5000 Wabash Ave, Baltimore, MD 21215
49,222 SF | 100% Leased | Industrial Building | Baltimore, MD 21215 | $2,863,736 ($58/SF) | 5.88% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $2,863,736
- Property Type
-
Industrial
- Price / Square Foot
- $58
Listing Contacts
Bryn Merrey
Verified Profile
John Faus
Verified Profile
Alec Schwartz
Verified Profile
- Property Info
Property Overview
Marcus & Millichap is pleased to exclusively represent the ownership in the sale of 5000 Wabash Ave, Baltimore, Maryland (the Property). The 49,222 SF multi-tenant warehouse is fully occupied by four tenants. With a history of full occupancy, the property benefits from low area vacancy and excellent visibility on Wabash Ave with 13,991 VPD.
The masonry-constructed warehouse was built in 1972 and sits on 1.58-acres of General Industrial (I-2) zoning. Each of the four bays has its own curb-cut entry from Wabash Ave, providing tenants with a dedicated and fenced parking area.
The warehouse features 6 drive-in doors, 1 loading dock and 1 ramped drive-in that could be converted back to a loading dock. There are 18’5” clear heights in 3 of the 4 bays and 14’2” clear heights in one bay. Each space has a small office build out, at least one bathroom and a concrete-paved parking area for customer and employee parking.
Currently, each tenant is up to $4/SF below market on a gross lease. Two of the tenants are MTM and could be immediately increased to at least $7.00/SF NNN. Further, the leases contain specific language that will allow a new owner to require tenants to 1) repair any mechanical/electrical systems or code violations within their respective units; 2) remove excess cars from the parking area and maintain their exterior space in an orderly manner; and 3) conduct a general clean up of their interior and exterior spaces.
Overtime, by improving the appearance of the property by painting it and resurfacing parking areas, a new owner should be able to attract better-quality tenants and substantially boost revenue. There are several nearby examples of recently repositioned industrial properties where owners were able to significantly increase rents.
The property is situated in a healthy industrial market with a 1.00% vacancy rate and 10.40% YOY rent growth within 3-miles of the property. With 74,111 residents within 2-miles of the property, demand for industrial service-oriented space is strong.
This investment presents a true value-add opportunity by increasing the existing tenants’ below-market rents and converting gross leases to NNN. At $58/SF, the asset is available well below current market and replacement costs.
The masonry-constructed warehouse was built in 1972 and sits on 1.58-acres of General Industrial (I-2) zoning. Each of the four bays has its own curb-cut entry from Wabash Ave, providing tenants with a dedicated and fenced parking area.
The warehouse features 6 drive-in doors, 1 loading dock and 1 ramped drive-in that could be converted back to a loading dock. There are 18’5” clear heights in 3 of the 4 bays and 14’2” clear heights in one bay. Each space has a small office build out, at least one bathroom and a concrete-paved parking area for customer and employee parking.
Currently, each tenant is up to $4/SF below market on a gross lease. Two of the tenants are MTM and could be immediately increased to at least $7.00/SF NNN. Further, the leases contain specific language that will allow a new owner to require tenants to 1) repair any mechanical/electrical systems or code violations within their respective units; 2) remove excess cars from the parking area and maintain their exterior space in an orderly manner; and 3) conduct a general clean up of their interior and exterior spaces.
Overtime, by improving the appearance of the property by painting it and resurfacing parking areas, a new owner should be able to attract better-quality tenants and substantially boost revenue. There are several nearby examples of recently repositioned industrial properties where owners were able to significantly increase rents.
The property is situated in a healthy industrial market with a 1.00% vacancy rate and 10.40% YOY rent growth within 3-miles of the property. With 74,111 residents within 2-miles of the property, demand for industrial service-oriented space is strong.
This investment presents a true value-add opportunity by increasing the existing tenants’ below-market rents and converting gross leases to NNN. At $58/SF, the asset is available well below current market and replacement costs.
Property Details
- Class
- C
- Year Built
- 1972
- Stories
- 1
- Property Subtype
- Distribution
- Lot Size (sq. ft)
- 68,825 SF
Highlights
- Fully Occupied Multi-Tenant Warehouse with Attractive Property Features
- Value-Add Opportunity By Increasing Rents & Converting Gross Leases to NNN
- Existing Leases Allow Landlord to Require Cleaning, Maintenance & Removal of Cars
- Submarket Boasts a 97.5% Occupancy Rate with Average Asking Rents of $8.43/SF
- Infill Location on a Major Road and Proximity to Major Transportation Routes
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