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Pikesville, MD - Walgreens Retail Center

$11,000,000

1510 Reisterstown Rd, Pikesville, MD 21208

Active
Last Updated: 03/03/2024

6.5

Cap Rate

715,794

NOI

Details:
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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