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Property profile & analytics
OFF-MARKET
Estimated value
$15,320,000
Outlet malls
575 Ritchie Hwy Severna Park, MD 21146-2923
Individually Owned
24-yr Hold
Absentee Owner
Free & Clear
Property ID
US40-1159183
Property profile
Verified
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Year built
2000
Construction
BRICK
Total area
31,568 SF
Lot
19.64 ac (855,518 SF)
Zoning code
C3
APN
03-000-32983100
UPID
US40-1159183
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
-
Starbucks Cafe & Coffee Shop
-
Chipotle Mexican Grill Restaurant
-
Severna Park Marketplace Shopping Center & Mall
-
Kohl's Department Store
-
B&UchimneySweep&dryerVent Corporate Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$20.89M
Blend (final)
Blend
$15.32M
Owner & transaction history
State Retirement & Pension Sys · 24 yrs held
State Retirement & Pension Sys
since 2002
3 recorded transactions
Zoning & alternative use
C3 · Severna Park, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$15.8M
+20.8%
Restaurant
$15.3M
+17.2%
Auto repair, garage
$13.4M
+2.6%
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 Severna Park submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Severna Park 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
RETAIL STORES
$13,080,000
Current use
OFFICE BUILDING
$15,810,000
Change: +21% · Conversion: Easy
RESTAURANT
$15,335,000
Change: +17% · Conversion: Easy
AUTO REPAIR, GARAGE
$13,425,000
Change: +3% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$13,225,000
Change: +1% · Conversion: Difficult
MEDICAL BUILDING
$11,560,000
Change: -12% · Conversion: Difficult
WAREHOUSE, STORAGE
$10,525,000
Change: -20% · Conversion: Difficult
Blend value · Realmo final
$15.32M
Range $13.79M – $16.85M · ±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
$485 / 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
$404,760
Tax year 2023
Assessed value
$37,065,900
Assessed 2023
Previous assessed
$36,397,900
+1.8% YoY
Effective rate
1.09%
On assessed value
Land market value
$19,647,000
Improvement market value
$18,086,900
Total market value
$37,733,900
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
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Status
Off-Market
Year built
2000
Construction
BRICK
Heating
YES
Cooling
YES
Buildings
7
Stories
1
Units
7
Total area
31,568 SF
Lot
19.64 ac (855,518 SF)
Zoning code
C3
APN
03-000-32983100
UPID
US40-1159183
Jurisdiction
ANNE ARUNDEL
Zoning & alternative use
C3 · Severna Park, MDZoning C3 · permitted uses
C3 · Severna Park, MD
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
RETAIL STORES Current
Est. value
$13.1M
OFFICE BUILDING
Est. value
$15.8M
RESTAURANT
Est. value
$15.3M
AUTO REPAIR, GARAGE
Est. value
$13.4M
INDUSTRIAL (GENERAL)
Est. value
$13.2M
MEDICAL BUILDING
Est. value
$11.6M
WAREHOUSE, STORAGE
Est. value
$10.5M
RETAIL STORES Current
OFFICE BUILDING
RESTAURANT
AUTO REPAIR, GARAGE
INDUSTRIAL (GENERAL)
MEDICAL BUILDING
WAREHOUSE, STORAGE
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
2000
Construction
BRICK
Heating
YES
Cooling
Yes
Stories
1
Buildings
7
Units
7
Lot
19.64 ac
Current owner
From public records · entity-resolved
State Retirement & Pension Sys
Individual
Free & Clear · 24 yrs held
Mailing address
7501 WISCONSIN AVE STE #1500, BETHESDA, MD 20814-6522
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2002
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
Jul 16, 2002
$31,525,000
State Retirement & Pension Sys
John Hancock Life Insurance Co
Grant Deed
—
Jul 16, 2002
—
Severna Retail INC
State Of Md Board Of Trustees
Grant Deed
related
—
—
—
Severna Park Marketplace LLC
—
Deed Of Trust
related
$38,000,000 · Principal Life Insurance Co
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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