4025 W Northern Pky
Baltimore, MD 21215
Walgreens Baltimore 7.65 CAP Option Renewed · Retail Property For Sale

We are pleased to present for sale the opportunity to acquire the Walgreens property located in Baltimore, MD. Walgreens is reporting solid sales at this location as evidenced by them recently exercising their first option showing commitment to this location. This lease operates on a double net lease basis, has approximately 5 years remaining on the term with seven (5-year) options to follow with landlord responsible for roof and structure. The next option begins July 1, 2025 and rent will increase by approximately 18.5% to $405,000. Income guaranteed by Walgreens corporation which has an investment grade credit rating of BBB (S&P) and is a top 20 Fortune 500 company with approximately 9,800 locations. The city of Baltimore has a $200M redevelopment plan for the Pimlico racetrack and the surrounding area. Nearly 50 acres have been set aside for private development including a $100M housing development of 17 acres south of Pimlico. This racetrack is located 1.1 miles northeast of the subject property and is a thoroughbred horse racetrack which hosts the Preakness Stakes with a capacity of over 120,000 people. This Walgreens is located near major medical and educational facilities. Sinai Hospital is 2 miles northeast and has 505 beds and 4,700 employees. Johns Hopkins Hospital, the teaching hospital for Johns Hopkins University has 1,162 beds and employs approximately 25,000 people in the region. Johns Hopkins University is 4.7 miles southeast with an enrollment of 27,000 students and 5,000 employees. The subject property is located on West Northern Parkway (36,761 VPD) VPD) and Reisterstown Road (15,170) one of the main arteries leading directly into Baltimore, for a combined traffic count of 51,931 VPD. Interstate 83 is ±2 miles northeast which also leads into downtown Baltimore with a traffic count of 104,427 VPD. Within a 3- mile radius of the subject property, the household income is $77,403 and the population is 154,348. There are 430,763 residents within a 5-mile radius and the household income is $76,862. Baltimore is the most populous city in the state of Maryland and there are about 430,473 residents in a 5-mile radius of the subject property. It is part of the Washington-Baltimore combined statistical area which has a population of approximately 10 million residents.