2008 Maryland Ave Baltimore, MD 21218

Property Details for 2008 Maryland Ave

Property size

39,096 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

Midtown Marketplace presents a compelling investment opportunity in Baltimore, Maryland. This 39,096 square foot grocery-anchored retail center boasts a prime location at 2008 Maryland Ave, 21218, offering exceptional visibility and accessibility between two high-traffic intersections (combined 32,000+ ADT). The property enjoys a 100% occupancy rate with seven stable national and regional tenants, several of which have been in place since 1998, including Save-A-Lot, Advance Auto Parts, and Spin Cycle Laundromat (lease extending to 2033). The asking price is $6,200,000, representing a 10% capitalization rate and a substantial NOI of $620,000. Significant value-add potential exists due to below-market rents and numerous upcoming lease expirations, allowing for substantial income improvement. The property benefits from a dense population, with 47,000 residents within a one-mile radius and 284,000 within three miles. Its strategic location near the Link Light Rail and Baltimore Penn Station (a 12-minute walk), along with a Walk Score of 95 and Transit Score of 90, ensures high foot traffic and accessibility. The surrounding area is experiencing significant growth and revitalization, fueled by major employers such as Johns Hopkins University and Hospital, Under Armour, and the Port of Baltimore, further enhancing the property's long-term prospects. The ongoing multi-million dollar renovation and expansion of Baltimore Penn Station, adding one million square feet of new office and retail space, presents an additional catalyst for growth. This is a rare opportunity to acquire a well-positioned, high-performing retail asset with significant upside potential in a thriving urban market.

Location Insight

City

Baltimore

County

Baltimore

State

Maryland

Longitude

-76.6184

Latitude

39.3124