6838 Loch Raven Blvd Baltimore, MD 21286

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

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.