboard, Heat Pump (Heating), Electric (Heating)
Cooling system
Window Unit(s), Heat Pump
Building Details
Year built
1880
Number of units
3
Building materials
Brick
Architectural style
Colonial
Listing Agency:
Mackintosh, Inc.
(301) 662-0155
Listed By:
Stephen C Mackintosh · License #82894
(301) 748-3696
Added: Sep 26
Changed: Sep 27
Last Checked: Sep 27 at 12:06PM
MLS# MDFR2089900
Copyright © 2026 Bright MLS. 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 1,740-square-foot brick triplex at 430 W Patrick Street contains three units: a street-level efficiency, a lower-level apartment with one bedroom and one bathroom, and a second-floor apartment with two bedrooms and one bathroom. A detached garage accommodates more than two cars and includes a storage room. Additional features include wood floors, a fireplace, and off-street parking. The property is vacant and is being sold as-is; updates have been completed over time, with further work needed.
The 0.093-acre property is in Frederick City, near Baker Park and Culler Lake. It was built in 1880 and is zoned DB (Downtown Business), with potential for residential and commercial uses.
The 0.093-acre property is in Frederick City, near Baker Park and Culler Lake. It was built in 1880 and is zoned DB (Downtown Business), with potential for residential and commercial uses.
Key Highlights
- Three‑unit property with an efficiency, a 1‑bedroom/1‑bathroom unit, and a 2‑bedroom/1‑bathroom unit
- Detached garage for 2+ cars with a storage room
- 1,740 square feet on a 0.093‑acre lot
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
$25,755
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
5.42%
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%
$515,100
$515.1K
Cap Rate 7%
$367,929
$367.9K
Cap Rate 9%
$286,167
$286.2K
Market Conditions
NOI Build-Up for 1,740 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
$38.6K $22.20/SF
− Vacancy
−$1.8K −$1.05/SF
EGI
$36.8K $21.15/SF
− OpEx
−$11.0K −$6.34/SF
NOI
$25.8K $14.80/SF
Area
Frederick County, MD
Vacancy
4.75%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$515,100
Cap Rate 7%
$367,929
Cap Rate 9%
$286,167
Alternative Uses
Best Use
Multifamily LT 5
$367.9K
$321.9K – $429.3K
NOI $25,755 @ 7.0% cap · market cap 5.42%
Second Best
Apartment 5plus
$338.2K
$295.9K – $394.6K
NOI $23,674 @ 7.0% cap · market cap 4.98%
Theoretical Best
Specialty Retail
$644.8K
$564.2K – $752.2K
NOI $45,133 @ 7.0% cap · market cap 9.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,314
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - DB zoning offers potential for residential and commercial uses.
Where is this triplex located?
The property is located at 430 W PATRICK Street Frederick, MD.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Three‑unit property with an efficiency, a 1‑bedroom/1‑bathroom unit, and a 2‑bedroom/1‑bathroom unit; Detached garage for 2+ cars with a storage room; 1,740 square feet on a 0.093‑acre lot
