KinderCare | Portfolio | Absolute Net-Corp Guar
6080 Marshalee Drive, Elkridge, MD 21075
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.
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
Sold Price: $3,970,000
Sold CAP Rate: 6.03%