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Property profile & analytics
OFF-MARKET
Theaters & concert halls
5 2nd St Frederick, MD 21701-5361
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US40-0921164
Property profile
Verified
Property type
Theaters & concert halls
Use group
THEATER (MOVIE)
Year built
1871
Construction
BRICK
Total area
2,501 SF
Lot
0.07 ac (3,135 SF)
Zoning code
DB
APN
02-041790
UPID
US40-0921164
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
-
Perennial Clay & Garden (Bike/Boat/Book/etc) Store Florist
-
The Frederick Center Community Center
-
FAC Art Center Art Gallery Cultural Center
-
Frederick Arts Council Theater & Performing Art Venue
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
West College Terrace LLC · 2 yrs held
West College Terrace LLC
since 2024
7 recorded transactions
Zoning & alternative use
DB · Frederick, 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 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
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 2023Property tax & assessments
Tax year 2023
Tax billed
$42
Tax year 2023
Assessed value
$499,067
Assessed 2023
Previous assessed
$477,600
+4.5% YoY
Effective rate
0.01%
On assessed value
Land market value
$109,700
Improvement market value
$432,300
Total market value
$542,000
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
Theaters & concert halls
Use group
THEATER (MOVIE)
Status
Off-Market
Year built
1871
Construction
BRICK
Heating
HEAT PUMP
Stories
1
Units
1
Total area
2,501 SF
Lot
0.07 ac (3,135 SF)
Zoning code
DB
APN
02-041790
UPID
US40-0921164
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.
Building & site characteristics
From public records
Year built
1871
Construction
BRICK
Heating
HEAT PUMP
Stories
1
Units
1
Lot
0.07 ac
Current owner
From public records · entity-resolved
West College Terrace LLC
Entity
Mailing address
11 W PATRICK ST STE #2, FREDERICK, MD 21701-5511
Mailing matches property
Yes
Owner-occupied
Yes
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
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 27, 2025
—
West College Terrace LLC
—
Deed
related
$150,000 · Woodsboro Bank
Jul 16, 2024
$860,000
West College Terrace LLC
The Frederick Arts Council INC
Deed
$297,000 · Woodsboro Bank
Mar 14, 2023
$555,000
Leigh Anne Thompson
Richard H Lawson
Deed
$388,500 · Middletown Valley Bank
Nov 16, 2022
—
Frederick Arts Council INC
—
Deed
related
$125,000 · Acnb Bank
Nov 21, 2019
$510,000
The Frederick Arts Council INC
Covenant Family Chapel INC
Deed
$415,000 · Frederick County Bank
Mar 28, 2019
—
Covenant Family Chapel
—
Deed
related
$391,000 · Frederick Cnty Bk
Jul 11, 2011
$400,000
Covenant Family Chapel
First Church Of Christ Scientist
Grant Deed
$320,000 · Frederick County Bank
—
—
Covenant Family Chapel
—
Deed Of Trust
related
$391,000 · Frederick Cnty Bk
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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