576 Ritchie Highway, Severna Park, MD
CAP Rate: 4.50%
Lease Term: 16 Years Remaining
Options: Four, 5 Year
Increases: 10% Every 5 Years
Building Size: 2,852 SF
Lot Size: 0.344 AC
The subject offering is a fee simple interest in an absolute NNN leased First National Bank. The tenant has a long term 20 year lease with 16 years remaining on the initial term. The lease calls for zero landlord obligations. The tenant has four 5 year options to renew and rent increases 10% every five years. The subject property is on a major commercial thoroughfare and surrounded by national retailers.
Severna Park is part of the Baltimore-Washington Metropolitan Area, and is located approximately 8 miles north of Annapolis, 17 miles south of Baltimore, and 39 miles east of Washington, D.C. Severna Park’s population was 37,634 at the 2010 census.
The property is situated just off of Maryland Route 2, the longest state highway in the U.S. state of Maryland. It is also located near Park Plaza Shopping Center, the regional shopping center. Major national retailers in the area include Kohl’s, Giant, and Bed Bath & Beyond.