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Property profile & analytics
OFF-MARKET
Office Spaces
438 Frederick Ave 1, Gaithersburg, MD 20877-2458
Individually Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US40-2096778
Property profile
Verified
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Year built
1982
Total area
18,096 SF
Lot
0.32 ac (14,081 SF)
Zoning code
CD
APN
09-03636303
UPID
US40-2096778
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
-
Window Replacement DC Hardware & Home Improvement Interior Design
-
Cyber Infotech, LLC (Bike/Boat/Book/etc) Store Corporate Office
-
Smile Improvers Dental Center Dental Office
-
Erfan Farrokh DDS Dental Office
-
Dan Travel Tour Operator (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
Ted Chorvinsky · 1 yrs held
Ted Chorvinsky
since 2025
Last sale
$405,800
7 recorded transactions
Zoning & alternative use
CD · Gaithersburg, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Gaithersburg submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Gaithersburg 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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
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 2024Property tax & assessments
Tax year 2024
Tax billed
$30,365
Tax year 2024
Assessed value
$2,108,100
Assessed 2024
Previous assessed
$2,108,100
+0.0% YoY
Effective rate
1.44%
On assessed value
Assessed land
$1,858,600
Assessed improvement
$249,500
Land market value
$1,858,600
Improvement market value
$249,500
Total market value
$2,108,100
Applied tax rate
13.0000
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
Office Spaces
Use group
CONDOMINIUM OFFICES
Status
Off-Market
Year built
1982
Heating
NONE
Units
1
Total area
18,096 SF
Lot
0.32 ac (14,081 SF)
Zoning code
CD
APN
09-03636303
UPID
US40-2096778
Jurisdiction
MONTGOMERY
Metro division
BETHESDA-GAITHERSBURG-FREDERICK, MD METROPOLITAN DIVISION
Zoning & alternative use
CD · Gaithersburg, MD
Zoning CD · permitted uses
CD · Gaithersburg, MD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Gaithersburg. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1982
Heating
NONE
Units
1
Lot
0.32 ac
Current owner
From public records · entity-resolved
Ted Chorvinsky
Individual
Free & Clear · 1 yrs held
Mailing address
4416 EW HWY, BETHESDA, MD 20814-4565
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
16 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 29, 2025
$405,800
Ted Chorvinsky
444 B LLC
Deed
—
May 12, 2025
$704,665
Fama Realty LLC
444 B LLC
Deed
$679,000 · First Citizens Bank & Trust Co
Nov 4, 2022
$178,000
218 North Frederick LLC
444 B LLC
Deed
—
Jun 24, 2022
$225,340
Faso Office LLC
444 B LLC
Re-recorded Document
related
$169,000 · M & T Bank
Jun 15, 2022
$191,000
Mlog Properties LLC
444 B LLC
Deed
$168,000 · Sandy Spring Bank
Jan 20, 2022
$654,200
Gls 438 LLC
444 B LLC
Deed
$802,400 · First National Bank Of Pennsylvania
Dec 30, 2021
$312,000
Trinity Investment Group LLC
444 B LLC
Deed
—
Nov 1, 2021
$225,340
Faso Office LLC
444 B LLC
Deed
$169,000 · M & T Bank
Apr 9, 2021
$454,400
Jiang Chen
444 B LLC
Deed
$340,800 · State Employees Cu
Jul 9, 2019
$262,269
Community Svcs For Autistic Adults
444 B LLC
Deed
$222,928 · Sandy Spring Bank
Aug 27, 2018
$310,296
Ahg INC
444 B LLC
Grant Deed
$244,000 · First Nat'l Bk/pa
Jul 2, 2018
$448,700
Chevy Chase Salon LLC
444 B LLC
Grant Deed
—
Jul 18, 2014
$1,179,653
Target Community & Educational Serv
444 Bb LLC
Deed
$769,157 · Branch Banking And Trust Co
Jan 24, 2013
$97,000
Manuel D Abraham
444 B LLC
Grant Deed
—
Feb 2, 2010
$678,750
Farrokh Erfan
444 B LLC
Grant Deed
$545,000 · Congressional Bank
—
—
444 B LLC
—
Deed Of Trust
related
$6,200,000 · John Marshall Bank
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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