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Property profile & analytics
OFF-MARKET
Estimated value
$615,000
Investment properties
277 Patrick St Frederick, MD 21701-6942
Individually Owned
1-yr Hold
~
Est. High Equity
Property ID
US40-2378435
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
1874
Construction
FRAME
Total area
2,783 SF
Lot
0.05 ac (2,142 SF)
Zoning code
DB
APN
02-249278
UPID
US40-2378435
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
$666k
Blend (final)
Blend
$615k
Owner & transaction history
Nathaniel Payne · 1 yrs held
Nathaniel Payne
since 2025
Last sale
$605,000
7 recorded transactions
Zoning & alternative use
DB · Frederick, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$1.0M
+43.9%
Retail stores
$780,000
+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
$620,000
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)
$700,000
Current use
OFFICE BUILDING
$1,010,000
Change: +44% · Conversion: Easy
RETAIL STORES
$780,000
Change: +11% · Conversion: Easy
Blend value · Realmo final
$615k
Range $554k – $677k · ±10% · vs last sale $605k (Nov 21 2022)
Last sale anchor
$605k
Nov 21 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
$221 / 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
$8,749
Tax year 2023
Assessed value
$481,767
Assessed 2023
Previous assessed
$429,500
+12.2% YoY
Effective rate
1.82%
On assessed value
Land market value
$141,400
Improvement market value
$444,900
Total market value
$586,300
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
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Year built
1874
Construction
FRAME
Heating
HEAT PUMP
Cooling
YES
Stories
3
Units
1
Bathrooms
2
Total area
2,783 SF
Lot
0.05 ac (2,142 SF)
Zoning code
DB
APN
02-249278
UPID
US40-2378435
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
$700,000
OFFICE BUILDING
Est. value
$1.0M
RETAIL STORES
Est. value
$780,000
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
1874
Construction
FRAME
Heating
HEAT PUMP
Cooling
Yes
Stories
3
Units
1
Bathrooms
2
Lot
0.05 ac
Current owner
From public records · entity-resolved
Nathaniel Payne
Individual
Mailing address
277 W PATRICK ST, FREDERICK, MD 21701-6942
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 2, 2025
$659,000
Nathaniel Payne
Paula Ann Harrell
Deed
$414,112 · Embrace Home Loans INC
Nov 21, 2022
$605,000
Paula Ann Harrell
Gareth Garrard
Deed
$348,000 · Embrace Home Loans INC
Aug 14, 2020
—
Gareth Garrard
—
Deed
related
$356,650 · Integrity Home Mortgage Corp
Feb 22, 2018
$450,000
Gareth Garrard
Fanning,thomas G
Grant Deed
—
Feb 22, 2018
—
Gareth Garrado
—
Deed
related
$360,000 · Integrity Hm Mtg
Nov 5, 2004
$489,000
Thomas G Fanning
West Patrick LLC
Grant Deed
$349,000 · First Horizon Home Loan Corp
—
—
Thomas G Fanning
—
Deed Of Trust
related
$300,000 · Farmers & Mechanics Bank
—
—
Gareth Garrado
—
Deed Of Trust
related
$360,000 · Integrity Hm Mtg
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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