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Property profile & analytics
OFF-MARKET
Estimated value
$3,440,000
Distribution centers
25 Thomas Ave, Baltimore, MD 21225-3324
Entity Owned
Free & Clear
Property ID
US40-0423837
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
1960
Construction
BRICK
Total area
13,600 SF
Lot
1.6 ac (69,696 SF)
Zoning code
W2
APN
05-000-12606200
UPID
US40-0423837
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
-
Trade Employment Services Employment Agency
-
Nova Services Recycling Center Waste Management Facility
-
Winstar Baths Renovation Specialist General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.91M
Blend (final)
Blend
$3.44M
Owner & transaction history
Airgas USA LLC
Airgas USA LLC
since 2025
Last sale
$3.7M
4 recorded transactions
Zoning & alternative use
W2 · Baltimore, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$3.1M
+51.7%
Restaurant
$3.1M
+49.5%
Office building
$2.8M
+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 Baltimore submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Baltimore 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
$2,070,000
Current use
AUTO REPAIR, GARAGE
$3,140,000
Change: +52% · Conversion: Easy
RESTAURANT
$3,095,000
Change: +49% · Conversion: Difficult
OFFICE BUILDING
$2,795,000
Change: +35% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$2,490,000
Change: +20% · Conversion: Moderate
COMMERCIAL (GENERAL)
$2,240,000
Change: +8% · Conversion: Difficult
Blend value · Realmo final
$3.44M
Range $3.10M – $3.78M · ±10% · vs last sale $3.70M (May 6 2025)
Last sale anchor
$3.70M
May 6 2025
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
$253 / 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
$13,193
Tax year 2023
Assessed value
$1,208,133
Assessed 2023
Previous assessed
$1,186,100
+1.9% YoY
Effective rate
1.09%
On assessed value
Land market value
$365,800
Improvement market value
$886,400
Total market value
$1,252,200
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
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
Off-Market
Year built
1960
Construction
BRICK
Heating
SPACE
Cooling
AC.PACKAGE
Stories
1
Units
2
Total area
13,600 SF
Lot
1.6 ac (69,696 SF)
Zoning code
W2
APN
05-000-12606200
UPID
US40-0423837
Jurisdiction
ANNE ARUNDEL
Zoning & alternative use
W2 · Baltimore, MD
Zoning W2 · permitted uses
W2 · Baltimore, MD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Baltimore. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$2.1M
AUTO REPAIR, GARAGE
Est. value
$3.1M
RESTAURANT
Est. value
$3.1M
OFFICE BUILDING
Est. value
$2.8M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.5M
COMMERCIAL (GENERAL)
Est. value
$2.2M
WAREHOUSE, STORAGE Current
AUTO REPAIR, GARAGE
RESTAURANT
OFFICE BUILDING
NEIGHBORHOOD: SHOPPING CENTER
COMMERCIAL (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
1960
Construction
BRICK
Heating
SPACE
Cooling
Yes
Stories
1
Units
2
Lot
1.6 ac
Current owner
From public records · entity-resolved
Airgas USA LLC
Entity
Free & Clear · 0 yrs held
Mailing address
2 THOMAS AVE #5, BROOKLYN, MD 21225-3325
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 6, 2025
$3,700,000
Airgas USA LLC
25 Thomas Avenue LLC
Deed
—
Mar 15, 2023
—
25 Thomas Avenue LLC
—
Deed
related
$1,200,000 · Firstrust Bank
Apr 20, 2010
$1,000,000
25 Thomas Avenue LLC
Phillips Brothers Realty & Dev
Grant Deed
$900,000 · Phillips Brothers Realty & Dev
—
—
25 Thomas Avenue LLC
—
Deed Of Trust
related
$687,070 · Sandy Spring Bk
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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