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Property profile & analytics
FOR SALE
Super regional malls
441 Outlet Center Dr, Queenstown, MD 21658
Entity Owned
29-yr Hold
~
Est. High Equity
Property ID
US40-1726294
For Sale
$1,690,000
441 Outlet Center Dr, Queenstown, MD 21658
View Listing →
Property profile
Verified
Property type
Super regional malls
Use group
REGIONAL SHOPPING CENTER, MALL
Year built
2006
Construction
BRICK
Total area
12,950 SF
Lot
8.72 ac (379,843 SF)
APN
05-011728
UPID
US40-1726294
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
-
Levi’s Outlet Store Clothing Store Men'S Clothing Store
-
Bath & Body Works (Bike/Boat/Book/etc) Store Cosmetic Store
-
ChargeItSpot Shopping Center & Mall (Bike/Boat/Book/etc) Store
-
EVgo Charging Station Electric Vehicle Charging Station
-
Polo Ralph Lauren Factory Store Clothing Store Men'S Clothing Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.03M
CAP Approach
CAP
$2.36M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.69M
Owner & transaction history
Second Horizon Group LP · 29 yrs held
Second Horizon Group LP
since 1996
3 recorded transactions
Zoning & alternative use
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 Queenstown submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Queenstown 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
$1,025,000
CAP Approach
CAP Return
Estimation
6%
$2,550,000
6.5%
$2,355,000
7%
$2,185,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,420,000
Change: 0% · Conversion: Easy
OFFICE BUILDING
$2,005,000
Change: 0% · Conversion: Moderate
AUTO REPAIR, GARAGE
$1,875,000
Change: 0% · Conversion: Difficult
RETAIL STORES
$1,870,000
Change: 0% · Conversion: Easy
WAREHOUSE, STORAGE
$1,400,000
Change: 0% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$1,265,000
Change: 0% · Conversion: Difficult
RESTAURANT
$1,155,000
Change: 0% · Conversion: Difficult
Blend value · Realmo final
$1.69M
Range $1.52M – $1.86M · ±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
$131 / 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
$252,138
Tax year 2023
Assessed value
$21,491,500
Assessed 2023
Previous assessed
$25,063,267
-14.3% YoY
Effective rate
1.17%
On assessed value
Assessed land
$3,052,000
Assessed improvement
$18,439,500
Land market value
$3,052,000
Improvement market value
$18,439,500
Total market value
$21,491,500
Applied tax rate
4.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
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
Super regional malls
Use group
REGIONAL SHOPPING CENTER, MALL
Status
For Sale
Year built
2006
Construction
BRICK
Heating
HEAT PUMP
Buildings
4
Stories
1
Units
4
Total area
12,950 SF
Lot
8.72 ac (379,843 SF)
APN
05-011728
UPID
US40-1726294
Jurisdiction
QUEEN ANNE'S
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL)
Est. value
$2.4M
OFFICE BUILDING
Est. value
$2.0M
AUTO REPAIR, GARAGE
Est. value
$1.9M
RETAIL STORES
Est. value
$1.9M
WAREHOUSE, STORAGE
Est. value
$1.4M
INDUSTRIAL (GENERAL)
Est. value
$1.3M
RESTAURANT
Est. value
$1.2M
COMMERCIAL (GENERAL)
OFFICE BUILDING
AUTO REPAIR, GARAGE
RETAIL STORES
WAREHOUSE, STORAGE
INDUSTRIAL (GENERAL)
RESTAURANT
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
2006
Construction
BRICK
Heating
HEAT PUMP
Stories
1
Buildings
4
Units
4
Lot
8.72 ac
Current owner
From public records · entity-resolved
Second Horizon Group LP
Entity
Mailing address
PO BOX 6120, INDIANAPOLIS, IN 46206-6120
Ownership since
1996
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 19, 2016
—
Queenstown Outlets Limited Partners
—
Deed
related
$102,000,000 · Goldman Sachs Mortgage Co
Sep 18, 1996
$10
Second Horizon Group LP
Horizon/glen Outlet Centers LP
Grant Deed
related
$99,300,000 · Nomura Asset Cap
—
—
Morgan Ivan S Trust
—
Deed Of Trust
related
—
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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