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KinderCare | Portfolio | Absolute Net-Corp Guar

6080 Marshalee Drive, Elkridge, MD 21075

Description

Marcus & Millichap is pleased to present this single-tenant absolute-net leased Kindercare Learning Center located in Elkridge, Maryland.

The subject property is 9,970 square feet, was built in 1998, and is located about one mile from Route 100, the major east-west highway connecting US Route 29 in Ellicott City and MD 177 in Pasadena. The surrounding area is highly conducive to childcare centers and includes elementary schools, parks, dance/karate centers and abundant residential housing. The property is ideally located off the Meadowridge exit from Route 100, across the street from a corporate park with several large employers including Sun Microsystems.

The city of Elkridge encompasses approximately eight square miles in Howard County in Maryland and has strong median household income of $106,007 with a median resident age of 32 years which is five years/13 percent less than the state of Maryland’s median resident age of 37.

The lease terms are very favorable to the landlord with zero landlord responsibilities and 10 percent increases every five years. There are currently 20 years remaining on the lease with two, five-year options.

Price                                              $4,350,545

Down Payment                           $4,350,545 (100%)

Net Operating Income              $239,280

Gross Square Feet                       9,970

Rentable Square Feet                 9,970

Price/Square Foot                       $436

CAP Rate                                        5.50%

Parcel Size                                     1.89 Acres

Year Built                                      1998

 

 

 

Market Summary

CLOSED

Sold Price:                            $3,970,000

Sold CAP Rate:                    6.03%