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Property profile & analytics
OFF-MARKET
Estimated value
$800,000
Retail space
423 Patrick St Ste A Frederick, MD 21701-7803
Entity Owned
2-yr Hold
Property ID
US40-0479307
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1955
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
5,176 SF
Lot
2.36 ac (102,802 SF)
Zoning code
M1
APN
02-136546
UPID
US40-0479307
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
-
The FCSME (Frederick County Society of Model Engineers) Catoctin Central Railroad (CCRR) Museum
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$800k
CAP Approach
CAP
$865k
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$800k
Owner & transaction history
Overlook East Associates LLC · 2 yrs held
Overlook East Associates LLC
since 2024
Last sale
$800,000
3 recorded transactions
Zoning & alternative use
M1 · Frederick, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
not able to meet the criteria applicable in the M1 districts. General retail and residential uses are not appropriate for this zone. MO (Manufacturing/ Office) The M/O district is intended to provide a park-like setting for a community of industries, having no nuisance factors as a means of protecting investments within the district, and reducing the impact…
Zone name
Light Industrial
General category
INDUSTRIAL
Zone area
3,039.93 ac
Source
ARTICLE 4 - ZONING
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
$800,000
ML approach
$800,000
CAP Approach
CAP Return
Estimation
6%
$940,000
6.5%
$865,000
7%
$805,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,305,000
Change: -10% · Conversion: Easy
INDUSTRIAL (GENERAL)
$1,270,000
Change: -12% · Conversion: Difficult
Blend value · Realmo final
$800k
Range $720k – $880k · ±10% · vs last sale $800k (Mar 14 2024)
Last sale anchor
$800k
Mar 14 2024
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
$155 / 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
$25,554
Tax year 2023
Assessed value
$1,365,833
Assessed 2023
Previous assessed
$1,365,833
+0.0% YoY
Effective rate
1.87%
On assessed value
Land market value
$611,600
Improvement market value
$1,188,500
Total market value
$1,800,100
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1955
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Buildings
2
Stories
1
Units
2
Total area
5,176 SF
Lot
2.36 ac (102,802 SF)
Zoning code
M1
APN
02-136546
UPID
US40-0479307
Jurisdiction
FREDERICK
Metro division
BETHESDA-GAITHERSBURG-FREDERICK, MD METROPOLITAN DIVISION
Zoning & alternative use
M1 · Frederick, MDZoning M1 · permitted uses
M1 · Frederick, MD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
not able to meet the criteria applicable in the M1 districts. General retail and residential uses are not appropriate for this zone. MO (Manufacturing/ Office) The M/O district is intended to provide a park-like setting for a community of industries, having no nuisance factors as a means of protecting investments within the district, and reducing the impact of industrial uses on surrounding districts. Though leeway is provided concerning the type of industry permitted within the district the appearance and means of operation shall be scrutinized and compared to the performance standards provided herein.
Zone name
Light Industrial
General category
INDUSTRIAL
Zone area
3,039.93 ac
Source
ARTICLE 4 - ZONING
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL)
Est. value
$1.3M
INDUSTRIAL (GENERAL)
Est. value
$1.3M
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
1955
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Stories
1
Buildings
2
Units
2
Lot
2.36 ac
Current owner
From public records · entity-resolved
Overlook East Associates LLC
Entity
Mailing address
100 UNIVERSITY AVE #500, ROCHESTER, NY 14605-2929
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 14, 2024
—
Overlook East Associates LLC
Overlook East Associates LLC
Intrafamily Transfer
related
$2,419,026 · Bank Of America NA
Oct 13, 2022
$800,000
Overlook East Associates LLC
Margaret T Young
Deed
—
—
—
Frank R Young
—
Deed Of Trust
related
$20,000 · First Bank Frederick
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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