Building Details

Year Built 2016

Listing Agency: Cummings & Co Realtors

Listed By: Matthew E Garono · License #627356 Show Phone

Source: Selltheshore

Added: Apr 24 Changed: Oct 25 Last Checked: Oct 28 at 12:43PM

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Investment Insights

Based on property information with market context.

The offering is the fee simple interest in Belair Crossing, a newly constructed 12,800 square foot retail center located in Baltimore City, Maryland. Constructed in the Fall of 2015, the center was 100% pre-leased to PNC and Dollar Tree. Both tenants have recently executed their first five-year renewal option after a successful 10-year initial term. The Property benefits from its co-tenancy with Dunkin and the newly constructed and anticipated LIDL Supermarket. The location has a walk score of 61, indicating it is somewhat walkable, a transit score of 50, indicating good transit, and a bike score of 36, indicating it is somewhat bikeable.

Key Highlights

• 100% Leased Retail Center providing immediate income
• Strong Tenant Roster anchored by PNC and Dollar Tree, both having exercised renewal options
• Newly Constructed in 2016, minimizing immediate capital expenditure needs

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$162,953

Cap Rate

4.02%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,259,060 $3.3M

Cap Rate 7%

$2,327,900 $2.3M

Cap Rate 9%

$1,810,589 $1.8M

Is this asking price fair?

Market Conditions

NOI Build-Up for 14,450 SF

Gross rent

$260.1K $18.00/SF

− Vacancy

−$27.3K −$1.89/SF

EGI

$232.8K $16.11/SF

− OpEx

−$69.8K −$4.83/SF

NOI

$163.0K $11.28/SF

Area

ZIP 21206

Vacancy

10.50%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,259,060

Cap Rate 7%

$2,327,900

Cap Rate 9%

$1,810,589

Alternative Uses

Best Use

Retail

$2.33M

$2.04M – $2.72M (±1% cap)

NOI $162,953 @ 7.0% cap · market cap 4.02%

Second Best

—

—

no second resolved use

Theoretical Best

Multifamily LT 5

$3.04M

$2.66M – $3.55M (±1% cap)

NOI $212,876 @ 7.0% cap · market cap 5.26%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Shopping centers

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office HVAC Service Gym & Fitness Center Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

669

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 21206, MD

49,470

Population

21,939

Households

2.3

Avg Household Size

38

Median Age

25%

College-Educated

89%

High-School Grad

7.3 sq mi

ZIP Area

6,777

Density / Sq Mi

$62,965

Median Household Income

$46,426

Median Earnings

$1,215

Median Rent

$213,700

Median Home Value

Market

Vacancy Rate% for Retail in Baltimore, MD

5.8% 2019

7.2% 2020

7% 2021

6.3% 2022

5.9% 2023

5.9% 2024

6.6% 2025

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Frequently Asked Questions

What type of property is this?

Shopping center - Shadow-anchored retail center 100% pre-leased to national tenants.

Where is this shopping center located?

The property is located at 5960 Belair Rd Baltimore, MD.

What is the asking price?

The asking price for this property is $4,050,000.

What are key features of this property?

This property features: 100% Leased Retail Center providing immediate income; Strong Tenant Roster anchored by PNC and Dollar Tree, both having exercised renewal options; Newly Constructed in 2016, minimizing immediate capital expenditure needs