12578 Garrett Hwy N
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12578 Garrett Hwy N
14,203 SF Office Building Oakland, MD 21550 £2,777,698 (£196/SF) 8.27% Net Initial Yield
Investment Highlights
- AAA Credit Rated Tenant
- Modified Lease
- 10 Year Lease Extension & Long Occupancy History
- Significant Capital Improvements Scheduled
Executive Summary
SCOPE Commercial Real Estate Services, LLC “SCOPE” is pleased to present the Maryland Department of
Human Services’ Garrett County Social Services Office. The 14,116 SF building consists of office space,
waiting and visitation rooms, meeting rooms, and document storage. The property houses the Garrett County
Child Support Administration and is the only Social Services Office in Garrett County. The State of Maryland
just extended their lease for 10 Years followed by a 1X5 Option - which demonstrates commitment for the
property. Several capital expenditures are planned for the property including new LED Lighting, replacement of
HVAC units, painting, new carpeting and tiling, and parking lot repairs. The tenant is on a modified gross lease
and is responsible for the cost of electric, heating and fuel, janitorial, trash removal, snow/ice removal, and
increases over the base year for real estate taxes. Landlord is responsible for the base year tax amount, repairs
& maintenance, water & sewer, and property insurance. The State of Maryland has AAA rated credit and the
subject property offers investors stable and predictive income.
Human Services’ Garrett County Social Services Office. The 14,116 SF building consists of office space,
waiting and visitation rooms, meeting rooms, and document storage. The property houses the Garrett County
Child Support Administration and is the only Social Services Office in Garrett County. The State of Maryland
just extended their lease for 10 Years followed by a 1X5 Option - which demonstrates commitment for the
property. Several capital expenditures are planned for the property including new LED Lighting, replacement of
HVAC units, painting, new carpeting and tiling, and parking lot repairs. The tenant is on a modified gross lease
and is responsible for the cost of electric, heating and fuel, janitorial, trash removal, snow/ice removal, and
increases over the base year for real estate taxes. Landlord is responsible for the base year tax amount, repairs
& maintenance, water & sewer, and property insurance. The State of Maryland has AAA rated credit and the
subject property offers investors stable and predictive income.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£278,888
|
£19.64
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
£278,888
|
£19.64
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
£49,197
|
£3.46
|
| Net Operating Income |
£229,691
|
£16.17
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | £278,888 |
| Annual Per SF | £19.64 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | £278,888 |
| Annual Per SF | £19.64 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | £49,197 |
| Annual Per SF | £3.46 |
| Net Operating Income | |
|---|---|
| Annual | £229,691 |
| Annual Per SF | £16.17 |
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
14,203 SF
Building Class
B
Year Built/Renovated
1979/2024
Price
£2,777,698
Price Per SF
£196
Net Initial Yield
8.27%
NOI
£229,691
Tenancy
Single
Number of Floors
1
Typical Floor Size
14,116 SF
Building FAR
0.25
Lot Size
1.30 AC
Opportunity Zone
Yes
Zoning
Commercial - TC
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
- Department of Huma Services
- Health Care and Social Assistance
- 14,116 SF
- £19.76
- Modified Gross
- Aug 2034
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
| Department of Huma Services | Health Care and Social Assistance | 14,116 SF | £19.76 | Modified Gross | Aug 2034 |
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PROPERTY TAXES
| Parcel Number | 17-013432 | Improvements Assessment | £0 (2024) |
| Land Assessment | £0 (2024) | Total Assessment | £1,289,947 (2024) |
PROPERTY TAXES
Parcel Number
17-013432
Land Assessment
£0 (2024)
Improvements Assessment
£0 (2024)
Total Assessment
£1,289,947 (2024)
Contacts
-
Craig Dunkle -
Mher Vartanian -
Nick DiPrimio -
Jacob Bailey -
Scope Commercial Real Estate Services, LLC
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12578 Garrett Hwy N
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