Walgreens-Anchored Retail
For Sale
Contact for pricing
1510 Reisterstown Rd, Pikesville, MD 21208
Stabilized, 100% occupied retail center anchored by Walgreens.
Property Size24,741 SF
Price / SF$397.72
Days on Market157
Property Features for 1510 Reisterstown Rd
General Information
Standard status
Active
Size
24,741 SF
Property subtype
RETAIL
Occupancy
100%
Building Details
Tenancy
Multi
Listing Agency:
SRS Real Estate Partners | McLean
(703) 297-9623
Listed By:
Rick Fernandez
(703) 297-9623
Source:
Moodyscre
Added: Feb 23
Changed: Jul 25
Last Checked: Jul 25 at 8:24AM
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 SRS Real Estate Partners | McLean
Investment Insights
Based on property information with market context.
This shopping center is anchored by Walgreens, which provides 89% of the base rental income and occupies 75% of the total gross leasable area. The property is currently stabilized at 100% occupancy.
Additional tenants include ASAP Cleaners, Gage Court Clothiers, and Girlkin Lashes. ASAP Cleaners and Girlkin Lashes each have more than four years remaining on their lease terms, and both have scheduled annual rental increases designed to steadily grow net operating income.
The asset is offered for sale with Walgreens as the primary income driver and the remaining tenant lineup contributing to a fully leased operating profile.
Additional tenants include ASAP Cleaners, Gage Court Clothiers, and Girlkin Lashes. ASAP Cleaners and Girlkin Lashes each have more than four years remaining on their lease terms, and both have scheduled annual rental increases designed to steadily grow net operating income.
The asset is offered for sale with Walgreens as the primary income driver and the remaining tenant lineup contributing to a fully leased operating profile.
Key Highlights
- Walgreens‑anchored retail center occupies 75% of the GLA and contributes 89% of base rental income
- 100% occupancy stabilized asset
- Additional tenants include ASAP Cleaners, Gage Court Clothiers, and Girlkin Lashes
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $534.4k | $21.60 |
| − Vacancy | −$34.1k | −$1.38 |
| EGI | $500.3k | $20.22 |
| − OpEx | −$150.1k | −$6.07 |
| NOI | $350.2k | $14.15 |
24,741 SF · lease $21.60/SF/yr · vacancy 6.39% · expense 30.00%
Alternative Uses
Best Use
Retail
$5.00M
$4.38M – $5.84M
NOI $350,180 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$240.04M
$210.03M – $280.04M
NOI $16,802,546 @ 7.0% cap · market cap 170.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,937
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 21208, MD
35,007
Population
16,397
Households
2.1
Avg Household Size
46
Median Age
49%
College-Educated
94%
High-School Grad
12.6 sq mi
ZIP Area
2,778
Density / Sq Mi
$90,822
Median Household Income
$55,620
Median Earnings
$1,672
Median Rent
$313,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Stabilized, 100% occupied retail center anchored by Walgreens.
Where is this shopping center located?
The property is located at 1510 Reisterstown Rd Pikesville, MD.
What is the asking price?
The asking price for this property is $9,840,000.
What are key features of this property?
This property features: Walgreens‑anchored retail center occupies 75% of the GLA and contributes 89% of base rental income; 100% occupancy stabilized asset; Additional tenants include ASAP Cleaners, Gage Court Clothiers, and Girlkin Lashes
