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    Property profile & analytics

    229 Tippin Dr Thurmont, MD 21788

    • Grocery and convenience stores
    • 42,508 SF
    • 6.55 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US40-1800421
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Grocery and convenience stores

    Property Details for 229 Tippin Dr

    Year built
    1992
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    6.55 lot acres
    Property size
    42,508 SF
    Zone code
    GB
    Property type
    Grocery and convenience stores
    APN
    15-348437
    APU
    15348437

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $7,715,000
      6.5%
      $7,125,000
      7%
      $6,615,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $5,479,000
      Market price range: $1.33M - $6.31M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $9,485,000
      Current use
      INDUSTRIAL (GENERAL)
      $9,905,000
      Change: +4% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Thurmont
    County
    Frederick
    State
    Maryland
    Longitude
    -77.4206
    Latitude
    39.6165
    CBSA code
    47900
    CBSA name
    WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $72,723
    $1,069,900
    $3,717,900
    $4,787,800
    -
    $1,069,900
    $3,717,900
    $4,787,800

    Comparable in this City

    • Value Estimation
      $1,105,000
      7,200 SF

      6825 Putman Rd

      CONVENIENCE STORE • 7,200 SF
      6825 Putman Rd, Thurmont, MD 21788-2705
      View Details
    • Value Estimation
      $7,300,000
      54,070 SF

      2 Thurmont Blvd

      GROCERY, SUPERMARKET • 54,070 SF
      2 Thurmont Blvd, Thurmont, MD 21788-2000
      View Details
    • Value Estimation by Request
      4,535 SF

      428 Church St

      CONVENIENCE STORE • 4,535 SF
      428 Church St, Thurmont, MD 21788-1643
      View Details
    • Value Estimation by Request
      336 SF

      Emmitsburg Rd

      CONVENIENCE STORE • 336 SF
      Emmitsburg Rd, Thurmont, MD 21788
      View Details
    • Value Estimation
      $2,615,000
      15,000 SF

      140 Frederick Rd

      CONVENIENCE STORE • 15,000 SF
      140 Frederick Rd, Thurmont, MD 21788-1865
      View Details
    • Value Estimation
      $850,000
      2,172 SF

      6322 Mountaindale Rd

      CONVENIENCE STORE • 2,172 SF
      6322 Mountaindale Rd, Thurmont, MD 21788-2715
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6.55 Acres

      229 Tippin Dr, Thurmont, MD 21788

      Retail properties • 6.55 Acres
      229 Tippin Dr, Thurmont, MD 21788
      View Details
    • Contact for pricing
      2,323 SF

      Thurmont Restaurant Business and Real Estate

      Restaurant business and real estate for sale in Thurmont, MD.
      10 E Main St, Thurmont, MD 21788
      View Details
    • $405,000

      Thurmont Specialty Property For Sale

      Specialty property available for purchase in Thurmont, Maryland.
      206 Ironmaster Dr, Thurmont, MD 21788
      View Details
    • $395,000

      Thurmont Specialty Property For Sale

      Specialty property available for purchase in Thurmont, Maryland.
      1 Tacoma St, Thurmont, MD 21788
      View Details
    • $349,900

      Thurmont Specialty Property For Sale

      Specialty property available for purchase in Thurmont, Maryland.
      9 Easy St, Thurmont, MD 21788
      View Details
    • $498,000
      Pending

      Land with Development Potential

      28.51 acres with development potential in Thurmont, Maryland.
      304 Apples Church Rd, Thurmont, MD 21788
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr

      Retail Space on Main Street

      Available retail space in vibrant Thurmont location for lease.
      9 E Main St, Thurmont, MD 21788
      View Details
    • $15 SF/Yr

      Retail Space on Main Street

      Retail units available for lease in vibrant Thurmont area.
      11 E Main St, Thurmont, MD 21788
      View Details
    • $2.00 SF/Yr

      Flexible Commercial Space in Thurmont

      2,700 SF space ideal for retail, studio, or office.
      202 E Main St, Thurmont, MD 21788
      View Details
    • Contact for pricing
      33,555 SF

      Thurmont Plaza Retail Center

      Prime Thurmont retail space, multiple units available.
      224 Church St, Thurmont, MD 21788
      View Details
    • $3,000 /Mo

      Land Lease in Thurmont, MD

      Land lease available for retail or office use.
      229 Tippin Dr, Thurmont, MD 21788
      View Details
    • Contact for pricing
      18,000 SF

      Prime Thurmont Retail Space

      Freestanding building, 3 suites available, high visibility.
      205 Frederick Rd, Thurmont, MD 21788
      View Details
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    Thurmont, MD 21788
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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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