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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3106 Solomons Is Rd Edgewater, MD 21037-1701

    • Outlet malls
    • 14,748 SF
    • 3.18 lot acres
    OFF-MARKET
    Last Sale
    Jun 26, 2020
    Value Estimations
    $910,000
    Show details
    Cap Rate Potential
    Location Intelligence
    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.

    Current Use by Public Records

    • macro restaurant group llc / Restaurant
    • Walgreens Photo / Passport Photo Processor / Photo Lab
    • 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
    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

    • AI approach

      Method
      Estimation
      ML approach
      $910,000

    Get a detailed, property-specific valuation — 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

    Comparable in this City

    • Value Estimation
      $6,625,000
      117,528 SF

      3249 Solomons Is Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 117,528 SF
      3249 Solomons Is Rd, Edgewater, MD 21037-2714
      View Details
    • Value Estimation
      $895,000
      23,956 SF

      3145 Solomons Is Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 23,956 SF
      3145 Solomons Is Rd, Edgewater, MD 21037-1707
      View Details
    • Value Estimation
      $300,000
      4,725 SF

      3410 Pike Rdg Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 4,725 SF
      3410 Pike Rdg Rd, Edgewater, MD 21037-2201
      View Details
    • Value Estimation
      $875,000
      24,200 SF

      Central Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 24,200 SF
      Central Ave, Edgewater, MD 21037
      View Details
    • Value Estimation
      $370,000
      7,223 SF

      3147 Solomons Is Rd

      SHOPPING CENTER, STRIP CENTER • 7,223 SF
      3147 Solomons Is Rd, Edgewater, MD 21037-1707
      View Details
    • Value Estimation
      $515,000
      14,451 SF

      2 Mayo Rd

      SHOPPING CENTER, STRIP CENTER • 14,451 SF
      2 Mayo Rd, Edgewater, MD 21037-1426
      View Details

    Similar Nearby for Sale

    • $3,546,000
      14,820 SF

      NNN Leased Walgreens For Sale

      NNN leased Walgreens with long-term renewal options for sale.
      3106 Solomons Island Rd, Edgewater, MD 21037
      View Details
    • $875,000

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      Wakefield Road Specialty Property

      Specialty property for sale in Edgewater, Maryland.
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    • $215,000
      0.31 Acres

      Water View Lot in Edgewater

      Buildable lot with water views to construct your dream home.
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    Similar Nearby for Lease

    • Contact for pricing
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      Eco-friendly retail center on a busy commuter corridor.
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      Edgewater Retail Opportunity

      84,000 SF retail space available for lease.
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      Retail Space in Edgewater

      Retail space available for lease in Edgewater, Maryland.
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      118,105 SF

      Edgewater Retail Center Opportunity

      Prime Edgewater retail space available.
      3209 Solomons Island Rd, Edgewater, MD 21037
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    • Contact for pricing
      5,232 SF

      Restaurant or Redevelopment Opportunity

      Freestanding building with excellent access and visibility.
      3222 Solomons Island Rd, Edgewater, MD 21037
      View Details
    • Contact for pricing
      14,000 SF

      Edgewater Retail Space Sublease

      Retail space available for sublease in Edgewater, Maryland.
      5-14 Mayo Rd, Edgewater, MD 21037
      View Details
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    Edgewater, MD 21037-1701
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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