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Property profile & analytics
OFF-MARKET
Estimated value
$625,000
Investment properties
232 Patrick St Frederick, MD 21701-5676
Individually Owned
3-yr Hold
~
Est. High Equity
Property ID
US40-0898468
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
1910
Total area
2,430 SF
Lot
0.11 ac (4,710 SF)
Zoning code
DB
APN
02-033585
UPID
US40-0898468
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$629k
Blend (final)
Blend
$625k
Owner & transaction history
Alex Floor · 3 yrs held
Alex Floor
since 2022
Last sale
$620,000
7 recorded transactions
Zoning & alternative use
DB · Frederick, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$880,000
+43.9%
Retail stores
$680,000
+11.0%
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
$635,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$610,000
Current use
OFFICE BUILDING
$880,000
Change: +44% · Conversion: Easy
RETAIL STORES
$680,000
Change: +11% · Conversion: Easy
Blend value · Realmo final
$625k
Range $563k – $688k · ±10% · vs last sale $620k (Dec 13 2022)
Last sale anchor
$620k
Dec 13 2022
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
$257 / 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
$8,275
Tax year 2023
Assessed value
$455,400
Assessed 2023
Previous assessed
$455,400
+0.0% YoY
Effective rate
1.82%
On assessed value
Land market value
$217,800
Improvement market value
$372,200
Total market value
$590,000
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
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Year built
1910
Heating
ELECTRIC
Stories
2
Units
1
Bathrooms
1
Total area
2,430 SF
Lot
0.11 ac (4,710 SF)
Zoning code
DB
APN
02-033585
UPID
US40-0898468
Jurisdiction
FREDERICK
Metro division
BETHESDA-GAITHERSBURG-FREDERICK, MD METROPOLITAN DIVISION
Zoning & alternative use
DB · Frederick, MD
Zoning DB · permitted uses
DB · 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
COMMERCIAL (GENERAL) Current
Est. value
$610,000
OFFICE BUILDING
Est. value
$880,000
RETAIL STORES
Est. value
$680,000
COMMERCIAL (GENERAL) Current
OFFICE BUILDING
RETAIL STORES
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
1910
Heating
ELECTRIC
Stories
2
Units
1
Bathrooms
1
Lot
0.11 ac
Current owner
From public records · entity-resolved
Alex Floor
Individual
Mailing address
232 E PATRICK ST, FREDERICK, MD 21701-5676
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 13, 2022
$620,000
Alex Floor
John E Kocka
Deed
$496,000 · Newrez LLC
Apr 21, 2020
$445,000
John E Kocka
Richard N JR
Grant Deed
—
Jun 8, 2018
—
Richard N Culbertson JR
—
Deed
related
$150,000 · Branch Bk&tr
Jun 29, 2016
—
Richard N Culbertson JR
—
Deed
related
$110,000 · Branch Bk&tr
—
—
Richard N Culbertson
—
Deed Of Trust
related
$10,000 · Fcnb Bank
—
—
Richard N Culbertson JR
—
Deed Of Trust
related
$110,000 · Branch Bk&tr
—
—
Culbertson,richard N JR & Lynette
—
Deed Of Trust
related
$90,000 · Branch Bk&tr
—
—
Richard N Culbertson
—
Deed Of Trust
related
$120,000 · Branch Banking & Trust Co
—
—
Richard N Culbertson JR
—
Deed Of Trust
related
$150,000 · Branch Bk&tr
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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