BELMONT OFFICE BUILDING 2018-07-06T12:53:17+00:00

Project Description

BELMONT OFFICE BUILDING

  DESCRIPTION

GREAT INVESTMENT OPPORTUNITY! 7.5% Cap Rate, Net Operating Income $296,250. This well built Brick Colonial Office Building boasts many amenities. Each unit is individually metered, includes alarm system, all new interior and exterior LED lighting, elevator, plenty of parking for +/-142 and more. Excellent tenants with LONG TERM leases.

The subject property is located at the southwest intersection of Doctors Crossing Rd and Moakley St within the incorporated community of Leonardtown, MD.  Leonardtown is bordered by Breton Bay, a tidewater region of the Chesapeake Bay, to the south. As of 2016, Leonardtown recorded a population of 3,769 citizens which is an approximate 25% increase since 2010.  Surrounding land uses include residential, office and institutional.  The MedStar/St.Mary’s Hospital is approx. 100 yds east of the property.  The area surrounding the property, particularly along the Md Route 5 corridor, is the strongest retail/commercial area of Leonardtown, particularly near the intersection of Md Route 5 and MD 243. This area north of Leonardtown has experienced consistent residential growth since the 1970’s. To the west of Moakley St is the new Clarks Residential subdivision. This subdivision includes single-unit, townhouse residences and amenities. The property was rezoned from Residential-Single Family to PUD-M to allow 53 additional planned townhouse in the neighborhood. According to information reflected in MRIS, there have been 60 sales in the neighborhood since 2014 with prices ranging from $278,990 to $584,910. According to information in CoStar, the estimated number of persons living within a one mile radius of the subject property as of 2017 is 2,984.  This number is expected to increase 4.60% by 2022 to 3,121 persons.  Within a five-mile radius, the 2017 population is 20,391, expected to increase 4.20% by 2022 to 21,246. Business data reflected in CoStar shows that there are 294 businesses that employ 3,676 persons within one-mli radius of the subject property.  The majority (54%) of these businesses are in the Health Care sector–given the proximity to MedStar/St.Mary’s Hospital which isn’t surprising. Within a five-mile radius, the number of businesses increases to 882 and number of employees is estimated at 9,139. Since 2016 St. Mary’s county office market has experienced positive net absorption in 7 out of 10 quarters–5 years avg. is approx.8,000 sq.ft per year. This is expected to continue until the middle of 2020. During the same period, the vacancy rate has steadily declined from approx. 13% at the beginning of 2016 to approx. 8% at this time. Based on CoStar’s data, vacancy rates will continue to fall in the next several years. Gross asking rent is a good measure of market confidence–when asking prices rise in a particular market this indicates favorable demands relative to the products offered, this is especially true, as in the case of Leonardtown, when vacancy rates declined during the same time-period. Another metric is the avg. price per sq. ft for properties sold.  The avg. price per sq. ft. for sales in Leonardtown have increased 20% during the past 3 years.

From Baltimore take I-97 S, then take Exit 7 for MD-3 S, then stay on US-301 S, then turn left onto MD-5 S/Mattawoman Beantown Rd, then turn left on MD-5 S/Leonardtown Rd for 18 miles, then turn right on MD-5/Point Lookout Rd for 11 miles then turn left onto Moakley St.

  BUILDING INFORMATION

  • Excellent Cap Rate
  • Nine (9) individual Units—Fully leased w/Excellent Tenant Base
  • All new Exterior and Interior LED Lighting
  • Brick Colonial Exterior Design
  • All new Hendricks tile Roof
  • New Dormers & Coleman Hardy Plank siding
  • Double Hung Thermopane Windows thru-out
  • Newly paved Parking lot with +/- 146 parking spaces
  • Elevator
  • Sprinklers thru-out
  • Individually Metered
  • Building Alarm System

   CONTACT

John C. Unitas, Jr.

(410) 456-6785

john@unitascommercial.com

CONTACT

  QUICK FACTS

ASKING PRICE $3,950,000
YEAR BUILT 1990
BUILDING SIZE 21,000
PROPERTY TYPE Office Building
NUMBER OF UNITS 9
NUMBER OF STORIES 2

  LOCATION

Address: 23000 Moakley Street, Leonardtown, St. Mary’s County, Maryland 20650

  ATTACHMENTS