Ritchie Robinson Plaza | 497 Ritchie Hwy
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Ritchie Robinson Plaza 497 Ritchie Hwy
22,494 SF 91% Leased Retail Building Severna Park, MD 21146 For Sale
Investment Highlights
- Heavy daytime traffic
- Centrally located
Executive Summary
497 Ritchie Highway For Sale - CALL FOR OFFERS - DUE BY 12/23 (COB)!!
Primary Highlights:
Approx. 20k Sq. Ft. on approx. 1.13 acres, Zoned C3 (AA County). Core-plus investment opportunity with value-add upside potential.
Unanchored retail strip center, with a lower level in rear that is at-grade with lots of parking and retail signage. Nearly 150’ of direct frontage along Ritchie Hwy. and 150’ along Asbury Drive. Two (2) different points of ingress and egress.
Located squarely in the heart of the Ritchie Hwy Corridor - main thoroughfare for this market. Situated at the highest traffic count stretch of Ritchie between Rte. 50 and Rte. 100. Tenants include The Donut Shack (a 30+ yr. institution in Severna Park), Verizon Wireless, Pitaya Mexican restaurant, Ava Nails Lashes and Spa, Alpha Fitness and Magnolia Wellness.
Extremely high barriers to entry for new retail development along Ritchie Hwy in Severna Park. Historically very low vacancy at the property, and within the Severna Park retail market as a whole.
Average Lease Term Remaining: Approx. 55.7 months (4.5 years). Value-Add ability to increase rents with many below-market leases, ability to back-fill current Owners office/retail space after sale and obvious ability to upgrade facade and pylon signage to maximize rent growth upon renewals/re-leasing.
Note: The property is subject to a perpetual ground lease.
Contact Broker for more details and NDA.
Primary Highlights:
Approx. 20k Sq. Ft. on approx. 1.13 acres, Zoned C3 (AA County). Core-plus investment opportunity with value-add upside potential.
Unanchored retail strip center, with a lower level in rear that is at-grade with lots of parking and retail signage. Nearly 150’ of direct frontage along Ritchie Hwy. and 150’ along Asbury Drive. Two (2) different points of ingress and egress.
Located squarely in the heart of the Ritchie Hwy Corridor - main thoroughfare for this market. Situated at the highest traffic count stretch of Ritchie between Rte. 50 and Rte. 100. Tenants include The Donut Shack (a 30+ yr. institution in Severna Park), Verizon Wireless, Pitaya Mexican restaurant, Ava Nails Lashes and Spa, Alpha Fitness and Magnolia Wellness.
Extremely high barriers to entry for new retail development along Ritchie Hwy in Severna Park. Historically very low vacancy at the property, and within the Severna Park retail market as a whole.
Average Lease Term Remaining: Approx. 55.7 months (4.5 years). Value-Add ability to increase rents with many below-market leases, ability to back-fill current Owners office/retail space after sale and obvious ability to upgrade facade and pylon signage to maximize rent growth upon renewals/re-leasing.
Note: The property is subject to a perpetual ground lease.
Contact Broker for more details and NDA.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
22,494 SF
Building Class
B
Year Built
1986
Percent Leased
91%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.25
Lot Size
2.03 AC
Zoning
C3
Parking
20 Spaces (0.88 Spaces per 1,000 SF Leased)
Frontage
124 FT on Ritchie Hwy
Amenities
- Pylon Sign
Space Availability
- Space
- Size
- Space Use
- Position
- Available
- Newly Available Office/Retail Space, 2000 SF +/- - Ample Parking - Easy Access to Rt. 2 (Ritchie Hwy) - Contact Broker for More Details
| Space | Size | Space Use | Position | Available |
| B103/104 | 2,000 SF | Retail | End Cap | Now |
B103/104
| Size |
| 2,000 SF |
| Space Use |
| Retail |
| Position |
| End Cap |
| Available |
| Now |
B103/104
| Size | 2,000 SF |
| Space Use | Retail |
| Position | End Cap |
| Available | Now |
- Newly Available Office/Retail Space, 2000 SF +/- - Ample Parking - Easy Access to Rt. 2 (Ritchie Hwy) - Contact Broker for More Details
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 03-000-11958800 | Improvements Assessment | $219,200 |
| Land Assessment | $2,037,100 | Total Assessment | $2,256,300 |
PROPERTY TAXES
Parcel Number
03-000-11958800
Land Assessment
$2,037,100
Improvements Assessment
$219,200
Total Assessment
$2,256,300
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Ritchie Robinson Plaza | 497 Ritchie Hwy
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