Fulton Bank NNN
For Sale
Contact for pricing
9151 Baltimore National Pike, Ellicott City, MD 21042
NNN leased Fulton Bank with long term and escalations.
Property Size14,793 SF
Price / SF$362.06
Days on Market106
Property Features for 9151 Baltimore National Pike
General Information
Standard status
Active
Size
14,793 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$334,767
Building Details
Year Built
1973
Tenancy
Single
Listing Agency:
JLL Chicago | Americas Headquarters
Listed By:
Alex Sharrin · License #IL 475.170243
Source:
Crexi
Added: May 13
Changed: Aug 8
Last Checked: Jul 13 at 4:53AM
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 JLL Chicago | Americas Headquarters
Investment Insights
Based on property information with market context.
The property is a Fulton Bank branch located at 9151 Baltimore National Pike in Ellicott City, Maryland. The bank operates under a 15-year absolute NNN lease with approximately 13.0 years of primary lease term remaining. The lease includes 2.25% annual rent escalations, three five-year renewal options, and zero landlord responsibilities. The property size is 14793 square feet.
Key Highlights
- Absolute NNN lease with zero landlord responsibilities.
- ±13.0 years of primary lease term remaining.**
- Credit tenant: Fulton Bank.
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
$209,378
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
3.91%
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%
$4,187,560
$4.2M
Cap Rate 7%
$2,991,114
$3.0M
Cap Rate 9%
$2,326,422
$2.3M
Market Conditions
NOI Build-Up for 14,793 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
$319.5K $21.60/SF
− Vacancy
−$20.4K −$1.38/SF
EGI
$299.1K $20.22/SF
− OpEx
−$89.7K −$6.07/SF
NOI
$209.4K $14.15/SF
Area
Howard 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 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%
$4,187,560
Cap Rate 7%
$2,991,114
Cap Rate 9%
$2,326,422
Alternative Uses
Best Use
Retail
$2.99M
$2.62M – $3.49M
NOI $209,378 @ 7.0% cap · market cap 3.91%
Second Best
Specialty Retail
$2.45M
$2.14M – $2.86M
NOI $171,477 @ 7.0% cap · market cap 3.20%
Theoretical Best
Office A
$5.49M
$4.80M – $6.40M
NOI $384,021 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,334
Businesses Nearby
435k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 33%
Shops & Services 29%
Groceries 16%
Home Improvements & Furnishings 10%
Giant
Groceries
41,845 visits/mo
0.4 miles
McDonald's
Dining
40,816 visits/mo
0.3 miles
The Home Depot
Home Improvements & Furnishings
39,559 visits/mo
0.3 miles
DICK'S Sporting Goods
Apparel
33,178 visits/mo
0.3 miles
Shell
Shops & Services
30,030 visits/mo
0.1 miles
Demographics for 21042, MD
43,147
Population
15,269
Households
2.8
Avg Household Size
43
Median Age
75%
College-Educated
98%
High-School Grad
37.0 sq mi
ZIP Area
1,166
Density / Sq Mi
$190,504
Median Household Income
$94,089
Median Earnings
$2,253
Median Rent
$674,700
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?
Bank - NNN leased Fulton Bank with long term and escalations.
Where is this bank located?
The property is located at 9151 Baltimore National Pike Ellicott City, MD.
What is the asking price?
The asking price for this property is $5,356,000.
What are key features of this property?
This property features: Absolute NNN lease with zero landlord responsibilities.; ±13.0 years of primary lease term remaining.**; Credit tenant: Fulton Bank.
