Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    502 Ritchie Hwy Severna Park, MD 21146-2913

    • Auto shops
    • 4,250 SF
    • 0.99 lot acres
    OFF-MARKET
    Last Sale
    Jul 06, 2021
    $5,375,000
    Value Estimations
    $5,530,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US40-0652552
    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

    • Jireh New And Used Tires / Auto Repair Shop
    • GetCoins Bitcoin ATM / Crypto Atm
    • Advance Auto Parts / Auto Parts Store
    • Severna Park Sunoco / Gas Station
    • ATM (Severna Park Services) / Atm

    Property Details for 502 Ritchie Hwy

    Construction
    BRICK
    Lot size
    0.99 lot acres
    Property size
    4,250 SF
    Zone code
    C3
    Property type
    Auto shops
    APN
    03-000-11960200
    APU
    300011960200

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,200,000
      ML approach
      $7,185,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Severna Park
    County
    Anne Arundel
    State
    Maryland
    Longitude
    -76.5487
    Latitude
    39.0799
    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
    $19,880
    $1,486,500
    $334,000
    $1,820,500
    -
    $1,486,500
    $334,000
    $1,820,500

    Comparable in this City

    • Value Estimation
      $555,000
      2,280 SF

      518 Ritchie Hwy

      AUTO REPAIR, GARAGE • 2,280 SF
      518 Ritchie Hwy, Severna Park, MD 21146-2925
      View Details
    • Value Estimation
      $685,000
      3,720 SF

      835 Ritchie Hwy

      AUTO REPAIR, GARAGE • 3,720 SF
      835 Ritchie Hwy, Severna Park, MD 21146-4116
      View Details
    • Value Estimation by Request
      2,150 SF

      24 Jones Sta W Rd

      AUTO REPAIR, GARAGE • 2,150 SF
      24 Jones Sta W Rd, Severna Park, MD 21146
      View Details
    • Value Estimation by Request
      1,096 SF

      901 Ritchie Hwy

      AUTO REPAIR, GARAGE • 1,096 SF
      901 Ritchie Hwy, Severna Park, MD 21146-4124
      View Details
    • Value Estimation
      $1,000,000
      2,175 SF

      537 Benfield Rd

      AUTO REPAIR, GARAGE • 2,175 SF
      537 Benfield Rd, Severna Park, MD 21146-2521
      View Details
    • Value Estimation
      $820,000
      11,724 SF

      730 Cypress Rd

      AUTO REPAIR, GARAGE • 11,724 SF
      730 Cypress Rd, Severna Park, MD 21146-4246
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,415 SF

      Severna Park Office/Medical Condo

      Two contiguous units ideal for office or medical use.
      692 Ritchie Hwy, Severna Park, MD 21146
      View Details
    • $45,000

      Magothy River Marina Slip

      Marina slip with easy access to Chesapeake Bay.
      360 Magothy Rd, Severna Park, MD 21146
      View Details
    • Contact for pricing

      Chart Towne Executive Offices Suites

      Professional office suites available in a multi-story building.
      479 Jumpers Hole Rd, Severna Park, MD 21146
      View Details
    • Contact for pricing
      597 SF

      Severna Park Office Space Available

      Office space for sale in the heart of Severna Park.
      645 Baltimore Annapolis Blvd, Severna Park, MD 21146
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,050 SF

      Retail Space in Shopping Plaza

      Retail space available in a 77,000 square foot shopping plaza.
      541-587 Baltimore Annapolis Blvd, Severna Park, MD 21146
      View Details
    • Contact for pricing
      3,428 SF

      Retail Space on Ritchie Highway

      Retail space with high visibility and strong traffic counts.
      572 Ritchie Hwy, Severna Park, MD 21146
      View Details
    • Contact for pricing
      2,900 SF

      Retail Space on Ritchie Highway

      Shopping center with high visibility on Governor Ritchie Highway.
      450 Ritchie Hwy, Severna Park, MD 21146
      View Details
    • Contact for pricing
      2,004 SF

      Retail Space in Severna Park

      Neighborhood shopping center anchored by Giant, Kohl's, Office Depot, Petco.
      543-575 Ritchie Hwy, Severna Park, MD 21146
      View Details
    • Contact for pricing
      2,840 SF

      Severna Park Regional Shopping Center

      Regional shopping center with high visibility and strong tenant mix.
      550 Ritchie Hwy, Severna Park, MD 21146
      View Details
    • Contact for pricing

      Retail and Flex Space Available

      Retail and flex space with signage opportunity along Ritchie Highway.
      160 Ritchie Hwy, Severna Park, MD 21146
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    502 Ritchie Hwy
    Severna Park, MD 21146-2913
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!