For Sale
$2,533,333

6700 Ritchie Hwy Glen Burnie, MD 21061

High-yield drugstore, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
138
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.

Highlights

  • Strong NNN Lease with no landlord responsibilities.
  • 10 five-year renewal options providing long-term income.
  • Walgreens pays annual ground rent of $255,000.
  • Corporate guarantee from Walgreens, a major national drugstore chain.

Property Details for 6700 Ritchie Hwy

Property type
Retail properties, Drug stores
Square Feet
14,490 SF
Year Built
2005
Lot Size (sq. ft)
96,268 SF

Location Insight

City
Glen Burnie
County
Anne Arundel
State
Maryland
Latitude
39.1932988
Longitude
-76.6144328

FAQs

What type of property is this?
Retail property - High-yield drugstore, strong tenant.
Where is the retail property located?
The property is located at 6700 Ritchie Hwy Glen Burnie, MD.
What is the asking price?
The asking price for this property is $2,533,333.
What are key features of this property?
This property features: Strong NNN Lease with no landlord responsibilities.; 10 five-year renewal options providing long-term income.; Walgreens pays annual ground rent of $255,000.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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6700 Ritchie Hwy
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