3106 Solomons Island RdEdgewater, MD 21037

Property Details for 3106 Solomons Island Rd

Year built

2006

Lot size

3.18 AC

Property size (Sq ft)

14,748 SF

Zone code

C3

Property type

Outlet malls

APN

01-000-04674600

APU

100004674600

Description

This exceptional investment opportunity presents a 14,820-square-foot Walgreens pharmacy located at 3106 Solomons Island Road, Edgewater, Maryland 21037. The property sits on a 3.19-acre lot and is offered at $3,645,000, boasting a 9.00% cap rate. The property features a triple-net (NNN) lease with Walgreens, a highly creditworthy tenant, providing a secure and passive income stream. The lease commenced on April 28, 2006, and has a remaining term of approximately 6.4 years, expiring March 31, 2031. Ten renewal options of five years each are included, extending the lease potential to 2056. The current annual net operating income (NOI) is $328,000. Walgreens' corporate guarantee provides significant security for investors. Built in 2006, this property offers a stable, long-term investment with a strong tenant and a proven track record of success. The 100% occupancy rate further underscores the property's value and potential for continued growth. This is a rare opportunity to acquire a high-performing, net-leased Walgreens property in a desirable location. The property's strong financials and long-term lease make it an attractive investment for those seeking stable, passive income.

• CAP approach

  CAP return

  Valuation

  6%

  $3,570,470

  6.5%

  $3,295,818

  7%

  $3,060,403

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,155,676

  Geo Method

  $2,338,048

• Alternative Use

  Use

  Valuation

  Residential

  $2,780,146

  Hospitality

  $2,546,599

  Educational

  $2,118,740

  Medical

  $2,191,607

  Retail

  $3,295,818

Location Insight

City

Edgewater

County

Anne Arundel

State

Maryland

Latitude

38.9398

Longitude

-76.5653

CBSA code

12580

CBSA name

BALTIMORE-TOWSON, MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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