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    7311 Ritchie Hwy Glen Burnie, MD 21061
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    7311 Ritchie Hwy Glen Burnie, MD 21061

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    • Retail properties & Spaces
    • 20,325 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Auto Plus Auto Parts / Auto Parts Store
    • Pep Boys / (Bike/Boat/Book/etc) Store / Auto Parts Store

    Property Details for 7311 Ritchie Hwy

    Year built
    1967
    Property size
    20,325 SF
    Property type
    Retail properties & Spaces

    Description

    This exceptional retail property, located at 7311 Gov Ritchie Hwy in Glen Burnie, Maryland, offers 20,325 square feet of space in a single-story building constructed in 1967. Currently, a portion of the building (11,395 square feet) is vacant, presenting a significant opportunity for a new tenant. The existing tenant, Pep Boys, occupies the remaining space under a long-term ground lease and will continue its tire and auto repair operations. The vacant space, previously used for parts sales, is ideal for a variety of uses. Potential tenants include medical facilities (dialysis or plasma centers), daycare centers (for children or pets), discount retailers, furniture stores, tool and hardware stores, and automotive businesses that do not directly compete with the existing tenant's services. Examples of suitable automotive businesses include collision centers, auto glass repair shops, or auto parts stores that offer a different product line. The property is situated in Anne Arundel County, Maryland, with convenient access via Ritchie Highway (zip code 21061). Negotiable cash allowances may be available for suitable tenants, contingent upon a rent structure that ensures a fair return on investment for the property owner. The available space ranges from approximately 3,200 to 11,500 square feet, offering flexibility for various business needs.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Glen Burnie
    County
    Anne Arundel
    State
    Maryland
    Longitude
    -76.6176
    Latitude
    39.1704

    Comparable in this City

    • Value Estimation
      $14,170,000
      163,868 SF

      7900 Ritchie Hwy

      DEPARTMENT STORE • 163,868 SF
      7900 Ritchie Hwy, Glen Burnie, MD 21061-4367
      View Details
    • Value Estimation
      $15,965,000
      197,446 SF

      7900 Ritchie Hwy

      DEPARTMENT STORE • 197,446 SF
      7900 Ritchie Hwy, Glen Burnie, MD 21061-4367
      View Details
    • Value Estimation by Request
      217,619 SF

      7440 Ritchie Hwy

      Retail properties & Spaces • 217,619 SF
      7440 Ritchie Hwy, Glen Burnie, MD 21061
      View Details
    • Value Estimation by Request
      1,339 SF

      7346-7352 Ritchie Hwy

      Mixed-use properties • 1,339 SF
      7346-7352 Ritchie Hwy, Glen Burnie, MD 21061
      View Details
    • Value Estimation
      $35,170,000
      263,410 SF

      7900 Ritchie Hwy

      DEPARTMENT STORE • 263,410 SF
      7900 Ritchie Hwy, Glen Burnie, MD 21061-4367
      View Details
    • Value Estimation
      $16,325,000
      133,280 SF

      7900 Ritchie Hwy

      DEPARTMENT STORE • 133,280 SF
      7900 Ritchie Hwy, Glen Burnie, MD 21061-4367
      View Details

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    Glen Burnie, MD 21061
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    7311 Ritchie Hwy, Glen Burnie, MD, 21061
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