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1233 Eastern BlvdEssex, MD 21221
Eastern Boulevard Shopping Center
Asset ClassRetail
% Leased91%
Retail SF: 19,750Cap Rate: 7.25%Deal Size: $4.64 MAccess Data Room
Value-Add, Service Oriented Neighborhood Retail Center Located in High Performing Retail Node
overview of deal

Overview

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.

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Investment Highlights

  • Value-add, service-oriented neighborhood retail center with 42% of GLA in occupancy for 10+ Years; Lucky Dragon 37+ years and First Cash Pawn 26+ years of occupancy
  • 91% occupied by 6 tenants with an 1,875 SF inline space available for immediate lease up; formally occupied for 37 years
  • Strong credit tenancy: 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 Little Ceasars (Cutting Edge Pizza, LLC / 60+ locations) and Boost Mobile (Mobile Factory, Inc.)
  • Average rental rate of $21.93 PSF with the market bearing $25.00 PSF, providing a compelling mark to market strategy upon lease rollover
  • Excellent visibility along Eastern Boulevard, the main retail node throughout Essex, which sees steady traffic counts of 25,223 VPD
  • Strong surrounding demographics with robust growth; 84,000 residents with average household incomes of $92,152 within a 3-mile radius
  • Located on a large 1.71 acre parcel within an extremely land constrained submarket of Baltimore County

Positioned within Dense Bedroom Community

1 Mile
3 Mile
5 Mile
Total Population
15,911
84,538
228,112
Avg Household Income
$87,418
$92,152
$94,291
Households
12,975
76,226
193,286
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1233 Eastern BlvdEssex, MD 21221

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