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Property profile & analytics
OFF-MARKET
Estimated value
$7,905,000
Office Spaces
163 Thomas Johnson Dr Frederick, MD 21702-4673
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US40-1830378
Property profile
Verified
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Year built
2004
Total area
24,641 SF
Lot
0.51 ac (22,255 SF)
Zoning code
PB
APN
02-589632
UPID
US40-1830378
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Frederick Health Physical Therapy & Sports Rehab (Aspen Ridge) Medical Clinic
-
Central ENT Consultants, P.C. Medical Clinic Physician
-
Danielle Salazar, MD, MA Physician Hospital
-
MedStar Health: Physical Therapy at Frederick Physician
-
MedStar Georgetown Transplant Insitute at Frederick Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$11.00M
CAP Approach
CAP
$7.41M
Comparable Approach
Comparable
$6.84M
Blend (final)
Blend
$7.91M
Owner & transaction history
Bgo Aspen Ridge Owner LLC · 4 yrs held
Bgo Aspen Ridge Owner LLC
since 2021
Last sale
$8.4M
6 recorded transactions
Zoning & alternative use
PB · Frederick, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$7.7M
+18.4%
Retail stores
$6.9M
+5.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Frederick submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Frederick submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$11,000,000
CAP Approach
CAP Return
Estimation
6%
$8,025,000
6.5%
$7,410,000
7%
$6,880,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$6,510,000
Current use
RESTAURANT
$7,705,000
Change: +18% · Conversion: Moderate
RETAIL STORES
$6,890,000
Change: +6% · Conversion: Moderate
COMMERCIAL (GENERAL)
$6,420,000
Change: -1% · Conversion: Easy
INDUSTRIAL (GENERAL)
$6,040,000
Change: -7% · Conversion: Difficult
Blend value · Realmo final
$7.91M
Range $7.11M – $8.70M · ±10% · vs last sale $8.44M (Nov 3 2021)
Last sale anchor
$8.44M
Nov 3 2021
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$321 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$83,132
Tax year 2023
Assessed value
$4,596,300
Assessed 2023
Previous assessed
$4,596,300
+0.0% YoY
Effective rate
1.81%
On assessed value
Assessed land
$1,516,700
Assessed improvement
$3,079,600
Land market value
$1,516,700
Improvement market value
$3,079,600
Total market value
$4,596,300
Applied tax rate
4.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Status
Off-Market
Year built
2004
Heating
NONE
Units
1
Total area
24,641 SF
Lot
0.51 ac (22,255 SF)
Zoning code
PB
APN
02-589632
UPID
US40-1830378
Jurisdiction
FREDERICK
Metro division
BETHESDA-GAITHERSBURG-FREDERICK, MD METROPOLITAN DIVISION
Zoning & alternative use
PB · Frederick, MD
Zoning PB · permitted uses
PB · Frederick, MD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Frederick. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$6.5M
RESTAURANT
Est. value
$7.7M
RETAIL STORES
Est. value
$6.9M
COMMERCIAL (GENERAL)
Est. value
$6.4M
INDUSTRIAL (GENERAL)
Est. value
$6.0M
OFFICE BUILDING Current
RESTAURANT
RETAIL STORES
COMMERCIAL (GENERAL)
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2004
Heating
NONE
Units
1
Lot
0.51 ac
Current owner
From public records · entity-resolved
Bgo Aspen Ridge Owner LLC
Entity
Mailing address
PO BOX 92129, SOUTHLAKE, TX 76092-0102
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 3, 2021
$8,443,706
Bgo Aspen Ridge Owner LLC
Aspen Ridge 163 LLC
Special Warranty Deed
$19,909,918 · Synovus Bank
Mar 10, 2017
—
Aspen Ridge 161 LLC
—
Grant Deed
related
$17,452,500 · Sandy Spring Bk
Aug 21, 2015
$712,500
Central Sinus Center LLC
Aspen Ridge 163 LLC
Deed
$776,500 · United Bank INC
Apr 13, 2015
—
Aspen Ridge 163 LLC
Aspen Ridge Step Two LLC
Quit Claim Deed
—
Jun 10, 2013
—
Aspen Ridge Step Two LLC
Aspen Ridge LLC
Quit Claim Deed
$6,510,000 · Sandy Spring Bank
—
—
Central Sinus Center LLC
—
Deed Of Trust
related
$776,500 · United Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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