Residential Income Property with
For Sale
$224,900
803 STRATFORD WAY #B, Frederick, MD 21701
Two-bedroom condo with updated systems, reserved parking, community amenities, and access to major Frederick-area destinations.
Property Size1,100 SF
Days on Market28
Property Features for 803 STRATFORD WAY #B
General Information
Standard status
Active
Size
1,100 SF
Total Parking Spaces
1
Property subtype
Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Amenities
private balcony
walk-in closet
pet park
playgrounds
walking/jogging trails
picnic area
Building Details
Building Size
1,100 SF
Year Built
1988
Listing Agency:
JPAR Stellar Living
Listed By:
Robert N Makuch
(301) 944-9070
Source:
Cindee.kw
Added: Aug 8
Changed: Sep 3
Last Checked: Sep 4 at 2:09AM
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 JPAR Stellar Living
Investment Insights
Based on property information with market context.
This residential income property is a two-bedroom, one-bathroom condominium with a bright living area, sliding-glass-door access to a private balcony, and substantial closet storage. The primary bedroom includes a walk-in closet. Carpet was replaced approximately one year ago, and the home includes a dishwasher installed in 2021, garbage disposal in 2025, stove in 2022, refrigerator in 2020, water heater in 2026, HVAC system in 2016, and washer and dryer in 2019.
One reserved parking space is included. The condo fee covers water and sewer utilities, trash pickup, snow removal in the parking lot, common-area cleaning and maintenance, and dryer vent cleaning every two years. Community features include pet park areas, playgrounds, walking and jogging trails, and a picnic area. The association permits up to two pets, subject to community rules. The community is FHA and VA approved, with FHA ID P016674 and VA ID 00062.
The property is near Downtown Frederick, the Frederick Fairgrounds, Frederick MARC Station, Fort Detrick, schools, shopping, restaurants, and entertainment. Routes 15 and 26 and Interstates 70 and 270 provide regional access.
One reserved parking space is included. The condo fee covers water and sewer utilities, trash pickup, snow removal in the parking lot, common-area cleaning and maintenance, and dryer vent cleaning every two years. Community features include pet park areas, playgrounds, walking and jogging trails, and a picnic area. The association permits up to two pets, subject to community rules. The community is FHA and VA approved, with FHA ID P016674 and VA ID 00062.
The property is near Downtown Frederick, the Frederick Fairgrounds, Frederick MARC Station, Fort Detrick, schools, shopping, restaurants, and entertainment. Routes 15 and 26 and Interstates 70 and 270 provide regional access.
Key Highlights
- Two‑bedroom, one‑bathroom condominium with private balcony access
- Reserved parking space included
- Recent updates include a 2026 water heater, 2025 garbage disposal, and 2022 stove
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
$14,966
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
6.65%
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%
$299,320
$299.3K
Cap Rate 7%
$213,800
$213.8K
Cap Rate 9%
$166,289
$166.3K
Market Conditions
NOI Build-Up for 1,100 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
$28.6K $26.04/SF
− Vacancy
−$1.4K −$1.30/SF
EGI
$27.2K $24.74/SF
− OpEx
−$12.2K −$11.13/SF
NOI
$15.0K $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%
$299,320
Cap Rate 7%
$213,800
Cap Rate 9%
$166,289
Alternative Uses
Best Use
Apartment 5plus
$213.8K
$187.1K – $249.4K
NOI $14,966 @ 7.0% cap · market cap 6.65%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$407.6K
$356.7K – $475.5K
NOI $28,532 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
209
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 - Two-bedroom condo with updated systems, reserved parking, community amenities, and access to major Frederick-area destinations.
Where is this residential income property located?
The property is located at 803 STRATFORD WAY #B Frederick, MD.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: Two‑bedroom, one‑bathroom condominium with private balcony access; Reserved parking space included; Recent updates include a 2026 water heater, 2025 garbage disposal, and 2022 stove
