12578 Garrett Hwy Oakland, MD 21550-1159
- Office buildings
- 7,500 SF
- 1.30 lot acres
Current Use by Public Records
- Office buildings
Property Details for 12578 Garrett Hwy
- Year built
- 1979
- Construction
- STEEL FRAME
- Lot size
- 1.30 lot acres
- Property size
- 7,500 SF
- Property type
- Office buildings
- APN
- 17-013432
- APU
- 17013432
Description
This 14,116 square foot, Class B office building in Oakland, Maryland, is currently 100% occupied by the Maryland Department of Human Services under a modified gross lease with a remaining term of 9.8 years, extending to August 31, 2034, with a five-year option. The tenant, with an AAA credit rating, occupies the entire single-unit building, which includes office space, waiting and visitation areas, meeting rooms, and storage. The property, built in 1979 and renovated in 2024, sits on 1.3 acres and features two single-story buildings. Significant capital improvements are planned, including new LED lighting, HVAC unit replacements, painting, new carpeting and tiling, and parking lot repairs. The tenant is responsible for utilities, janitorial services, trash removal, snow/ice removal, and real estate tax increases above the base year. The landlord covers base year taxes, repairs and maintenance, water and sewer, and property insurance. The asking price is $3,550,000, representing a cap rate of 8.27% and a price per square foot of $251.49. The Net Operating Income (NOI) is $293,554. The property is zoned TC Commercial and has an APN of 17-013432. This investment offers stable and predictable income from a highly creditworthy tenant.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Oakland
- County
- Garrett
- State
- Maryland
- Longitude
- -79.3988
- Latitude
- 39.4198
