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    500 W Patrick St Frederick, MD 21701
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    Property profile & analytics

    500 W Patrick St, Frederick, MD 21701

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    • Investment properties
    • 7,880 SF
    • 0.95 lot acres
    For Sale
    $2,190,000
    View Listing →
    Retail Investment Opportunity For Sale
    $2,190,000
    12,761 SF

    Retail Investment Opportunity

    Fully leased retail property with versatile development options.

    500 W Patrick St, Frederick, MD
    View Listing
    Property ID
    US40-1077093
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • First Cash Pawn / Discount Store / (Bike/Boat/Book/etc) Store
    • Zenobia Lounge / Bar & Pub / (Bike/Boat/Book/etc) Store

    Property Details for 500 W Patrick St

    Year built
    1961
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.95 lot acres
    Zone code
    DB
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    02-135132
    APU
    2135132

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jan 13, 2026 $1,750,000 500 W Patrick St LLC Eda Ann Abell Family Trust Deed $1.3M · John Marshall Bank
    Nov 24, 2025 — Jason C Abell James E Abell Family Trust Deed · related —
    Jun 5, 2017 — Abell,james E Family Trust 500 West Patrick Street Genera Grant Deed —

    Description

    This exceptional retail pad site, located at 500 W Patrick St, Frederick, MD 21701, presents a rare opportunity for businesses seeking high visibility and a thriving location. Zoned Downtown Business (DB), this single-tenancy pad site is ideal for retail or restaurant use. The property boasts unparalleled access to the vibrant heart of Downtown Frederick, a bustling area known for its unique boutiques, diverse dining options, and rich cultural experiences. Its proximity to scenic parks, including the Carroll Creek Promenade, offers a desirable work-life balance. Furthermore, the site benefits from its close proximity to key attractions such as the Delaplaine Arts Center, the National Museum of Civil War Medicine, and the Frederick Fairgrounds, ensuring high foot traffic and exposure. Frederick's significant growth over the past decade, ranking among the highest in the Washington, DC MSA, makes this an exceptional investment opportunity in a rapidly expanding market. The cross street is W South Street. This property offers an unparalleled chance to establish a successful business within a dynamic and amenity-rich environment. The site's strategic location and zoning make it perfectly suited for a variety of retail or restaurant concepts.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,573,000
      Market price range: $1.57M - $2.65M
      AI Estimate
      $1,294,000
      Market price range: $1.27M - $2.53M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,985,000
      Current use
      RESTAURANT
      $2,465,000
      Change: +24% Conversion: Difficult
      RETAIL STORES
      $2,205,000
      Change: +11% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $1,930,000
      Change: -3% Conversion: Moderate

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Frederick
    County
    Frederick
    State
    Maryland
    Longitude
    -77.4254
    Latitude
    39.413
    CBSA code
    47900
    CBSA name
    WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $18,829
    $0.00
    $0.00
    $1,005,700
    -
    $555,700
    $588,400
    $1,144,100

    Comparable in this City

    • Value Estimation by Request
      768 SF

      4 Davis Ave

      OFFICE/RESIDENTIAL (MIXED USE)
      4 Davis Ave, Frederick, MD 21701-3106
      View Details
    • Value Estimation
      $1,285,000
      7,044 SF

      14 Patrick St

      OFFICE/RESIDENTIAL (MIXED USE)
      14 Patrick St, Frederick, MD 21701-5628
      View Details
    • Value Estimation by Request
      1,248 SF

      415 Patrick St

      OFFICE/RESIDENTIAL (MIXED USE)
      415 Patrick St, Frederick, MD 21701-4857
      View Details
    • Value Estimation
      $2,110,000
      11,704 SF

      16 Patrick St

      OFFICE/RESIDENTIAL (MIXED USE)
      16 Patrick St, Frederick, MD 21701-6134
      View Details
    • Value Estimation by Request
      1,080 SF

      605 Patrick St

      OFFICE/RESIDENTIAL (MIXED USE)
      605 Patrick St, Frederick, MD 21701-4027
      View Details
    • Value Estimation
      $1,220,000
      6,770 SF

      10 Market St

      OFFICE/RESIDENTIAL (MIXED USE)
      10 Market St, Frederick, MD 21701-5420
      View Details

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      Frederick Mixed-Use Property For Sale

      Mixed-use property with commercial potential in a vibrant Frederick location.
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      Frederick Mixed-Use Redevelopment Opportunity

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      Historic Building in Frederick Area

      25,586 SF building with development rights in Frederick, MD.
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      Retail Space in Mixed-Use Development

      Retail space for lease in a mixed-use development.
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      Industrial Mixed-Use Condo For Rent

      Industrial mixed-use condo available for rent in a desirable location.
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      View Details
    • $3 SF/Yr

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      Flex space with warehouse and office components for rent.
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      View Details
    View Listing
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    Frederick, MD 21701
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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