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4410-4412 Mitchellville Road
4410-4412 Mitchellville Road, Bowie, MD 20716
ATM, Pier 1, Eye Center view
N/A
10,900 SF
Retail
Community Center
Investment
6.50%
100%
1
Single
1998
95,755 SF
-
Last Verified 1/5/2006
Listing ID 14348771
Highlights
National credit tenant- 2005 Annualized NNN Rent of $273,308
- Outstanding location with growing traffic and limited room for competition
- Cap rate on current Annualized NNN Rent: 6.50%
- Strong upside with lease rate bumps
- Cap rate on pro-forma NOI (at market lease rates): 8.08%
Description
Excellent income producing property located within the Bowie Gateway Center is 100% NNN leased by Pier 1 Imports, the Eye Care Center and BB&T Bank ATM pad. Pier 1 Imports is North America s largest specialty retailer of decorative home furnishings. FY 2005, Pier generated revenues of $1.9 billion and net income of $60.5 million, and had equity in excess of $664 million with an investment grade credit rating. The Eye Care Center is a leading eye care center with multiple regional locations.
2005 Annualized NNN Rent of $273,308.
Cap rate on current Annualized NNN Rent: 6.50%
Cap rate on pro-forma NOI (at current market lease rates): 8.08%
2+ acres prime retail site on Mitchellville Road, beside busy intersection of MD Route 50 and MD Route 301. This property has good signage and visibility. Other stores within the Bowie Gateway Center include Borders, PetSmart, Target, Sports Authority, Haverty Furniture and others. Neighborhood consists of mixture of land uses including single and multi family residential, community retail centers and a medical office park.
Map of 4410-4412 Mitchellville Road, Bowie, MD 20716 (Prince George's County)
Created 9/27/2005
Additional Information for 4410 Mitchellville Road, Bowie, MD 20716
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The information above has
been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified
it and make no guarantee, warranty or representation about it. It is your responsibility to independently
confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are
for example only and do not represent the current or future performance of the property. The value of
this transaction to you depends on tax and other factors which should be evaluated by your tax, financial,
and legal advisors. You and your advisors should conduct a careful, independent investigation of the
property to determine to your satisfaction the suitability of the property for your needs. TB-BSO