Walgreens NNN Lease Investment
For Sale
Contact for pricing
9110 Liberty Rd, Randallstown, MD 21133
Walgreens NNN lease with ±12.9 years remaining in Randallstown, MD.
Property Size14,448 SF
Lot Size2.26 Acres
Price / SF$357.63
Days on Market871
Property Features for 9110 Liberty Rd
General Information
Standard status
Active
Size
14,448 SF
Lot size
2.26 Acres
Property subtype
Retail
Lease Type
NNN
Net Operating Income
$333,270
Building Details
Year Built
2001
Tenancy
Single
Listing Agency:
CBRE Atlanta
(404) 504-7893
Listed By:
Thomas Carr · License #374849
Source:
Crexi
Added: Apr 3, 2024
Changed: Aug 8
Last Checked: Aug 20 at 7:56AM
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 CBRE Atlanta
Investment Insights
Based on property information with market context.
This offering presents the opportunity to acquire a 14,448-square-foot Walgreens property on 2.26 acres in Randallstown, Maryland, part of the Baltimore-Columbia-Towson, MD MSA with a population exceeding 2.87 million. The property is subject to a NNN lease that commenced in November 2023, with approximately 12.9 years of the initial term remaining. The lease includes rent increases of 5% every 5 years throughout the base term and each of the twelve 5-year renewal options.
Key Highlights
- NNN lease with approximately 12.9 years of term remaining
- Walgreens is the tenant
- Located in Randallstown, MD, part of the Baltimore‑Columbia‑Towson, MD MSA (Population: 2.87M+)
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$208,241
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.03%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,164,820
$4.2M
Cap Rate 7%
$2,974,871
$3.0M
Cap Rate 9%
$2,313,789
$2.3M
Market Conditions
NOI Build-Up for 14,448 SF
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.
Gross rent
$299.9K $20.76/SF
− Vacancy
−$22.3K −$1.54/SF
EGI
$277.7K $19.22/SF
− OpEx
−$69.4K −$4.80/SF
NOI
$208.2K $14.41/SF
Area
Baltimore County, MD
Vacancy
7.43%
Lease Rate
$20.76 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,164,820
Cap Rate 7%
$2,974,871
Cap Rate 9%
$2,313,789
Alternative Uses
Best Use
Specialty Retail
$2.97M
$2.60M – $3.47M
NOI $208,241 @ 7.0% cap · market cap 4.03%
Second Best
Retail
$2.92M
$2.56M – $3.41M
NOI $204,495 @ 7.0% cap · market cap 3.96%
Theoretical Best
Multifamily LT 5
$140.17M
$122.65M – $163.54M
NOI $9,812,182 @ 7.0% cap · market cap 189.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
510
Businesses Nearby
75k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 94%
Dining 6%
Royal Farms
Shops & Services
31,836 visits/mo
0.1 miles
Family Dollar
Shops & Services
10,158 visits/mo
0.2 miles
7-Eleven
Shops & Services
7,968 visits/mo
0.1 miles
Bank of America
Shops & Services
6,976 visits/mo
0.1 miles
AutoZone
Shops & Services
6,819 visits/mo
0.1 miles
Demographics for 21133, MD
30,527
Population
12,785
Households
2.4
Avg Household Size
42
Median Age
35%
College-Educated
90%
High-School Grad
9.0 sq mi
ZIP Area
3,392
Density / Sq Mi
$84,248
Median Household Income
$46,899
Median Earnings
$1,518
Median Rent
$302,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Purple Flip — 9036 Liberty Rd, Randallstown, MD 21133
- Walgreens Pharmacy — 9110 Liberty Rd, Randallstown, MD 21133
- Heather Klenk — 9110 Liberty Rd, Randallstown, MD 211333522
- Freddy Banks — 9110 Liberty Rd, Randallstown, MD 211333522
- NBXSolutions — 3426 Carriage Hill Cir apt 102, Randallstown, MD 21133
Frequently Asked Questions
What type of property is this?
Drug store - Walgreens NNN lease with ±12.9 years remaining in Randallstown, MD.
Where is this drug store located?
The property is located at 9110 Liberty Rd Randallstown, MD.
What is the asking price?
The asking price for this property is $5,166,977.
What are key features of this property?
This property features: NNN lease with approximately 12.9 years of term remaining; Walgreens is the tenant; Located in Randallstown, MD, part of the Baltimore‑Columbia‑Towson, MD MSA (Population: 2.87M+)
