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Property profile & analytics
OFF-MARKET
Estimated value
$5,750,000
Warehouses
1321 Mercedes Dr, Hanover, MD 21076-3154
Entity Owned
9-yr Hold
Free & Clear
Property ID
US40-0945311
Property summary
AI-generated overview
This exceptional industrial property, Baltimore Commons, located at 1321 Mercedes Drive in Hanover, Maryland, 21076, offers a prime opportunity for businesses seeking flexible warehouse or flex space. The property is situated in the desirable BWI/Anne Arundel submarket of Anne Arundel County. The single-story building boasts a total of 60,300 square feet, with 4,950 square feet currently available for lease. The space features a generous 21-foot ceiling height, ideal for various industrial uses and high-storage needs. Convenient loading dock access is provided for efficient material handling. Ample parking is available with 156 total spaces. The property benefits from a robust 120/208-volt, 3-phase, 4-wire electrical service. This multi-tenant building presents a versatile solution for businesses requiring a blend of office and warehouse space, or solely warehouse space. The property's location in the BWI/Anne Arundel submarket offers excellent access to major transportation routes and the Baltimore-Washington International Thurgood Marshall Airport. Inquire today to learn more about this exceptional leasing opportunity.
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1982
Construction
BRICK
Total area
39,195 SF
Lot
4.25 ac (185,130 SF)
Zoning code
W1
APN
05-033-90027042
UPID
US40-0945311
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
$6.96M
Blend (final)
Blend
$5.75M
Owner & transaction history
Merritt Mp3 LLC · 9 yrs held
Merritt Mp3 LLC
since 2016
3 recorded transactions
Zoning & alternative use
W1 · Hanover, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$9.0M
+51.7%
Restaurant
$8.9M
+49.5%
Office building
$8.1M
+35.0%
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 Hanover submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Hanover 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$5,960,000
Current use
AUTO REPAIR, GARAGE
$9,045,000
Change: +52% · Conversion: Easy
RESTAURANT
$8,915,000
Change: +49% · Conversion: Difficult
OFFICE BUILDING
$8,050,000
Change: +35% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$7,180,000
Change: +20% · Conversion: Moderate
MEDICAL BUILDING
$5,695,000
Change: -4% · Conversion: Difficult
RETAIL STORES
$5,460,000
Change: -8% · Conversion: Moderate
Blend value · Realmo final
$5.75M
Range $5.18M – $6.33M · ±10%
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
$147 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$54,308
Tax year 2023
Assessed value
$4,973,300
Assessed 2023
Previous assessed
$4,877,800
+2.0% YoY
Effective rate
1.09%
On assessed value
Land market value
$1,105,000
Improvement market value
$4,059,300
Total market value
$5,164,300
Applied tax rate
5.0000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1982
Construction
BRICK
Heating
FORCED AIR
Cooling
AC.PACKAGE
Stories
1
Units
2
Total area
39,195 SF
Lot
4.25 ac (185,130 SF)
Zoning code
W1
APN
05-033-90027042
UPID
US40-0945311
Jurisdiction
ANNE ARUNDEL
Zoning & alternative use
W1 · Hanover, MD
Zoning W1 · permitted uses
W1 · Hanover, MD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Hanover. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$6.0M
AUTO REPAIR, GARAGE
Est. value
$9.0M
RESTAURANT
Est. value
$8.9M
OFFICE BUILDING
Est. value
$8.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$7.2M
MEDICAL BUILDING
Est. value
$5.7M
RETAIL STORES
Est. value
$5.5M
WAREHOUSE, STORAGE Current
AUTO REPAIR, GARAGE
RESTAURANT
OFFICE BUILDING
NEIGHBORHOOD: SHOPPING CENTER
MEDICAL BUILDING
RETAIL STORES
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
1982
Construction
BRICK
Heating
FORCED AIR
Cooling
Yes
Stories
1
Units
2
Lot
4.25 ac
Current owner
From public records · entity-resolved
Merritt Mp3 LLC
Entity
Free & Clear · 9 yrs held
Mailing address
2066 LORD BALTIMORE DR, BALTIMORE, MD 21244-2501
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2016
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 22, 2016
—
Merritt Mp3 LLC
Merritt Mp1 LLC
Quit Claim Deed
—
Dec 23, 1997
—
Merritt-mp1 LLC
Merritt Family LP 2
Quit Claim Deed
related
—
Dec 22, 1997
—
Merritt,& Mp1 LLC
Merritt Limited
Quit Claim Deed
related
—
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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