Top-Floor Residential Income
For Sale
$255,000
815 STRATFORD WAY #M, Frederick, MD 21701
Updated two-bedroom condominium with refreshed interiors, private outdoor space, and convenient access to regional roads and retail.
Property Size980 SF
Days on Market51
Property Features for 815 STRATFORD WAY #M
General Information
Standard status
Active
Size
980 SF
Total Parking Spaces
1
Property subtype
Apartment
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
1
Building Details
Building Size
980 SF
Year Built
1990
Listing Agency:
Cottage Street Realty LLC
Listed By:
Alexandra I Burrell-Hodges · License #IB98371676
(703) 242-0005
Source:
Cindee.kw
Added: Jul 16
Changed: Aug 28
Last Checked: Sep 4 at 2:13AM
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 Cottage Street Realty LLC
Investment Insights
Based on property information with market context.
This top-level condominium, constructed in 1990, offers two bedrooms and one full bathroom. Recent improvements include luxury vinyl plank flooring in the main living areas, new bedroom carpeting, and a remodeled kitchen with ENERGY STAR appliances. The bathroom has a new double-sink vanity, toilet, mirrors, and tile flooring. A new HVAC system and in-unit washer and dryer add further functional upgrades.
The home also includes a breakfast bar, private balcony, outdoor storage closet, one reserved parking space, and access to additional unreserved parking on a first-come, first-served basis. It is located on Stratford Way in the Talbot Community, across from Schifferstadt Park, with access to Route 26, Route 15, I-70, downtown Frederick, Clemson Corner shopping center, Wegmans, restaurants, shopping, and entertainment.
The home also includes a breakfast bar, private balcony, outdoor storage closet, one reserved parking space, and access to additional unreserved parking on a first-come, first-served basis. It is located on Stratford Way in the Talbot Community, across from Schifferstadt Park, with access to Route 26, Route 15, I-70, downtown Frederick, Clemson Corner shopping center, Wegmans, restaurants, shopping, and entertainment.
Key Highlights
- Top‑floor condominium with 2 bedrooms and 1 full bathroom
- New ENERGY STAR appliances, including refrigerator, microwave, range, and dishwasher
- New HVAC system, washer, and dryer
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
$13,334
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
5.23%
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%
$266,680
$266.7K
Cap Rate 7%
$190,486
$190.5K
Cap Rate 9%
$148,156
$148.2K
Market Conditions
NOI Build-Up for 980 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
$25.5K $26.04/SF
− Vacancy
−$1.3K −$1.30/SF
EGI
$24.2K $24.74/SF
− OpEx
−$10.9K −$11.13/SF
NOI
$13.3K $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%
$266,680
Cap Rate 7%
$190,486
Cap Rate 9%
$148,156
Alternative Uses
Best Use
Apartment 5plus
$190.5K
$166.7K – $222.2K
NOI $13,334 @ 7.0% cap · market cap 5.23%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$363.1K
$317.8K – $423.7K
NOI $25,420 @ 7.0% cap · market cap 9.97%
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
Paved road access
Location Intelligence
Trade Area within ½ mile
118
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 - Updated two-bedroom condominium with refreshed interiors, private outdoor space, and convenient access to regional roads and retail.
Where is this residential income property located?
The property is located at 815 STRATFORD WAY #M Frederick, MD.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: Top‑floor condominium with 2 bedrooms and 1 full bathroom; New ENERGY STAR appliances, including refrigerator, microwave, range, and dishwasher; New HVAC system, washer, and dryer
