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Warehouse

5000 Wabash Avenue

5000 Wabash Ave, Baltimore, MD 21215

Listing Price: $2,863,736

Cap Rate
5.88%
Gross SF
49,222
Price/Gross SF
$58.18
Lot Size
1.58 acres
Year Built
1972
Rentable SF
49,222

Investment Overview

Marcus & Millichap is pleased to exclusively represent the ownership in the sale of 5000 Wabash Ave, Baltimore, Maryland (the Property). The 49,222 SF multi-tenant warehouse is fully occupied by four tenants. With a history of full occupancy, the property benefits from low area vacancy and excellent visibility on Wabash Ave with 13,991 VPD.

The masonry-constructed warehouse was built in 1972 and sits on 1.58-acres of General Industrial (I-2) zoning. Each of the four bays has its own curb-cut entry from Wabash Ave, providing tenants with a dedicated and fenced parking area.

The warehouse features 6 drive-in doors, 1 loading dock and 1 ramped drive-in that could be converted back to a loading dock. There are 18’5” clear heights in 3 of the 4 bays and 14’2” clear heights in one bay. Each space has a small office build out, at least one bathroom and a concrete-paved parking area for customer and employee parking.

Currently, each tenant is up to $4/SF below market on a gross lease. Two of the tenants are MTM and could be immediately increased to at least $7.00/SF NNN. Further, the leases contain specific language that will allow a new owner to require tenants to 1) repair any mechanical/electrical systems or code violations within their respective units; 2) remove excess cars from the parking area and maintain their exterior space in an orderly manner; and 3) conduct a general clean up of their interior and exterior spaces.

Overtime, by improving the appearance of the property by painting it and resurfacing parking areas, a new owner should be able to attract better-quality tenants and substantially boost revenue. There are several nearby examples of recently repositioned industrial properties where owners were able to significantly increase rents.

The property is situated in a healthy industrial market with a 1.00% vacancy rate and 10.40% YOY rent growth within 3-miles of the property. With 74,111 residents within 2-miles of the property, demand for industrial service-oriented space is strong.

This investment presents a true value-add opportunity by increasing the existing tenants’ below-market rents and converting gross leases to NNN. At $58/SF, the asset is available well below current market and replacement costs.

Investment Highlights

  • Fully Occupied Multi-Tenant Warehouse with Attractive Property Features
  • Value-Add Opportunity By Increasing Rents & Converting Gross Leases to NNN
  • Existing Leases Allow Landlord to Require Cleaning, Maintenance & Removal of Cars
  • Submarket Boasts a 97.5% Occupancy Rate with Average Asking Rents of $8.43/SF
  • Infill Location on a Major Road and Proximity to Major Transportation Routes

Exclusively Listed By

  • John Faus

    Senior Associate

    (202) 536-3718

    Email John

    License(s): MD: 5002763, VA: 0225262810

    Washington, D.C.

  • Bryn Merrey

    Senior Managing Director Investments

    (202) 536-3727

    Email Bryn

    License(s): MD: 646476, DC: BR98372978, FL: BK3079114, VA: 0225215804, PA: ABR005179

    Washington, D.C.

Financing By

Warehouse

5000 Wabash Avenue

Listing Price: $2,863,736

Cap Rate
5.88%
Gross SF
49,222
Price/Gross SF
$58.18
Lot Size
1.58 acres
Year Built
1972
Rentable SF
49,222

Investment Highlights

  • Fully Occupied Multi-Tenant Warehouse with Attractive Property Features
  • Value-Add Opportunity By Increasing Rents & Converting Gross Leases to NNN
  • Existing Leases Allow Landlord to Require Cleaning, Maintenance & Removal of Cars
  • Submarket Boasts a 97.5% Occupancy Rate with Average Asking Rents of $8.43/SF
  • Infill Location on a Major Road and Proximity to Major Transportation Routes

Investment Overview

Marcus & Millichap is pleased to exclusively represent the ownership in the sale of 5000 Wabash Ave, Baltimore, Maryland (the Property). The 49,222 SF multi-tenant warehouse is fully occupied by four tenants. With a history of full occupancy, the property benefits from low area vacancy and excellent visibility on Wabash Ave with 13,991 VPD. The masonry-constructed warehouse was built in 1972 and sits on 1.58-acres of General Industrial (I-2) zoning. Each of the four bays has its own curb-cut entry from Wabash Ave, providing tenants with a dedicated and fenced parking area. The warehouse features 6 drive-in doors, 1 loading dock and 1 ramped drive-in that could be converted back to a loading dock. There are 18’5” clear heights in 3 of the 4 bays and 14’2” clear heights in one bay. Each space has a small office build out, at least one bathroom and a concrete-paved parking area for customer and employee parking. Currently, each tenant is up to $4/SF below market on a gross lease. Two of the tenants are MTM and could be immediately increased to at least $7.00/SF NNN. Further, the leases contain specific language that will allow a new owner to require tenants to 1) repair any mechanical/electrical systems or code violations within their respective units; 2) remove excess cars from the parking area and maintain their exterior space in an orderly manner; and 3) conduct a general clean up of their interior and exterior spaces. Overtime, by improving the appearance of the property by painting it and resurfacing parking areas, a new owner should be able to attract better-quality tenants and substantially boost revenue. There are several nearby examples of recently repositioned industrial properties where owners were able to significantly increase rents. The property is situated in a healthy industrial market with a 1.00% vacancy rate and 10.40% YOY rent growth within 3-miles of the property. With 74,111 residents within 2-miles of the property, demand for industrial service-oriented space is strong. This investment presents a true value-add opportunity by increasing the existing tenants’ below-market rents and converting gross leases to NNN. At $58/SF, the asset is available well below current market and replacement costs.

Exclusively Listed By

  • John Faus

    Senior Associate

    (202) 536-3718

    Email John

    License(s): MD: 5002763, VA: 0225262810

    Washington, D.C.

  • Bryn Merrey

    Senior Managing Director Investments

    (202) 536-3727

    Email Bryn

    License(s): MD: 646476, DC: BR98372978, FL: BK3079114, VA: 0225215804, PA: ABR005179

    Washington, D.C.

Financing By

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