Triple Net Walgreens
For Sale
Contact for pricing
9616 Harford Rd, Parkville, MD 21234
Fee-simple drug store with a brand-new 15-year Walgreens lease and tenant-responsible expenses and maintenance.
Property Size14,430 SF
Price / SF$353.46
Days on Market101
Property Features for 9616 Harford Rd
General Information
Standard status
Active
Size
14,430 SF
Class
A
Property subtype
Retail
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$318,780
Building Details
Year Built
1995
Tenancy
Single
Listed By:
Graham Slifer · License #5015985
Source:
Crexi
Added: Jun 15
Changed: Sep 7
Last Checked: Sep 22 at 5:01PM
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 Graham Slifer
Investment Insights
Based on property information with market context.
The offering is the fee simple interest in a Walgreens drug store in Parkville, Maryland, presented on an Absolute Triple Net (NNN) basis. Walgreens executed a brand new, long-term 15-year lease in February of 2024. Under the terms described, the lease is structured so there are no landlord responsibilities, with the tenant responsible for all expenses and maintenance/management of the real estate.
The property is located at 9616 Harford Rd in Parkville, MD 21234. The seller’s materials highlight Walgreens’ continued commitment through the recently executed lease renewal and long-term term.
For buyers seeking a hands-off, tenant-managed net lease structure, this Walgreens provides the framework of an absolute NNN arrangement with a long-term lease in place. Walgreens is described as regularly among the largest American companies by revenue and was ranked #26 on the 2025 Fortune 500 list. The remarks also note that Walgreens was acquired by Sycamore Partners, a private equity firm, in a transaction that closed in August of 2025.
The property is located at 9616 Harford Rd in Parkville, MD 21234. The seller’s materials highlight Walgreens’ continued commitment through the recently executed lease renewal and long-term term.
For buyers seeking a hands-off, tenant-managed net lease structure, this Walgreens provides the framework of an absolute NNN arrangement with a long-term lease in place. Walgreens is described as regularly among the largest American companies by revenue and was ranked #26 on the 2025 Fortune 500 list. The remarks also note that Walgreens was acquired by Sycamore Partners, a private equity firm, in a transaction that closed in August of 2025.
Key Highlights
- Fee‑simple Walgreens property in Parkville, Maryland, built in 1995
- Brand‑new 15‑year Walgreens lease executed in February 2024
- Absolute triple net (NNN) lease: tenant responsible for all expenses and maintenance/management
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
$207,982
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
4.08%
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%
$4,159,640
$4.2M
Cap Rate 7%
$2,971,171
$3.0M
Cap Rate 9%
$2,310,911
$2.3M
Market Conditions
NOI Build-Up for 14,430 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
$299.6K $20.76/SF
− Vacancy
−$22.3K −$1.54/SF
EGI
$277.3K $19.22/SF
− OpEx
−$69.3K −$4.80/SF
NOI
$208.0K $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%
$4,159,640
Cap Rate 7%
$2,971,171
Cap Rate 9%
$2,310,911
Alternative Uses
Best Use
Specialty Retail
$2.97M
$2.60M – $3.47M
NOI $207,982 @ 7.0% cap · market cap 4.08%
Second Best
Retail
$2.92M
$2.55M – $3.40M
NOI $204,240 @ 7.0% cap · market cap 4.00%
Theoretical Best
Multifamily LT 5
$140.00M
$122.50M – $163.33M
NOI $9,799,957 @ 7.0% cap · market cap 192.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
928
Businesses Nearby
8k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
M&T Bank
Shops & Services
8,117 visits/mo
0.5 miles
Demographics for 21234, MD
67,308
Population
29,575
Households
2.3
Avg Household Size
40
Median Age
36%
College-Educated
93%
High-School Grad
13.4 sq mi
ZIP Area
5,023
Density / Sq Mi
$83,139
Median Household Income
$52,260
Median Earnings
$1,542
Median Rent
$276,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
NNN property - Fee-simple drug store with a brand-new 15-year Walgreens lease and tenant-responsible expenses and maintenance.
Where is this nnn property located?
The property is located at 9616 Harford Rd Parkville, MD.
What is the asking price?
The asking price for this property is $5,100,480.
What are key features of this property?
This property features: Fee‑simple Walgreens property in Parkville, Maryland, built in 1995; Brand‑new 15‑year Walgreens lease executed in February 2024; Absolute triple net (NNN) lease: tenant responsible for all expenses and maintenance/management
