Value-Add Retail Shopping
For Sale
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1233 Eastern Boulevard, Essex, MD 21221
Value-add retail center in Essex submarket of Baltimore County.
Property Size19,750 SF
Price / SF$235.06
Days on Market157
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Property Features for 1233 Eastern Boulevard
General Information
Standard status
Active
Size
19,750 SF
Property subtype
Retail
Zoning
BR
Occupancy
91%
Lease Type
NNN
Investment Type
Value Add
Net Operating Income
$336,577
Building Details
Year Built
1987
Tenancy
Multi
Listed By:
Graham Slifer · License #5015985
Source:
Crexi
Added: May 12
Changed: Oct 3
Last Checked: Oct 14 at 9:26PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Graham Slifer
Investment Insights
Based on property information with market context.
The Eastern Boulevard Shopping Center is available for sale. This property is a service-oriented neighborhood retail center totaling approximately 19,750 square feet. It includes a traditional strip center and a freestanding single-tenant building. Located in the Essex submarket of Baltimore County, Maryland, the property features a mix of six tenants with a weighted average remaining lease term of 4 years and a weighted average tenure of 8.1 years. An inline unit of 1,875 square feet is available for lease. The tenant roster includes First Cash Pawn, Boost Mobile, and Little Ceasars.
Key Highlights
- Value‑add neighborhood retail center in a dense Baltimore County submarket.
- Upside potential through leasing a recently vacated 1,875 sq ft inline unit.
- Balanced roster of six seasoned tenants with a 4‑year weighted average remaining lease term.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$279,538
Cap Rate
6.02%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,590,760
$5.6M
Cap Rate 7%
$3,993,400
$4.0M
Cap Rate 9%
$3,105,978
$3.1M
Market Conditions
NOI Build-Up for 19,750 SF
Gross rent
$426.6K $21.60/SF
− Vacancy
−$27.3K −$1.38/SF
EGI
$399.3K $20.22/SF
− OpEx
−$119.8K −$6.07/SF
NOI
$279.5K $14.15/SF
Area
Baltimore County, MD
Vacancy
6.39%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,590,760
Cap Rate 7%
$3,993,400
Cap Rate 9%
$3,105,978
Alternative Uses
Best Use
Retail
$3.99M
$3.49M – $4.66M
NOI $279,538 @ 7.0% cap · market cap 6.02%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$191.61M
$167.66M – $223.55M
NOI $13,412,970 @ 7.0% cap · market cap 288.92%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
139
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 21221, MD
43,381
Population
18,364
Households
2.4
Avg Household Size
39
Median Age
20%
College-Educated
86%
High-School Grad
15.0 sq mi
ZIP Area
2,892
Density / Sq Mi
$67,368
Median Household Income
$44,416
Median Earnings
$1,305
Median Rent
$266,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Shopping center - Value-add retail center in Essex submarket of Baltimore County.
Where is this shopping center located?
The property is located at 1233 Eastern Boulevard Essex, MD.
What is the asking price?
The asking price for this property is $4,642,441.
What are key features of this property?
This property features: Value‑add neighborhood retail center in a dense Baltimore County submarket.; Upside potential through leasing a recently vacated 1,875 sq ft inline unit.; Balanced roster of six seasoned tenants with a 4‑year weighted average remaining lease term.
