Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    141 Patrick St Frederick, MD 21701

    • Retail properties & Spaces
    • 10,800 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Drawbaugh Mary M / Law Firm
    • Dove Wellness Institute / Crisis Center / Medical Clinic
    • The Law Office of Morrison & McGrew, P.A. / Law Firm
    • McLeod, Weschler & Yeager, P.C. / Law Firm / Child Welfare Organization
    • Paleos W Steven / Law Firm

    Property Details for 141 Patrick St

    Property size
    10,800 SF
    Property type
    Retail properties & Spaces

    Description

    This exceptional retail property at 141 West Patrick Street in historic downtown Frederick, Maryland, presents a rare investment opportunity. Boasting 10,800 square feet of space, this multi-story building is fully leased, generating strong cash flow. Currently occupied by law firms on the first and third floors, the property benefits from a modern elevator core, ensuring accessibility throughout. The building seamlessly blends historic charm with modern, efficient office space, enhanced by abundant natural light. A significant advantage is the inclusion of over 30 parking spaces located in the rear, a highly desirable feature in the heart of downtown Frederick. The strategic location across from the Frederick County Courthouse and the City of Frederick Office annex and parking deck ensures high visibility and convenient access. This property offers a unique blend of historical significance, modern amenities, and a prime location, making it an ideal investment for discerning buyers. The asking price is $1,975,000. Further images will be available soon.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Frederick
    County
    Frederick
    State
    Maryland
    Longitude
    -77.4138
    Latitude
    39.4143

    Comparable in this City

    • Value Estimation by Request
      1,360 SF

      6079 Spring Ridge Pkwy

      Lifestyle centers • 1,360 SF
      6079 Spring Ridge Pkwy, Frederick, MD 21701
      View Details
    • Value Estimation by Request

      Frederick Md

      Retail properties & Spaces
      0 Frederick Md, Frederick, MD 21701
      View Details
    • Value Estimation
      $20,090,000
      74,370 SF

      1011 Patrick-thru 1065th St

      DEPARTMENT STORE • 74,370 SF
      1011 Patrick-thru 1065th St, Frederick, MD 21701
      View Details
    • Value Estimation
      $10,285,000
      67,400 SF

      1301 Patrick St Sts

      DEPARTMENT STORE • 67,400 SF
      1301 Patrick St Sts, Frederick, MD 21701-3159
      View Details
    • Value Estimation by Request
      753,560 SF

      Broadband Dr At Progress Dr & Gas House Pike At Monocacy Blvd

      Life science properties • 753,560 SF
      0 Broadband Dr At Progress Dr & Gas House Pike At Monocacy Blvd, Frederick, MD 21701
      View Details
    • Value Estimation by Request
      0.00 Acres

      Nn Alye

      RESIDENTIAL PARKING GARAGE • 0.00 Acres
      Nn Alye, Frederick, MD 21701
      View Details

    Similar Nearby for Sale

    • $495,000

      Frederick Commercial Property For Sale

      Two units with M2 zoning, potential for various uses.
      804-6 E South St, Frederick, MD 21701
      View Details
    • $1,300,000

      Historic Mixed-Use Complex For Sale

      Mixed-use complex in Hub and Opportunity Zone with unlimited potential.
      37-39 E South St, Frederick, MD 21701
      View Details
    • $2,600,000

      Frederick Mixed-Use Redevelopment Opportunity

      Mixed-use property in downtown Frederick with redevelopment potential.
      257 E 6Th St, Frederick, MD 21701
      View Details
    • $515,000

      Frederick Commercial Property For Sale

      Two-unit commercial property with M2 zoning in Frederick, Maryland.
      804-6 E South St, Frederick, MD 21701
      View Details
    • $5,250,000
      25,586 SF

      Historic Building in Frederick Area

      25,586 SF building with development rights in Frederick, MD.
      12-16 W Patrick St, Frederick, MD 21701
      View Details
    • Contact for pricing
      11,804 SF

      Retail Center Space Available

      Retail space for sale in North Frederick.
      1800 Monocacy Blvd, Frederick, MD 21701
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      10,165 SF

      Frederick Medical Office Suite A

      1,549 SF Medical Office Space Available
      197 Thomas Johnson Dr, Frederick, MD 21701
      View Details
    • Contact for pricing
      8,000 SF

      Retail Building Build-to-Suit Opportunity

      Retail building with flexible site design and highway access.
      107 Storage Way, Frederick, MD 21701
      View Details
    • Contact for pricing
      1,041,031 SF

      Renn Farm Retail Spaces Available

      Prime Frederick County retail space, multiple units.
      0 Frederick Md, Frederick, MD 21701
      View Details
    • Contact for pricing
      33,429 SF

      Riverview Plaza Retail Space For Lease

      Frederick, MD: Prime Retail Opportunity
      5425 Urbana Pike, Frederick, MD 21701
      View Details
    • $8 SF/Yr

      Frederick Warehouse Retail Sublease Available

      4,800 SF warehouse retail sublease in Frederick, Maryland.
      622 N Market St, Frederick, MD 21701
      View Details
    • $20 SF/Yr
      25,500 SF

      Downtown Frederick Office Space

      Historic Charm, Modern Amenities, Flexible Suites
      14 Patrick St, Frederick, MD 21701
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    141 Patrick St
    Frederick, MD 21701
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!