Pikesville, MD - Walgreens Retail Center

1510 Reisterstown Rd, Pikesville, MD

$11,000,000

Price

6.5%

Cap Rate

$715,794

NOI

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Overview
Cap Rate
6.5%
NOI
$715,794
Building Size
24,741 sqft
Lot Area
1.97 acres
Occupancy
100%
Year Built
1982
Tenancy
Multiple
Year Last Renovated
2013
Description

• Walgreens (S&P: BBB) anchored center providing for 89% of the base rental income and occupies 75% of the GLA
• Additional tenants include ASAP Cleaners, Weekend Backpacks for Homeless Kids, and Girlkin Lashes
• ASAP Cleaners and Girlkin Lashes have more than 4 years remaining on their lease terms
• Scheduled annual rental increases for ASAP Cleaners and Girlkin Lashes, steadily growing NOI and hedging against inflation
• Stabilized asset at 100% occupancy

• The subject property is located at the signalized hard corner intersection of Reisterstown Road and Old Court Road with a combined 63,600 VPD
• Dense retail corridor with nearby national/credit tenants including Target, Giant Food, Staples, Sherwin-Williams, Advance Auto Parts, & more
• Strong tenant synergy promotes crossover shopping to the subject property
• The asset is less than 1 mile Southeast of the on/off ramp for Interstate 695/Baltimore beltway (190,100 VPD)
• Subject property benefits from significant street frontage and multiple points of access, providing ease and convenience for customers
• More than 258,000 residents and 130,000 employees support the trade area
• $95,723 average household income
• Just 14 miles or 20 minutes drive from Downtown Baltimore

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Listing ID: a288X000003ly3qQAA
Location
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