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Investment Highlights:
±20,958 total SF multi-tenant Class B office building in Cockeysville, MD
±83% occupied with value-add through lease-up at market rates with longer term leases
Huge value-add opportunity to extend current leases and/or lease with market rate increases
Building signage plus ample parking with several conveniently covered (underground) spaces
Adjacent to several retail and residential drivers including Walmart Supercenter across street
Quality suburban office building in an active suburban market below replacement cost
±2 miles from I-83 with easy access to major thoroughfares
Investment Overview:
Mackenzie Building (the Property) is a ±20,958 total SF (±19,191 SF leasable) multi-tenant office building on 1.37 acres located at 50 Scott Adam Road in Cockeysville, Maryland. The investment offers the value-add opportunity to lease up 3,279 SF of vacant space at market rates and to extend current month-to-month leases.
Constructed in 1975, the Property is comprised of one, two-story office building with ten suites and offers both surface and covered parking spaces. There are parking spaces for ±40 cars in the parking garage below the office building and approximately 60 asphalt paved and lined surface spaces. The Property is currently 82.91% occupied with a tenant mix of medical, professional and retail providers. The three largest tenants currently occupy 59.80% of the net rentable space. Each tenant space has separate electric forced air heat, central air conditioning, exterior entrance, rest room(s) and utility meter.
The Property is located at the northern end of a large shopping district serviced by York Road. Padonia Plaza shopping center, Timonium Square shopping mall, Ashland Marketplace shopping center, and Hunt Valley Towne Centre all provide extensive shopping options within 2.3 miles of the Property. Large chain retailers include Walmart, The Home Depot, Target, and Lowe’s, with a large variety of smaller retail selections available. Nearby amenities include Walgreens, Mr. Tire Auto Service Center, Jiffy Lube, FedEx Office Print & Ship Center, Valley Dental Health, Regal Bank & Trust, Extra Space Storage, Enterprise Rent-A-Car, and United States Postal Service, all of which can be found within approximately one mile of the Property. Dining options include Sichuan Taste, Flavor Cupcakery, Five Guys, Starbucks, Subway, Papa Johns Pizza, Chick-fil-A, IHOP, Cold Stone Creamery, Arby’s, and Dunkin Donuts.
The average daily traffic count at the intersection of York Road and Recycle Road, approximately 0.12 miles away, exceeds 26,000 vehicles per day. The Property is located within one mile of central Cockeysville, Maryland and 17 miles from Baltimore. Scott Adam Road gives direct access to Highway 45 (York Road) which provides service to Baltimore to the south and York, Pennsylvania, 37.5 miles to the north. Interstate 83, the area’s north-south artery, is within 2 miles of the Property. Located approximately 5.7 miles north of Towson and 53.9 miles northeast of Washington, D.C., the Property is within 30 miles of Baltimore/Washington International Thurgood Marshall Airport. Immediate surrounding land uses are primarily commercial to the south and west, with residential properties to be found to the north and east. The area’s demographics include an estimated 2018 population of 49,126 people with an average household income of $111,222 within a 3-mile radius of the Property. 50 Scott Adam Road is located in the Central Baltimore County cluster office market and in the Route 83 Corridor North office submarket.
The investment provides investors the opportunity for significant value add through lease up and market rate increases while providing a stream of cash flow in a highly desirable location.
Free Asset Summary Report AvailableWe've partnered with Situs, one of the most trusted names in commercial real estate research, to provide unbiased third-party insight for this asset. You can find the full, complimentary Asset Summary Report under the secure due diligence tab above. This property will be auctioned on Tuesday, May 15 - Thursday, May 17 . The price displayed is the starting bid amount of $750,000. For information and to register to bid on this property, please visit Ten-X.com.
