New search
Property profile & analytics
OFF-MARKET
Estimated value
$1,200,000
Warehouses
329 2nd St, Frederick, MD 21701-6583
Individually Owned
4-yr Hold
Free & Clear
Property ID
US40-0755115
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1978
Construction
BRICK
Total area
7,968 SF
Lot
0.26 ac (11,393 SF)
Zoning code
DR
APN
02-079321
UPID
US40-0755115
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
$1.15M
Comparable Approach
Comparable
$856k
Blend (final)
Blend
$1.20M
Owner & transaction history
Neil E Gager · 4 yrs held
Neil E Gager
since 2022
Last sale
$1.3M
4 recorded transactions
Zoning & alternative use
DR · Frederick, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Industrial (general)
$2.0M
+76.2%
Auto repair, garage
$1.3M
+13.6%
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
$1,145,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,245,000
6.5%
$1,150,000
7%
$1,070,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$1,110,000
Current use
INDUSTRIAL (GENERAL)
$1,955,000
Change: +76% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,260,000
Change: +14% · Conversion: Easy
Blend value · Realmo final
$1.20M
Range $1.08M – $1.32M · ±10% · vs last sale $1.25M (Jun 3 2022)
Last sale anchor
$1.25M
Jun 3 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
$151 / 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
$13,943
Tax year 2023
Assessed value
$747,800
Assessed 2023
Previous assessed
$526,000
+42.2% YoY
Effective rate
1.86%
On assessed value
Land market value
$321,900
Improvement market value
$869,500
Total market value
$1,191,400
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1978
Construction
BRICK
Heating
HEAT PUMP
Stories
1
Units
1
Total area
7,968 SF
Lot
0.26 ac (11,393 SF)
Zoning code
DR
APN
02-079321
UPID
US40-0755115
Jurisdiction
FREDERICK
Metro division
BETHESDA-GAITHERSBURG-FREDERICK, MD METROPOLITAN DIVISION
Zoning & alternative use
DR · Frederick, MD
Zoning DR · permitted uses
DR · 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
WAREHOUSE, STORAGE Current
Est. value
$1.1M
INDUSTRIAL (GENERAL)
Est. value
$2.0M
AUTO REPAIR, GARAGE
Est. value
$1.3M
WAREHOUSE, STORAGE Current
INDUSTRIAL (GENERAL)
AUTO REPAIR, GARAGE
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
1978
Construction
BRICK
Heating
HEAT PUMP
Stories
1
Units
1
Lot
0.26 ac
Current owner
From public records · entity-resolved
Neil E Gager
Individual
Free & Clear · 4 yrs held
Mailing address
7140 ENGLISH MUFFIN WAY #100, FREDERICK, MD 21704-8314
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
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 3, 2022
—
Neil E Gager
Country Woods LLC
Deed
—
Jun 3, 2022
$1,250,000
L T Properties LLC
Country Woods LLC
Deed
$650,000 · Sandy Spring Bank
Sep 24, 2013
$435,000
Country Woods LLC
Chapin Family LLC
Grant Deed
$369,750 · Blue Ridge Bank & Trust Co
Feb 1, 2002
—
Chapin Family LLC
Chapin,david P & Susan P
Quit Claim Deed
related
$325,000 · Fredericktown Bank & Trust Co
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 329 2nd St?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
