Listed by Sands Investment Group
$39,300,000
CarMax - White Marsh, MD
Details
Property Type Retail
Sub Type Auto Shop
Square Footage 57,241
Cap Rate 6%
NOI $2,358,000
Occupancy 100%
Tenancy Single
Lease Type NNN
Lease Term 35
Lease Expiration 08/09/2036
Remaining Term 10.2
Rent Bumps Yes
Lease Options NONE - Tenant Recently Exercised Last 10 Year Option
Price per SqFt $687
Year Built 1998
Acreage 15.680
Zoning (BR) Zoning
Investment Type Net Lease
Lease Commencement 08/10/2001
Ground Lease No
Irreplaceable 15.68-Acre CarMax | I-95 Corridor | Baltimore MSA
Marketing description
Sands Investment Group is pleased to exclusively offer for sale the 15.68 Acres CarMax located at 10201 Philadelphia Road in White Marsh, MD with 2.25% annual increases. This opportunity features a long term, corporate-guaranteed Triple Net (NNN) Lease backed by CarMax one of the largest and most recognized used vehicle retailers in the United States providing investors with investment grade credit tenancy and truly passive ownership with zero landlord responsibilities. The property offers increasing cash flow, long-term security, and a rare opportunity to acquire a high-quality retail asset occupied by an industry-leading tenant in a strong retail corridor. Tenant recently exercised its last remaining 10 year renewal option.
Investment highlights
- Highly Attractive Land Basis in an Irreplaceable Location: At just $3.45 per square foot in annual rent, an investor effectively controls 15.68 fully entitled acres along one of Baltimore’s premier commercial corridors — a cost basis that sits at the low end of market ground rents and cannot be reproduced at any price. Entitled commercial land of this size and quality in Baltimore County simply does not exist, and the entitlement, permitting, and construction timeline for a comparable use would span 3-5+ years with no guarantee of approval. This is truly irreplaceable real estate.
- Industry-Leading Corporate Tenant: CarMax Auto Superstores, Inc. (NYSE: KMX) is the nation’s largest used vehicle retailer, operating 250+ locations nationwide with billions in annual revenue and a tangible net worth well in excess of the lease’s $200M.
- Prime Baltimore Metro Location: Positioned on Philadelphia Road (US-1) in White Marsh, a dominant retail and commercial corridor in Baltimore County, serving one of the MSA’s strongest consumer trade areas.
- Strong Surrounding Retail Ecosystem: White Marsh is anchored by White Marsh Mall and a dense concentration of national retailers, restaurants, and hospitality, driving sustained consumer traffic to the corridor.
- Long-Term, Corporate-Guaranteed Triple Net (NNN) Lease: Tenant is CarMax Auto Superstores, Inc. (one of the largest used vehicle retailers in the U.S., providing investors with an investmentgrade credit tenancy and zero landlord responsibilities.
- Strategic Site for CarMax Operations: The property’s configuration, size, and location along a high-visibility arterial road make it purpose-built and ideally suited for CarMax’s auto superstore format, reinforcing renewal probability.
- Business Roadside (BR) Zoning | Redevelopment Upside: The property is zoned Business Roadside (BR) within Baltimore County, one of the most flexible and permissive commercial zoning classifications in the region. The BR designation accommodates a broad spectrum of by-right uses including retail, hotel/motel, brewery, greenhouse, lumberyard, and printing — providing future investors and occupiers with significant operational flexibility. Additional uses are available by Special Exception, further expanding the range of permitted development and repositioning opportunities. The current CarMax use as an outdoor motor vehicle sales facility reflects the zoning’s compatibility with large-format, high-traffic commercial operations, and the 15-acre site offers rare scale for a variety of commercial redevelopment or re-tenanting strategies within this permissive framework.
Listing Contacts
Listed by Sands Investment Group
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$2,358,000.00
$196,500.00/mo
Valuation Metrics
0
DSCR
6%
Cap Rate
6%
ROI
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