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    Historic Downtown Mount Airy Retail Title is generated by Realmo AI

    233-239 South Main Street, Mount Airy, MD 21771

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    Claim this Listing
    For Sale
    $2,850,000

    Two retail buildings in historic Mount Airy downtown.

    Type:Retail
    Property size:
    9,613 SF
    Price / SF:
    $296/SF
    Added:
    Nov 21, 2025
    Days on Market:
    192
    Last Refresh:
    May 8 at 8:15 pm

    Property Features for 233-239 South Main Street

    General Information

    Standard status
    Active
    Size
    9,613 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    James F. Miers

    Listing agent James F. Miers

    Listing office

    Listing date Nov 21, 2025

    Source Naiglobal

    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 James F. Miers

    HighLights

    • Prime location in Mount Airy's historic downtown, a walkable corridor surrounded by shops and restaurants.
    • Investment opportunity with two retail buildings totaling 9,613 SF.
    • Potential for owner‑user to occupy a portion of the property while generating income from existing tenants.
    • Currently occupied by four tenants, providing immediate income stream.
    • Ample on‑site parking and handicap‑accessible entrances.
    • Easy access to I‑70, conveniently located between Baltimore and Frederick, MD.

    Overview

    Located in the heart of Mount Airy’s historic downtown, 233-239 South Main Street is a commercial investment opportunity, consisting of two retail buildings. The property, built in 1928, totals 9,613 square feet in two buildings. The two-story brick building at 233 South Main Street totals 8,400 square feet and once served as the Mt. Airy Volunteer Fire Department. The building offers restaurant and boutique shop space. Constructed more recently, 239 South Main Street is a single-story building totaling 1,213 square feet and is presently home to a bakery. The property is currently occupied by four tenants, with potential for an owner-user to occupy a portion of the space. The property offers ample parking spaces and handicap-accessible entrances to its shops. The surrounding area has seen steady investment and revitalization. Positioned in Mount Airy’s most walkable corridor, 233-239 South Main Street is surrounded by locally-owned shops, eateries, and civic landmarks. The space has long served as a destination for specialty retail, restaurants, and neighborhood foot traffic. The property has quick and easy access to I-70 and is well situated between Baltimore and Frederick, MD.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $336.8k $35.04
    − Vacancy −$4.4k −$0.46
    EGI $332.5k $34.58
    − OpEx −$83.1k −$8.65
    NOI $249.3k $25.94
    9,613 SF · lease $35.04/SF/yr · vacancy 1.30% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $3.56M
    $3.12M – $4.16M (±1% cap)
    NOI $249,345 @ 7.0% cap · market cap 8.75%
    Second Best
    Retail
    $1.50M
    $1.31M – $1.75M (±1% cap)
    NOI $104,712 @ 7.0% cap · market cap 3.67%
    Theoretical Best
    —
    —
    same as Best Use
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mount Airy
    County
    Frederick
    State
    Maryland
    Longitude
    -77.1552
    Latitude
    39.375

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    FAQs

    What type of property is this?
    Strip mall - Two retail buildings in historic Mount Airy downtown.
    Where is this strip mall located?
    The property is located at 233-239 South Main Street Mount Airy, MD.
    What is the asking price?
    The asking price for this property is $2,850,000.
    What are key features of this property?
    This property features: Prime location in Mount Airy's historic downtown, a walkable corridor surrounded by shops and restaurants.; Investment opportunity with two retail buildings totaling 9,613 SF.; Potential for owner‑user to occupy a portion of the property while generating income from existing tenants.
    (301) 605-3846
    We can help!
    Listing Contact
    James F. Miers
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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