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Property profile & analytics
OFF-MARKET
Estimated value
$19,585,000
Manufacturing properties
8911 Kelso Dr, Essex, MD 21221-3113
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US40-1635698
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Year built
1982
Construction
BRICK
Total area
214,005 SF
Lot
13.37 ac (582,397 SF)
Zoning code
ML-IM
APN
15-1900004967
UPID
US40-1635698
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$18.18M
Comparable Approach
Comparable
$17.78M
Blend (final)
Blend
$19.59M
Owner & transaction history
Ah Realty Associates LLC · 3 yrs held
Ah Realty Associates LLC
since 2023
Last sale
$26.7M
4 recorded transactions
Zoning & alternative use
ML-IM · Essex, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Warehouse, storage
$32.6M
+39.0%
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 Essex submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Essex 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%
$19,695,000
6.5%
$18,180,000
7%
$16,880,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$23,420,000
Current use
WAREHOUSE, STORAGE
$32,555,000
Change: +39% · Conversion: Easy
Blend value · Realmo final
$19.59M
Range $17.63M – $21.54M · ±10% · vs last sale $26.70M (Apr 14 2023)
Last sale anchor
$26.70M
Apr 14 2023
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
$92 / 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
$126,068
Tax year 2023
Assessed value
$10,235,100
Assessed 2023
Previous assessed
$9,491,700
+7.8% YoY
Effective rate
1.23%
On assessed value
Assessed land
$4,345,200
Assessed improvement
$5,889,900
Land market value
$4,345,200
Improvement market value
$5,889,900
Total market value
$10,235,100
Applied tax rate
15.0000
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
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
Off-Market
Year built
1982
Construction
BRICK
Heating
SPACE
Stories
1
Units
1
Total area
214,005 SF
Lot
13.37 ac (582,397 SF)
Zoning code
ML-IM
APN
15-1900004967
UPID
US40-1635698
Jurisdiction
BALTIMORE
Zoning & alternative use
ML-IM · Essex, MD
Zoning ML-IM · permitted uses
ML-IM · Essex, MD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Essex. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$23.4M
WAREHOUSE, STORAGE
Est. value
$32.6M
INDUSTRIAL (GENERAL) Current
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
1982
Construction
BRICK
Heating
SPACE
Stories
1
Units
1
Lot
13.37 ac
Current owner
From public records · entity-resolved
Ah Realty Associates LLC
Entity
Mailing address
254 W 31ST ST FL #4, NEW YORK, NY 10001-2813
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 14, 2023
$26,701,575
Ah Realty Associates LLC
Kelso Drive Investors LLC
Special Warranty Deed
$16,000,000 · Provident Bank
Jun 26, 2020
—
Kelso Drive Investors LLC
—
Deed
related
$5,335,000 · M & T Bank
Jun 4, 2020
$10,500,000
Kelso Drive Investors LLC
8911 Kelso Drive LLC
Grant Deed
$5,335,000 · High Street R/e Fund Vi Reit L
Oct 20, 2015
$6,575,000
8911 Kelso Drive LLC
The Worthington Steel Company
Special Warranty Deed
$5,300,000 · M & T 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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