3224 Solomons Is Rd Edgewater, MD 21037-1704

Property Details for 3224 Solomons Is Rd

Year built

2004

Lot size

1.32 lot acres

Zone code

C3

Property type

Commercial real estate

APN

01-744-06864607

APU

174406864607

Description

Exceptional investment opportunity: a Bank of America branch located at 3224 Solomons Island Rd, Edgewater, MD 21037, in Anne Arundel County. This 4,553 square foot retail property sits on a 1.32-acre lot and is subject to a triple-net (NNN) lease with a highly creditworthy tenant. The lease commenced December 8, 2004, and was recently extended, with the current expiration date set for December 7, 2029, leaving approximately 5 years remaining. The current annual net operating income (NOI) is $228,159, representing a 6.75% cap rate based on the asking price of $3,380,133. The property boasts a strong financial performance, with the tenant demonstrating commitment through an early renewal. The lease includes two, five-year renewal options with a 12% rent increase in each. Built in 2003, this property offers a secure, long-term investment with significant upside potential due to the built-in rent escalations. The property's location in Edgewater, Maryland, provides excellent visibility and accessibility. This is a rare opportunity to acquire a high-quality, net-leased property anchored by a major financial institution. The price per square foot is $742.40. The property is currently 100% occupied.