Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    6700 Ritchie Hwy Glen Burnie, MD 21061-2319

    • Commercial land
    • 1.87 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US40-1936282
    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

    • COVID-19 Drive-Thru Testing at Walgreens / Pharmacy
    • Blink Charging Station / Electric Vehicle Charging Station
    • FedEx OnSite / Postal Service / Courier Service
    • Walgreens Photo / (Bike/Boat/Book/etc) Store
    • Walgreens Pharmacy / Pharmacy

    Property Details for 6700 Ritchie Hwy

    Year built
    2023
    Lot size
    1.87 lot acres
    Zone code
    C3
    Property type
    Commercial land
    APN
    05-000-90243716
    APU
    500090243716

    Description

    This exceptional investment opportunity presents a 14,490 square foot Walgreens located at 6700 Ritchie Hwy, Glen Burnie, MD 21061. The property sits on a 2.21-acre lot and is currently operating at 100% occupancy. The offering includes a triple net (NNN) lease with a corporate guarantee from Walgreens, one of the nation's largest drugstore chains. The lease commenced on July 23, 2005, and has a remaining term of approximately 5.7 years, expiring July 30, 2030. Ten 5-year renewal options are included, providing significant long-term income potential. The current annual net operating income (NOI) is $228,000, representing a 9.00% cap rate on the asking price of $2,533,333. Built in 2005, this property offers a secure, passive income stream with minimal landlord responsibilities. The property's strong tenant, long-term lease, and attractive cap rate make it an ideal addition to any investment portfolio. The Walgreens lease includes the responsibility for ground rent, ensuring a consistent revenue stream for the investor. This is a rare opportunity to acquire a high-performing, well-located Walgreens property with substantial future growth potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Glen Burnie
    County
    Anne Arundel
    State
    Maryland
    Longitude
    -76.6151
    Latitude
    39.193
    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
    $11,435
    $1,047,200
    $0.00
    $1,047,200
    -
    $1,047,200
    $0.00
    $1,047,200

    Comparable in this City

    • Value Estimation by Request
      0.13 Acres

      Ohio Ave

      VACANT COMMERCIAL LAND • 0.13 Acres
      Ohio Ave, Glen Burnie, MD 21061
      View Details
    • Value Estimation by Request
      0.03 Acres

      Baltimore-a Blvd

      VACANT COMMERCIAL LAND • 0.03 Acres
      Baltimore-a Blvd, Glen Burnie, MD 21061
      View Details
    • Value Estimation by Request
      0.13 Acres

      7362 Baltimore Annapolis Blvd

      VACANT COMMERCIAL LAND • 0.13 Acres
      7362 Baltimore Annapolis Blvd, Glen Burnie, MD 21061-3242
      View Details
    • Value Estimation by Request
      0.05 Acres

      Crain Hwy

      VACANT COMMERCIAL LAND • 0.05 Acres
      Crain Hwy, Glen Burnie, MD 21061
      View Details
    • Value Estimation by Request
      0.10 Acres

      Ferndale Ave

      VACANT COMMERCIAL LAND • 0.10 Acres
      Ferndale Ave, Glen Burnie, MD 21061
      View Details
    • Value Estimation by Request
      0.21 Acres

      Ritchie Hwy

      VACANT COMMERCIAL LAND • 0.21 Acres
      Ritchie Hwy, Glen Burnie, MD 21061
      View Details

    Similar Nearby for Sale

    • $1,250,000

      Commercial Land Near I-97

      Commercial land with quick access to I-97 and Route 3.
      7940 EAST Park Dr, Glen Burnie, MD 21061
      View Details
    • $899,900
      1.43 Acres

      Glen Burnie C-2 Opportunity Land

      Highly visible 1.43 acre C-2 land near Marley Station Mall.
      7911 Ritchie Hwy, Glen Burnie, MD 21061
      View Details
    • $449,900

      Industrial Land Near BWI Airport

      20,700 SF of light industrial land near BWI.
      Bertram Ave, Glen Burnie, MD 21061
      View Details
    • $139,500
      0.22 Acres

      Glen Burnie Commercial Land For Sale

      Commercial land with road frontage near fire department and light rail.
      7231 Baltimore Annapolis Blvd, Glen Burnie, MD 21061
      View Details
    • $449,900

      Industrial Land Near BWI Airport

      20,700 SF of light industrial land near BWI.
      Bertram Ave, Glen Burnie, MD 21061
      View Details
    • Contact for pricing
      1.46 Acres

      Glen Burnie Commercial Land Parcel

      1.455 Acres, Prime Location, MD
      7550 Wb&A Rd, Glen Burnie, MD 21061
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Pad Site in Enclosed Mall

      Pad site available in Marley Station Mall, Glen Burnie, MD.
      7842 Ritchie Hwy, Glen Burnie, MD 21061
      View Details
    • Contact for pricing

      Land for Rent

      Commercial land available for rent.
      251 Aquahart Rd, Glen Burnie, MD 21061
      View Details
    • Contact for pricing
      3,743 SF

      Commercially Zoned Pad Site Available

      0.727 acre commercially zoned pad site for ground lease.
      7706 Quarterfield Rd, Glen Burnie, MD 21061
      View Details
    • Contact for pricing

      Land For Rent Glen Burnie

      Land available for rent in Glen Burnie, Maryland.
      7421 Zachary Ln, Glen Burnie, MD 21061
      View Details
    • Contact for pricing
      920,000 SF

      Cromwell Business Park: Glen Burnie, MD

      Prime Anne Arundel County business park space.
      97 Aviation Blvd, Glen Burnie, MD 21061
      View Details
    • Contact for pricing
      181,440 SF

      Quarterfield Center: Glen Burnie Medical Office

      Glen Burnie medical office space available. Multiple suites.
      801-810 Landmark Dr, Glen Burnie, MD 21061
      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.
    6700 Ritchie Hwy
    Glen Burnie, MD 21061-2319
    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.