Flex Space With
New
For Sale
$650,000
9211 BALTIMORE RD, Frederick, MD 21704
Flex property with finished office space, storage, GC zoning, and vacant delivery.
Property Size3,166 SF
Lot Size1.00 Acre
Price / SF$205.31
Days on Market2
Property Features for 9211 BALTIMORE RD
General Information
Standard status
Active
Size
3,166 SF
Lot size
1.00 Acre
Property subtype
Commercial
Zoning
GC
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Build-Out
1,300 SF
Taxes and HOA fees
Annual Taxes
$2,282
Building Details
Year Built
1935
Buildings
1
Units
1
Building Size
3,166 SF
Listing Agency:
(240) 604-3000
Listed By:
Paul A. Katrivanos · License #504850
(240) 604-3000
Source:
Elliman
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 12 at 5:48AM
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 Paul A. Katrivanos
Investment Insights
Based on property information with market context.
This 3,166-square-foot flex building, constructed in 1935, includes 1,300 square feet of finished office area, with the balance configured for storage. The property is scheduled to transfer vacant, allowing the next owner to establish its own operations within the existing layout. Zoning is designated GC, and prospective buyers should independently confirm allowable uses.
The 1-acre property fronts Rt 144 near I-70 and the Spring Ridge community. The location is approximately 3 miles from downtown Frederick, with MDOT traffic data indicating more than 13,000 vehicles per day on the route. Access to the property is available from the surrounding road network, and the site records a bike score of 7 and a walk score of 13.
The 1-acre property fronts Rt 144 near I-70 and the Spring Ridge community. The location is approximately 3 miles from downtown Frederick, with MDOT traffic data indicating more than 13,000 vehicles per day on the route. Access to the property is available from the surrounding road network, and the site records a bike score of 7 and a walk score of 13.
Key Highlights
- 3,166‑square‑foot flex building with 1,300 square feet of finished office space
- Remaining building area provides storage space
- 1‑acre property facing Rt 144 near I‑70
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
$58,003
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
8.92%
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%
$1,160,060
$1.2M
Cap Rate 7%
$828,614
$828.6K
Cap Rate 9%
$644,478
$644.5K
Market Conditions
NOI Build-Up for 3,166 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
$98.0K $30.96/SF
− Vacancy
−$20.7K −$6.53/SF
EGI
$77.3K $24.43/SF
− OpEx
−$19.3K −$6.11/SF
NOI
$58.0K $18.32/SF
Area
Frederick County, MD
Vacancy
21.10%
Lease Rate
$30.96 /SF/Yr
Expense Ratio
25.00%
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%
$1,160,060
Cap Rate 7%
$828,614
Cap Rate 9%
$644,478
Alternative Uses
Best Use
Office B
$828.6K
$725.0K – $966.7K
NOI $58,003 @ 7.0% cap · market cap 8.92%
Second Best
Warehouse
$424.3K
$371.2K – $495.0K
NOI $29,698 @ 7.0% cap · market cap 4.57%
Theoretical Best
Specialty Retail
$1.17M
$1.03M – $1.37M
NOI $82,121 @ 7.0% cap · market cap 12.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
233
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21704, MD
19,275
Population
6,230
Households
3.1
Avg Household Size
37
Median Age
58%
College-Educated
96%
High-School Grad
26.6 sq mi
ZIP Area
725
Density / Sq Mi
$164,457
Median Household Income
$82,145
Median Earnings
$2,395
Median Rent
$585,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Flex property with finished office space, storage, GC zoning, and vacant delivery.
Where is this flex space located?
The property is located at 9211 BALTIMORE RD Frederick, MD.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 3,166‑square‑foot flex building with 1,300 square feet of finished office space; Remaining building area provides storage space; 1‑acre property facing Rt 144 near I‑70
