Connect

Find us on...

Dashboard

Marjorie Dick Stuart

  • Cell 240-731-8079
Questions?

501, 493, & 489 Main Street, PRINCE FREDERICK, MD – $2,900,000

  • $2.9M Price
  • 19,031 Sqft
  • 597 DOM
  • $2.9M Price
  • 19,031 Sqft
  • 597 DOM

501, 493, & 489 Main Street

The Seller’s operating structure is set up in three layers. Initially as a Land Condo (Old Field Commons) with 6 building sites each with 10% direct ownership interest (60%) and a 40% undivided common interest representing the common areas. Of the 6 pad sites, 3 are operated by single business owners and 3 are operated as condominiums with multiple condominium suite owners. The allocation of the common area charge among the 6 sites is based on building square footage. Building capacity is maximized for each site. The next level is shared building expenses. Each condominium building has separate shared building expenses that are allocated by the ratio square footage of each condo unit to the whole in each building. Taxes and utilities are billed by individual condo units. Each condominium unit provides insurance coverage to include their use of the common areas. There is not a separate liability policy covering Old Field Commons. The third level is management fees. Both the Land Condominium and the three building condominiums have the authority to contract for management services, which are currently done as a part of the Prince Frederick Association (the Seller). These management fees are separately calculated for the CAC and Building Operating Costs and allocated to the building site owners or the condominium unit owners. What is for sale are 8 individual units in 3 buildings where the Sellers control 19,031 square feet of 26,430 in total. Typically, the occupancy cost to the tenant can consist of Rent, CAC, Building Operating Costs, Management Fees, Taxes and insurance. In this case, the Seller currently absorbs most of these typical pass -through costs on a gross lease basis. It is anticipated as leases renew, they will be replaced with true net leases. The net effect is that the leases are grossly under market and produce a relatively low NOI. The asking price reflects this in the cost per finished foot is a remarkably low $139 per square foot in a $220 square foot market. With new management and an adjustment to current market rents, the NOI over 2 years could rise to at least $18 per foot, that would reflect a growth in ROI and a restated cap rate of 13%, and an increase in value based on an 8% cap rate of $1,367,600 over the $2,900,000 paid. This is a great property with a reliable mix of tenants - medical, legal, dental, insurance, and government,-Very convenient to the court house, governmental center and hospital , - In the heart of historical Old Town Prince Frederick. A comprehensive property management effort over the short term will generate 30%+ increase in equity. Call for a detailed rent roll and financials.

Essential Information

  • MLS® #MDCA2013822
  • Price$2,900,000
  • Bathrooms0.00
  • Square Footage19,031
  • Acres0.00
  • Year Built2005
  • TypeCommercial Sale
  • Sub-TypeCondo, Office
  • StatusActive

Community Information

  • Address501, 493, & 489 Main Street
  • SubdivisionDUKE STREET COMMONS
  • CityPRINCE FREDERICK
  • CountyCALVERT-MD
  • StateMD
  • Zip Code20678

Amenities

  • UtilitiesCable TV Available
  • ParkingHandicap Parking, Unassigned

Interior

  • HeatingHeat Pump(s)
  • CoolingCentral A/C

Exterior

  • ExteriorCombination, Brick and Siding
  • RoofAsphalt
  • FoundationBlock, Crawl Space

School Information

  • DistrictCALVERT COUNTY PUBLIC SCHOOLS

Additional Information

  • Date ListedNovember 17th, 2023
  • Days on Market597
  • ZoningTC

Listing Details

  • OfficeO'Brien Realty ERA Powered
  • Office Contact3018632400
Please provide a valid email address.

Price Change History for 501, 493, & 489 Main Street, PRINCE FREDERICK, MD (MLS® #MDCA2013822)

Date Details Price Change
Price Reduced $2,900,000 $450,000 (13.43%)
Price Reduced (from $3,832,000) $3,350,000 $482,000 (12.58%)

© 2020 BRIGHT, All Rights Reserved. Information deemed reliable but not guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Coldwell Banker Residential Realty participates, and is provided by BRIGHT through a licensing agreement. Real estate listings held by brokerage firms other than Coldwell Banker Residential Realty are marked with the IDX logo and detailed information about each listing includes the name of the listing broker.The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller.

Listing information last updated on July 11th, 2025 at 3:45am CDT.