OFF-MARKET
Refrigerated & Cold Storage
Entity Owned
7-yr Hold
~
Est. High Equity
Entity Owned Property summary
AI-generated overview
This exceptional industrial property, located at 8805-8837 Kelso Drive in Essex, Maryland, presents a rare opportunity to lease two modern warehouses totaling 35,400 square feet. The property is situated in the Baltimore County East Industrial submarket, within Baltimore County, and boasts a convenient location with easy access to major transportation routes. The buildings feature single-story construction with impressive 20-foot ceiling heights, providing ample space for storage and operations. Six loading docks ensure efficient loading and unloading, while 79 parking spaces accommodate employees and visitors. The property is zoned ML-IM and offers a versatile space suitable for various distribution and warehouse needs. The entire 35,400 square feet is currently vacant, providing immediate occupancy for a single tenant. The electrical service is robust, featuring 120/208 volt, 3-phase, 4-wire power. This property is ideal for businesses seeking a large, well-equipped warehouse space in a prime location. The address is 8805-8837 Kelso Drive, Baltimore, MD 21221.
Property profile
Verified
Property type
Refrigerated & Cold Storage
Use group
COLD STORAGE
Year built
1982
Construction
BRICK
Total area
6,300 SF
Lot
4.39 ac (191,228 SF)
Zoning code
ML-IM
APN
15-1900005391
UPID
US40-0769808
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Big Box & Wholesale Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$610k
CAP Approach
CAP
$640k
Comparable Approach
Comparable
$761k
Blend (final)
Blend
$670k
Owner & transaction history
since 2019
7 recorded transactions
Zoning & alternative use
ML-IM · Baltimore, MD
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 6 comparables with addresses
2 alternative uses screened
Sensitivity value band
Source audit · 10 inputs
PDF export
Analytics Standard · 5 reports
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from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$670k
Value range
$603k – $737k
±10% around blend
Estimated value / SF
$106 / SF
Confidence
High
6 county-verified comps
Property data
88
Market benchmarks
67
Comparable evidence
60
$603k
blend $670k
$737k
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
6,300 SF
Lot area
4.39 ac
Year built
1982
Stories
1
APN
15-1900005391
Assessed value
$4,003,600
Annual tax
$28,072
3
Income approach: direct capitalization
Partial preview
Income approach indication
$640k
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$690k
@ 6.5% CAP return
$640k
@ 7% CAP return
$595k
4
Sales comparison
Partial preview
Sales approach indication
$2.92M
Weighted, 6 comps · high confidence
Evidence
6 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
8.3 mi away · 6,474 SF
9.1 mi away · 7,930 SF
17.5 mi away · 5,520 SF
24.4 mi away · 5,800 SF
24.9 mi away · 6,784 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$670k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 345 sales
$152
-30%
County 130 sales
$259
-59%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $106/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Not available
Market rent
Not available
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 6 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
Implied cap rate
6.80%
Implied, in-place cap rate for this refrigerated & cold storage
Estimated NOI ÷ last recorded sale. Refine with your own numbers in the full report.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 6.80%
9.0%
NOI (est.)
$280k *
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$4.12M
Move the market yield to see immediate price impact.
Value / SF
$654
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
6.30%6.80%7.30%
$252k
$4.00M
$3.71M
$3.46M
$280k
$4.45M
$4.12M
$3.84M
$308k
$4.89M
$4.53M
$4.22M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
6 found
High confidence · county-verified
Closest comparable
$1.80M
5.4 mi · Oct 2025 · $225/SF
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$28,072
Tax year 2023
Assessed value
$4,003,600
Assessed 2023
Previous assessed
$3,912,700
+2.3% YoY
Effective rate
0.70%
On assessed value
Assessed land
$1,426,700
Assessed improvement
$2,576,900
Land market value
$1,426,700
Improvement market value
$2,576,900
Total market value
$4,003,600
Applied tax rate
15.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Refrigerated & Cold Storage
Use group
COLD STORAGE
Status
Off-Market
Year built
1982
Construction
BRICK
Heating
SPACE
Buildings
2
Stories
1
Units
3
Total area
6,300 SF
Lot
4.39 ac (191,228 SF)
Zoning code
ML-IM
APN
15-1900005391
UPID
US40-0769808
Jurisdiction
BALTIMORE
Zoning & alternative use
ML-IM · Baltimore, MDZoning ML-IM · permitted uses
ML-IM · Baltimore, MD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1982
Construction
BRICK
Heating
SPACE
Stories
1
Buildings
2
Units
3
Lot
4.39 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
ML-IM
Jurisdiction
Baltimore, MD
Recorded code
ML-IM
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for ML-IM in Baltimore, MD.
What opens after registration
Zoning profile
Official documentVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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