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Auto Dealership

Easterns Automotive

9950 Washington Blvd N, Laurel, MD 20723

Listing Price: Request For Offer

Tenant Name
Easterns Automotive
Years Remaining On Lease
1.0
Gross SF
24,588
Guarantor
Subsidiary of a Corporation
Rentable SF
24,588
Lease Type
Absolute Net
Rent Per Square Feet
$13.20

Investment Overview

Marcus & Millichap is pleased to exclusively represent the ownership in the sale of 9950 Washington Blvd. N, Laurel, Maryland (the “Property”). The site has been leased by Easterns Automotive Group since 2002 under an Absolute NNN Lease. Easterns recently moved their inventory to another nearby dealership and there have been conflicting signals about whether they desire to negotiate a new lease. There is roughly one-year remaining on the lease and the tenant is paying full rent, presenting a new owner with several potential value-add strategies. The 2.41-acre site is mostly paved and has a 14,000 SF warehouse used for auto service and a 10,558 SF showroom/retail building. Prior to its use as an auto-dealership the site was used for heavy equipment sales and rentals. The site’s industrial zoning along with the high traffic counts of US-1, make it uniquely suitable for auto dealerships or equipment sales and rentals. With CAC-CLI zoning a new owner can maintain its use as an auto dealership or redevelop the site into any number of options. The CAC District is intended to provide for the development of pedestrian-oriented, urban activity centers with a mix of uses which may include retail, service, office and residential uses. The CLI overlay allows for its continued light industrial use with no restrictions on new leasing or building renovations. This part of US-1 has historically enjoyed a concentration of auto-oriented retail and service companies. Given the limited options available to auto-oriented tenants, rental rates have soared for dealerships and other auto-related businesses. As one example, the Gerber Collision across the street pays roughly $10/SF more in rent. This investment offers a new owner the opportunity to negotiate a new lease at significantly higher rents or potentially redevelop the entire site. With strong traffic counts, minimal vacancy in the area and limited options for vehicle or equipment sales/rental companies that need outdoor parking/storage, a new owner will have multiple options to add value.

Investment Highlights

  • One-Year Remaining on Absolute NNN Lease With Below Market Rents
  • Auto-Collision Center Across the Street has NNN Rents $10/SF Higher
  • Ample Paved Parking/Outdoor Storage, Critical to Certain Retailers
  • Excellent Visibility and Access, Directly on US-1 with 32,210 VPD
  • CAC-CLI Zoning Allows for a Large Variety of Uses and Higher Density
  • High Occupancy Submarket with Strong Rent Growth
  • Close to Major Highways and Within 30 Minutes of D.C. & Baltimore

Exclusively Listed By

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

Listing Price: Request For Offer

Tenant Name
Easterns Automotive
Years Remaining On Lease
1.0
Gross SF
24,588
Guarantor
Subsidiary of a Corporation
Rentable SF
24,588
Lease Type
Absolute Net
Rent Per Square Feet
$13.20

Investment Highlights

  • One-Year Remaining on Absolute NNN Lease With Below Market Rents
  • Auto-Collision Center Across the Street has NNN Rents $10/SF Higher
  • Ample Paved Parking/Outdoor Storage, Critical to Certain Retailers
  • Excellent Visibility and Access, Directly on US-1 with 32,210 VPD
  • CAC-CLI Zoning Allows for a Large Variety of Uses and Higher Density
  • High Occupancy Submarket with Strong Rent Growth
  • Close to Major Highways and Within 30 Minutes of D.C. & Baltimore

Investment Overview

Marcus & Millichap is pleased to exclusively represent the ownership in the sale of 9950 Washington Blvd. N, Laurel, Maryland (the “Property”). The site has been leased by Easterns Automotive Group since 2002 under an Absolute NNN Lease. Easterns recently moved their inventory to another nearby dealership and there have been conflicting signals about whether they desire to negotiate a new lease. There is roughly one-year remaining on the lease and the tenant is paying full rent, presenting a new owner with several potential value-add strategies. The 2.41-acre site is mostly paved and has a 14,000 SF warehouse used for auto service and a 10,558 SF showroom/retail building. Prior to its use as an auto-dealership the site was used for heavy equipment sales and rentals. The site’s industrial zoning along with the high traffic counts of US-1, make it uniquely suitable for auto dealerships or equipment sales and rentals. With CAC-CLI zoning a new owner can maintain its use as an auto dealership or redevelop the site into any number of options. The CAC District is intended to provide for the development of pedestrian-oriented, urban activity centers with a mix of uses which may include retail, service, office and residential uses. The CLI overlay allows for its continued light industrial use with no restrictions on new leasing or building renovations. This part of US-1 has historically enjoyed a concentration of auto-oriented retail and service companies. Given the limited options available to auto-oriented tenants, rental rates have soared for dealerships and other auto-related businesses. As one example, the Gerber Collision across the street pays roughly $10/SF more in rent. This investment offers a new owner the opportunity to negotiate a new lease at significantly higher rents or potentially redevelop the entire site. With strong traffic counts, minimal vacancy in the area and limited options for vehicle or equipment sales/rental companies that need outdoor parking/storage, a new owner will have multiple options to add value.

Exclusively Listed By

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

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