Property Details for 6838 Loch Raven Blvd

Year built

2002

Lot size

1.24 lot acres

Property size

10,667 SF

Property type

Retail properties & Spaces

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a fee-simple interest (land and building) in a Walgreens property located at 6838 Loch Raven Blvd, Baltimore, MD 21286. The property boasts a newly signed 15-year absolute NNN lease with Walgreens, a credit-rated tenant, commencing February 20, 2024, and expiring February 28, 2039. The lease includes twelve 5-year renewal options, ensuring long-term stability. Rental increases of 5% every five years provide inflation protection and consistent NOI growth. The 10,667 square foot building, constructed in 2002, sits on a 1.24-acre lot with 66 parking spaces and benefits from a high-traffic location at a signalized intersection. The property is situated in a dense retail corridor with nearby national retailers including Walmart, Target, and Lowe's, and is surrounded by affluent residential communities and Towson University. The strong demographics within a 5-mile radius, featuring a population exceeding 375,400 and an average household income of $111,955, further enhance the investment's appeal. The property's NOI is $224,007, resulting in a 6.00% cap rate. The permitted zoning is BL. This is a management-free investment opportunity with zero landlord responsibilities, offering a compelling return on investment. The asking price is $3,733,000.

Location Insight

City

Baltimore

County

Baltimore

State

Maryland

Longitude

-76.5777

Latitude

39.385