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Property profile & analytics
OFF-MARKET
Estimated value
$5,045,000
Super regional malls
111 Tollgate Rd, Bel Air, MD 21014-4253
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US40-1937510
Property profile
Verified
Property type
Super regional malls
Use group
REGIONAL SHOPPING CENTER, MALL
Year built
2023
Total area
62,219 SF
Lot
4.43 ac (192,971 SF)
Zoning code
M1
APN
03-401479
UPID
US40-1937510
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.73M
Blend (final)
Blend
$5.05M
Owner & transaction history
Shops At Harford Mall LLC · 4 yrs held
Shops At Harford Mall LLC
since 2021
Last sale
$5.0M
1 recorded transaction
Zoning & alternative use
M1 · Bel Air, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$8.2M
+228.4%
Restaurant
$7.4M
+196.7%
Warehouse, storage
$5.3M
+112.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Bel Air submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Bel Air submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$6,445,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
AUTO REPAIR, GARAGE
$8,170,000
Change: +228% · Conversion: Difficult
RESTAURANT
$7,380,000
Change: +197% · Conversion: Difficult
WAREHOUSE, STORAGE
$5,280,000
Change: +112% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$4,050,000
Change: +63% · Conversion: Difficult
Blend value · Realmo final
$5.05M
Range $4.54M – $5.55M · ±10% · vs last sale $5.00M (Oct 21 2021)
Last sale anchor
$5.00M
Oct 21 2021
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$81 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$30,406
Tax year 2022
Assessed value
$12,956,900
Assessed 2024
Previous assessed
$12,956,900
+0.0% YoY
Effective rate
0.23%
On assessed value
Land market value
$3,189,600
Improvement market value
$10,465,000
Total market value
$13,654,600
Applied tax rate
300.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Super regional malls
Use group
REGIONAL SHOPPING CENTER, MALL
Status
Off-Market
Year built
2023
Cooling
AC.PACKAGE
Stories
1
Units
1
Total area
62,219 SF
Lot
4.43 ac (192,971 SF)
Zoning code
M1
APN
03-401479
UPID
US40-1937510
Jurisdiction
HARFORD
Zoning & alternative use
M1 · Bel Air, MD
Zoning M1 · permitted uses
M1 · Bel Air, MD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Bel Air. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
AUTO REPAIR, GARAGE
Est. value
$8.2M
RESTAURANT
Est. value
$7.4M
WAREHOUSE, STORAGE
Est. value
$5.3M
INDUSTRIAL (GENERAL)
Est. value
$4.1M
AUTO REPAIR, GARAGE
RESTAURANT
WAREHOUSE, STORAGE
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2023
Cooling
Yes
Stories
1
Units
1
Lot
4.43 ac
Current owner
From public records · entity-resolved
Shops At Harford Mall LLC
Entity
Mailing address
1115 HOWELL ML RD NW STE #777, ATLANTA, GA 30318-6524
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 21, 2021
$5,000,000
Shops At Harford Mall LLC
Harford Mall Business Trust
Special Warranty Deed
related
$19,028,847 · Mrv Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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