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3106 Solomons Island Rd 14,820 SF Retail Building Edgewater, MD 21037 $2,982,000 ($201.21/SF) 11% Cap Rate

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Investment Highlights

AFFLUENT SUBURBAN MARKET
ESTABLISHED RESIDENTIAL DEMAND
PROXIMITY TO MAJOR UNIVERSITIES

HIGH-TRAFFIC RETAIL CORRIDOR
EXCELLENT REGIONAL CONNECTIVITY
ESSENTIAL RETAIL OFFERING

Executive Summary

Walgreens located in Edgewater, Maryland presents investors the opportunity to acquire a NNN ground lease with one of the nation’s most established pharmacy and healthcare retailers. The property, strategically positioned at the signalized intersection of Solomons Island Road and Mayo Road, benefits from excellent visibility with over 70,000 vehicles per day. Sitting on 1.6 acres, the asset includes a 14,820 SF building built to Walgreens’ prototype specifications and features.
The lease commenced in 2006 and runs through 2031 with ten options every five years beginning after the 25th lease year. The store operates in a dense suburban trade area supported by affluent demographics and major national anchors such as Walmart, ShopRite, Stop & Shop, and Target, ensuring long-term retail stability and strong cross shopping activity.

Edgewater MD - Walgreens OM - compressed

Property Facts

Sale Type

Investment

Sale Condition

1031 Exchange

Property Type

Retail

Property Subtype

Drug Store

Building Size

14,820 SF

Building Class

Year Built

2006

Price

$2,982,000

Price Per SF

$201.21

Cap Rate

11%

NOI

$328,020

Tenancy

Single

Building Height

1 Story

Building FAR

0.11

Lot Size

3.18 AC

Zoning

C3 - Commercial

Parking

38 Spaces (2.56 Spaces per 1,000 SF Leased)

Frontage

267’ on Solomons Island Rd

Pylon Sign

Signage

Drive Thru

Major Tenants

Health Care and Social Assistance
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Labcorp began in 1978 as Roche BioMedical before becoming an independent entity. The company operates two main business segments: Diagnostics Laboratories and Biopharma Laboratory Services. Diagnostics offers patient testing services through various channels, while Biopharma supports pharmaceutical development. Labcorp maintains a global presence with operations in over 100 countries and serves diverse sectors including healthcare providers, biopharma companies, and clinical research organizations.

Accommodation and Food Services
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Sonic Drive-In is an American drive-in fast-food chain founded in 1953 in Shawnee, Oklahoma. The company grew from a small root beer stand originally known as Top Hat before adopting the Sonic name in 1959. Over the decades, it expanded across the United States with a model centered on car-based ordering and service. Sonic became known for its extensive drink options, customizable menu items, and the use of carhops for food delivery. The brand continues to operate as a subsidiary of Inspire Brands, a restaurant holding company that acquired it in 2018. Sonic maintains its headquarters in Oklahoma City, where corporate operations and brand management are based. The company remains privately held under Inspire Brands and continues to oversee a national franchise system.

Retailer
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Jan 2031

Walgreens is a major U.S. pharmacy and retail chain founded in 1901 in Chicago, Illinois. The company operates thousands of locations across the United States, providing prescription medications, over-the-counter drugs, health and wellness products, and convenience items. Walgreens also offers services such as immunizations, health screenings, and photo processing. The company has expanded its healthcare offerings through partnerships and in-store clinics, aiming to integrate pharmacy services with broader health solutions. Walgreens is part of Walgreens Boots Alliance, a global pharmacy-led health and wellbeing enterprise.