Listed by KLNB Commercial Real Estate Services, NAI KLNB (Baltimore, MD), NAI KLNB (Washington, DC)
$4,642,441
Eastern Boulevard Shopping Center
Details
Property Type Retail
Sub Type Shopping Center
Square Footage 19,750
Net Rentable (SqFt) 19,750
Cap Rate 7.25%
NOI $336,577
Occupancy 91%
Tenancy Multi
Brand/Tenant Little Caesars
Lease Type NNN
Year Built 1987
Acreage 1.710
Zoning BR
Investment Type Value Add
Tenant Credit Credit Rated, Franchisee
Ground Lease No
Neighborhood Retail | Value-Add Opportunity | 91% Occupied
Marketing description
KLNB Retail Capital Markets is pleased to exclusively offer for sale the fee simple interest in Eastern Boulevard Shopping Center, a value-add, service-oriented neighborhood retail center. The property totals approximately 19,750 square feet across a traditional strip center and a freestanding single-tenant building in the rear, in the dense Essex submarket of Baltimore County, Maryland. With recent leasing moment, the subject property consists of a balanced roster of six seasoned tenants with a weighted average remaining lease term of 4 years. Additionally, upside is offered immediately through the leasing of a a rare, recently vacated, 1,875 square foot inline unit that was occupied for 37 years. Furthermore, the property showcases exceptional tenant loyalty, and performance, with a weighted average tenure of 8.1 years. Credit tenancy is supported by national credit tenant First Cash Pawn (parent company FirstCash Holdings, Inc., 3,300+ locations in 29 U.S. states and the District of Columbia, the United Kingdom and in Latin America) and regional, large franchisee operators Boost Mobile and Little Ceasars.
Investment highlights
- In Demand, Neighborhood Service-Oriented Center with Seasoned Tenants, Strong Credit and Robust Leasing Momentum
- Eastern Boulevard Shopping Center is 91% occupied by 6 tenants with a weighted average occupancy of 8.1 years
- Boost Mobile, a tenant for almost 11 years, recently extended an additional 3 years, displaying loyalty to the center
- Over 42% of the gross leasable area has been in occupancy for 10+ years, with Lucky Dragon being a tenant for 37+ years and First Cash Pawn for 26+ years, demonstrating long-term tenant success
- Phat Future Minds, 5,750 square feet and 29% of the GLA, signed a new lease in 2025
- First Cash Pawn is corporately guaranteed by FirstCash Holdings, Inc. which is a leading international operator of pawn stores and has more than 3,300 locations in 29 U.S. stats and the District of Columbia, the United Kingdom and in Latin America
- Immediate and Long-Term Value Add Opportunities
- Average rental rate of $21.93 PSF with the market bearing $25.00 PSF, providing a compelling mark to market strategy upon lease rollover
- Phat Future Minds comprises 29% of the gross leasable area and operates on a CAM over base year structure. A future investor could convert this to a triple net lease upon lease rollover, minimizing expense bleed for future ownership
- The asset includes two freestanding buildings on an individual tax parcel; a future investor could separately subdivide the buildings and sell one off to increase returns and pay down their basis
- Active management and a long-term capital campaign to the facade will increase tenant demand, potentially offering an upgrade in tenancy, and drive rental growth
- Diversified Tenant Mix Catering to the Needs of the Surrounding Community with Staggered Lease Expirations
- Healthy tenant mix comprised of various services including food and beverage, cell service, soft goods, and non-profit/tutoring
- The diversification of uses creates a healthy cross-shopping environment and drives additional consumer traffic to the subject property
- Staggered lease rollover with the largest exposure not coming until 2034, allowing for predictable cash flow in the early stages of ownership
- The nearest lease expiration is HRF Tobacco in 2028, comprising 9.50% of the GLA, helping to mitigate risk
- Strong Position within the Larger Retail Node and Surrounded by High Performing Retailers
- Eastern Boulevard, also known as Maryland Route 150, is the main retail node throughout Essex and this section of Baltimore County and where most national retailers strive to be
- Directly across the street from the market dominant Middlesex Shopping Center, a 272,162 SF shopping center with tenants such as Baltimore County Public Library, Advance Auto Parts, Family Dollar, Dollar Tree, Maryland Motor Vehicle Administration (MVA), Five Below and more
- The former 54,600 SF Shoppers Box at this Center is available for lease and will eventually bring additional anchors to the submarket further strengthening the retail corridor but also contributing to more consumer traffic in the localized submarket
- The MVA across the street is the only MVA East of I-95 and pulls from a large trade radius
- Other national tenants in close proximity include Popeyes, Dunkin', Wendy's, Royal Farms, McDonald's, T-Mobile, 7-Eleven, AutoZone, Burger King and more
- Substantial Frontage Along Heavily Trafficked Eastern Boulevard with Multiple Points of Ingress and Egress
- Excellent visibility along Eastern Boulevard, the main retail node throughout Essex, which sees steady traffic counts of 25,223 VPD
- The subject property is equipped with clear pylon signage offering tenants a strong marketing opportunity
- Additional ingress and egress along Eyring Avenue, creating ease of access for consumers coming from Old Eastern Avenue and the neighborhoods that consist to the East
- 0.3 miles from heavily trafficked Southeastern Boulevard, which sees 51,172 VPD and is a feeder to the Baltimore Beltway system/I-695, which serves as a primary thoroughfare through Essex
- The asset shares access with the neighboring Popeyes, creating a healthy cross-shopping environment and increasing total inbound traffic toward the asset
- Strong Surrounding Demographics with Robust Growth
- Approximately 84,000 residents average household incomes of $92,152 withing a 3-mile radius
- Both population and household incomes are projected to grow annually through 2030
- Located in close proximity to numerous neighborhoods, and new development communities, surrounding the subject property
- Eastern Boulevard Shopping Center sits on 1.71 acres within an extremely land constrained submarket of Baltimore County
Listing Contacts
Listed by KLNB Commercial Real Estate Services, NAI KLNB (Baltimore, MD), NAI KLNB (Washington, DC)
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$336,577.00
$28,048.08/mo
Valuation Metrics
0
DSCR
7.25%
Cap Rate
7.25%
ROI
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