3106 Solomons Is Rd Edgewater, MD 21037-1701
Property profile & analytics
3106 Solomons Is Rd Edgewater, MD 21037-1701
- Outlet malls
- 14,748 SF
- 3.18 lot acres
Property ID
US40-0050874
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- macro restaurant group llc / Restaurant
- Walgreens Photo / (Bike/Boat/Book/etc) Store
- Walgreens Pharmacy / Pharmacy
- Labcorp at Walgreens / Medical Laboratory / Blood Testing Service
- COVID-19 Drive-Thru Testing at Walgreens / Medical Laboratory
Property Details for 3106 Solomons Is Rd
- Year built
- 2006
- Lot size
- 3.18 lot acres
- Property size
- 14,748 SF
- Zone code
- C3
- Property type
- Outlet malls
- Property subtype
- Shopping centers
- APN
- 01-000-04674600
- APU
- 100004674600
Description
This exceptional investment opportunity presents a 14,820-square-foot Walgreens pharmacy located at 3106 Solomons Island Road, Edgewater, Maryland 21037. The property sits on a 3.19-acre lot and is offered at $3,645,000, boasting a 9.00% cap rate. The property features a triple-net (NNN) lease with Walgreens, a highly creditworthy tenant, providing a secure and passive income stream. The lease commenced on April 28, 2006, and has a remaining term of approximately 6.4 years, expiring March 31, 2031. Ten renewal options of five years each are included, extending the lease potential to 2056. The current annual net operating income (NOI) is $328,000. Walgreens' corporate guarantee provides significant security for investors. Built in 2006, this property offers a stable, long-term investment with a strong tenant and a proven track record of success. The 100% occupancy rate further underscores the property's value and potential for continued growth. This is a rare opportunity to acquire a high-performing, net-leased Walgreens property in a desirable location. The property's strong financials and long-term lease make it an attractive investment for those seeking stable, passive income.
Value Estimations
based on Realmo’s proprietary methodology
-
CAP approach
- CAP Return
- Estimation
- 6%
- $3,480,000
- 6.5%
- $3,210,000
- 7%
- $2,980,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $5,310,000
Market price range: $914k - $5.31M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $6,110,000 Current use
- OFFICE BUILDING
- $7,385,000 Change: +21% Conversion: Easy
- RESTAURANT
- $7,165,000 Change: +17% Conversion: Easy
- AUTO REPAIR, GARAGE
- $6,275,000 Change: +3% Conversion: Difficult
- INDUSTRIAL (GENERAL)
- $6,180,000 Change: +1% Conversion: Difficult
- MEDICAL BUILDING
- $5,400,000 Change: -12% Conversion: Difficult
- WAREHOUSE, STORAGE
- $4,920,000 Change: -20% Conversion: Difficult
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Edgewater
- County
- Anne Arundel
- State
- Maryland
- Longitude
- -76.5653
- Latitude
- 38.9398
- CBSA code
- 12580
- CBSA name
- BALTIMORE-TOWSON, MD METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$79,975
$1,966,000
$5,357,700
$7,323,700
-
$1,966,000
$5,357,700
$7,323,700
