496 Ritchie Hwy Severna Park, MD 21146-2911

Property Details for 496 Ritchie Hwy

Year built

2009

Lot size

1.03 lot acres

Property size

14,482 SF

Zone code

C3

Property type

Outlet malls

APN

03-000-90014642

APU

300090014642

Description

This exceptional investment opportunity presents a fee-simple ownership of a Walgreens located at 496 Ritchie Hwy, Suite 1, Severna Park, MD 21146. The 14,784 square foot property, built in 2009, sits on a 1.02-acre lot within a vibrant retail corridor boasting impressive traffic counts of 53,000 vehicles per day on Route 2 (Ritchie Highway). The property benefits from an absolute NNN lease with Walgreens, a highly creditworthy tenant, with a remaining lease term of approximately 4.6 years. The lease commenced on May 8, 2009, and expires July 8, 2029, including 8 five-year renewal options. The current asking price is $10,489,188, representing a price per square foot of $709.50 and an attractive 8.75% cap rate based on a Net Operating Income (NOI) of $917,804. The property enjoys 100% occupancy and benefits from built-in rent bumps. This location is strategically positioned adjacent to a Giant-anchored shopping center, within the Baltimore MSA, and surrounded by exceptionally strong demographics. Within a one-mile radius, the average household income is $215,828, and the three-mile radius encompasses a population of 47,513. The retail market exhibits a low vacancy rate of only 2.1%. This is a rare opportunity to acquire a high-performing, net-leased Walgreens in a prime location with significant upside potential.

Location Insight

City

Severna Park

County

Anne Arundel

State

Maryland

Longitude

-76.5501

Latitude

39.0812

CBSA code

12580

CBSA name

BALTIMORE-TOWSON, MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments