2933 Ocean Gtwy Cambridge, MD 21613-3427

Property Details for 2933 Ocean Gtwy

Year built

1971

Construction

BRICK

Lot size

3.73 lot acres

Property size

3,658 SF

Zone code

B-2

Property type

Specialty properties

APN

14-008632

APU

14008632

Description

This exceptional investment opportunity presents a 4,758 square foot medical office building situated on a 3.73-acre lot at 2933 Ocean Gateway, Cambridge, Maryland, 21613. The property, built in 1971 and renovated in 2002, is currently 100% occupied by Bayside Animal Hospital under a single-tenant, net-net lease with a remaining term of approximately 6.4 years (expiring March 30, 2031, with commencement April 13, 2021). The lease features annual rent bumps of 1.025% and includes two 5-year renewal options. The property boasts a strong NOI of $92,058, resulting in an attractive 8.37% cap rate and a price per square foot of $231.19. The asking price is $1,100,000. The building is a one-story structure and benefits from high visibility due to its frontage along Ocean Gateway, a road with 31,790 vehicles per day. The tenant, Bayside Animal Hospital, is an AAHA-accredited facility and has demonstrated a long-term commitment to the location. This fee-simple ownership opportunity offers a stable, long-term investment with a strong tenant and favorable lease terms. The lease is backed by a corporate guarantee.

Location Insight

City

Cambridge

County

Dorchester

State

Maryland

Longitude

-76.0373

Latitude

38.5514

CBSA code

15700

CBSA name

CAMBRIDGE, MD MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments