Madison Avenue Executive Center 940 Madison Ave
35,924 SF 97% Leased Office Building Baltimore, MD 21201 $5,150,000 ($143/SF) 8.10% Cap Rate
Investment Highlights
- High-Quality Medical/Wellness Building, Blocks from UMD Mid-Town Medical Center
- Multi-Million Renovation completed in 2020
- 80% Medical or Wellness related tenancy
- 37% Leased by University of Maryland (10 yrs)
- 98%(100% soon) Leased with 6+ Yr. WALT
- 54% Long-Term Leased through 2033 or longer
Executive Summary
Marcus & Millichap is pleased to exclusively represent the ownership of 940 Madison Avenue (the Property) for acquisition. The Property is a 98%, soon to 100% leased, 32,056 SF medical /wellness building embedded in the dense urban community just west of Downtown Baltimore, and two blocks from University of Maryland Medical Center Mid-Town Campus.
The Property is nearly 40% anchored by the University of Maryland on a new 10-year lease. The University of Maryland Baltimore (UMB) provides health and wellness services from early childhood services, to health and therapy for mothers and families. These UMB programs are funded by the State of Maryland with no terminations in the lease.
The Property has just received a multi-million-dollar, substantial renovation. In addition to new capital investment, UMB just built out their new RISE program facilities at the Property and has expressed interest in the remaining suite available for lease. While there is no urgency, UMB appears to be a slow-growth tenancy that could ultimately have a larger presence at the Property and absorb space when and if it becomes available.
Other medical and wellness tenancy operating at the Property include general medicine, podiatry, psychology, and psychiatric services. Dynamic Health Partners, and the Parker practices of therapy and psychiatry have both expanded into multiple suites.
The Baltimore Teachers Network (BTN) has been a tenant at the Property for over a decade and has a lower-lever conference center and offices at the Property. Renewed in 2023, BTN’s lease runs through 2033.
With over 50,000 residents within one mile of the Property, UMB and the other tenants have located in the heart of the community they serve and will continue to serve into the future. The Property is hospital adjacent, well maintained, attractive, inviting, and an embedded center and a value addition for west Baltimore.
The Property is nearly 40% anchored by the University of Maryland on a new 10-year lease. The University of Maryland Baltimore (UMB) provides health and wellness services from early childhood services, to health and therapy for mothers and families. These UMB programs are funded by the State of Maryland with no terminations in the lease.
The Property has just received a multi-million-dollar, substantial renovation. In addition to new capital investment, UMB just built out their new RISE program facilities at the Property and has expressed interest in the remaining suite available for lease. While there is no urgency, UMB appears to be a slow-growth tenancy that could ultimately have a larger presence at the Property and absorb space when and if it becomes available.
Other medical and wellness tenancy operating at the Property include general medicine, podiatry, psychology, and psychiatric services. Dynamic Health Partners, and the Parker practices of therapy and psychiatry have both expanded into multiple suites.
The Baltimore Teachers Network (BTN) has been a tenant at the Property for over a decade and has a lower-lever conference center and offices at the Property. Renewed in 2023, BTN’s lease runs through 2033.
With over 50,000 residents within one mile of the Property, UMB and the other tenants have located in the heart of the community they serve and will continue to serve into the future. The Property is hospital adjacent, well maintained, attractive, inviting, and an embedded center and a value addition for west Baltimore.
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
35,924 SF
Building Class
B
Year Built/Renovated
1963/2014
Price
$5,150,000
Price Per SF
$143
Cap Rate
8.10%
NOI
$417,150
Percent Leased
97%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
8,981 SF
Slab To Slab
10’
Building FAR
0.72
Lot Size
1.14 AC
Opportunity Zone
Yes
Zoning
B-3-3 - a General Business District that allows for a variety of retail, service, and business uses
Parking
90 Spaces (2.5 Spaces per 1,000 SF Leased)
Amenities
- Conferencing Facility
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
- Lower Level-Ste LL2
- 1,000 SF
- Office
- Full Build-Out
- Now
Space | Size | Space Use | Condition | Available |
Lower Level-Ste LL2 | 1,000 SF | Office | Full Build-Out | Now |
Lower Level-Ste LL2
Size |
1,000 SF |
Space Use |
Office |
Condition |
Full Build-Out |
Available |
Now |
Walk Score®
Walker's Paradise (91)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (85)
PROPERTY TAXES
Parcel Number | 0476-004 | Improvements Assessment | $577,400 |
Land Assessment | $939,300 | Total Assessment | $1,516,700 |