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Property profile & analytics
OFF-MARKET
Estimated value
$1,250,000
Warehouses
523 Underwood Ln, Bel Air, MD 21014-1833
Entity Owned
~
Est. High Equity
Property ID
US40-0149465
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2018
Total area
5,520 SF
Lot
0.75 ac (32,500 SF)
Zoning code
CI
APN
03-319512
UPID
US40-0149465
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
-
Mark Bro Materials LLC Big Box & Wholesale Store Construction Company
-
Bel Air Foam & Roofing Roofing Company General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.21M
Blend (final)
Blend
$1.25M
Owner & transaction history
1212 E Churchville Road LLC
1212 E Churchville Road LLC
since 2026
Last sale
$1.3M
3 recorded transactions
Zoning & alternative use
CI · Bel Air, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.9M
+96.8%
Auto repair, garage
$1.7M
+76.1%
Retail stores
$1.4M
+40.5%
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 Bel Air submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Bel Air 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
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$980,000
Current use
RESTAURANT
$1,930,000
Change: +97% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,725,000
Change: +76% · Conversion: Easy
RETAIL STORES
$1,375,000
Change: +40% · Conversion: Moderate
COMMERCIAL (GENERAL)
$1,255,000
Change: +28% · Conversion: Difficult
OFFICE BUILDING
$1,185,000
Change: +21% · Conversion: Difficult
Blend value · Realmo final
$1.25M
Range $1.13M – $1.38M · ±10% · vs last sale $1.28M (Jan 21 2026)
Last sale anchor
$1.28M
Jan 21 2026
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
$226 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$7,225
Tax year 2022
Assessed value
$681,767
Assessed 2023
Previous assessed
$662,900
+2.8% YoY
Effective rate
1.06%
On assessed value
Land market value
$234,000
Improvement market value
$485,500
Total market value
$719,500
Applied tax rate
3.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
2018
Heating
SPACE
Buildings
2
Stories
1
Units
2
Bathrooms
1
Total area
5,520 SF
Lot
0.75 ac (32,500 SF)
Zoning code
CI
APN
03-319512
UPID
US40-0149465
Jurisdiction
HARFORD
Zoning & alternative use
CI · Bel Air, MD
Zoning CI · permitted uses
CI · Bel Air, MD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Bel Air. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$980,000
RESTAURANT
Est. value
$1.9M
AUTO REPAIR, GARAGE
Est. value
$1.7M
RETAIL STORES
Est. value
$1.4M
COMMERCIAL (GENERAL)
Est. value
$1.3M
OFFICE BUILDING
Est. value
$1.2M
WAREHOUSE, STORAGE Current
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
COMMERCIAL (GENERAL)
OFFICE BUILDING
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
2018
Heating
SPACE
Stories
1
Buildings
2
Units
2
Bathrooms
1
Lot
0.75 ac
Current owner
From public records · entity-resolved
1212 E Churchville Road LLC
Entity
Mailing address
523 UNDERWOOD LN, BEL AIR, MD 21014-1833
Ownership since
2026
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
Jan 21, 2026
$1,275,000
1212 E Churchville Road LLC
Enterprise Park LLC
Deed
$1,020,000 · M & T Bank
Jun 29, 2016
$200,000
Enterprises Park LLC
Baker Utilities LLC
Deed
$600,000 · Harford Bank
May 9, 2000
$110,000
Baker Utilities LLC
Lewis,ricky E & Frances A
Grant Deed
$110,000 · Forest Hill State Bank
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.
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