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Property profile & analytics
OFF-MARKET
Estimated value
$1,800,000
Warehouses
2228 Conowingo Rd, Bel Air, MD 21015-1437
Entity Owned
14-yr Hold
Free & Clear
Property ID
US40-2222460
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2014
Total area
14,340 SF
Lot
4.56 ac (198,634 SF)
Zoning code
AG B3
APN
03-326373
UPID
US40-2222460
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
Current use
Occupant on record · Public records
-
Rainbow International of Northeastern Maryland Hardware & Home Improvement Construction Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.44M
Blend (final)
Blend
$1.80M
Owner & transaction history
Two Black Dogs LLC · 14 yrs held
Two Black Dogs LLC
since 2012
6 recorded transactions
Zoning & alternative use
AG B3 · Bel Air, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
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
$2,545,000
Current use
Blend value · Realmo final
$1.80M
Range $1.62M – $1.98M · ±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
$126 / 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
$14,902
Tax year 2022
Assessed value
$1,377,700
Assessed 2023
Previous assessed
$1,361,800
+1.2% YoY
Effective rate
1.08%
On assessed value
Land market value
$426,400
Improvement market value
$983,100
Total market value
$1,409,500
Applied tax rate
3.0000
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
2014
Heating
PACKAGE
Cooling
AC.PACKAGE
Buildings
2
Stories
1
Units
2
Bathrooms
3
Total area
14,340 SF
Lot
4.56 ac (198,634 SF)
Zoning code
AG B3
APN
03-326373
UPID
US40-2222460
Jurisdiction
HARFORD
Zoning & alternative use
AG B3 · Bel Air, MD
Zoning AG B3 · permitted uses
AG B3 · 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
WAREHOUSE, STORAGE Current
Est. value
$2.5M
WAREHOUSE, STORAGE Current
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
2014
Heating
PACKAGE
Cooling
Yes
Stories
1
Buildings
2
Units
2
Bathrooms
3
Lot
4.56 ac
Current owner
From public records · entity-resolved
Two Black Dogs LLC
Entity
Free & Clear · 14 yrs held
Mailing address
2228 CONOWINGO RD, BEL AIR, MD 21015-1437
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 13, 2020
—
Two Black Dogs LLC
—
Deed
related
$1,975,000 · Chesapeake Reconstruction Svcs
Jun 12, 2012
$354,774
Two Black Dogs LLC
Cgga Ents LLC
Grant Deed
—
Jan 18, 2006
$437,500
Cgga Ents LLC
Grafton,geneva C
Grant Deed
$350,000 · Mercantile County Bank
—
—
Two Black Dogs LLC
—
Deed Of Trust
related
$624,000 · Harford Bank
—
—
Two Black Dogs LLC
—
Deed Of Trust
related
$624,000 · Harford Bank
—
—
Two Black Dogs LLC
—
Deed Of Trust
related
$1,975,000 · Chesapeake Reconstruction Svcs
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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