5041 Nicholson Lane Rockville, Md 20852
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FOR SALE | RETAIL BUILDING WITH DEVELOPMENT OPPORTUNITY 5041 NICHOLSON LANE ROCKVILLE, MD 20852 Charles Mann Ken Traenkle 1821 Michael Faraday Drive, Suite 208 703.435.4007 x116 703.435.4007 x102 Reston, VA 20190 [email protected] [email protected] 703.435.4007 veritycommercial.com FOR SALE | RETAIL BUILDING WITH DEVELOPMENT OPPORTUNITY 5041 NICHOLSON LANE | ROCKVILLE, MD TABLE OF CONTENTS CONTENTS CONFIDENTIALITY & DISCLAIMER COVER PAGE 1 All materials and information received or derived from Verity Commercial its directors, officers, agents, TABLE OF CONTENTS 2 advisors, affiliates and/or any third party sources are provided without representation or warranty as to PROPERTY INFORMATION 3 completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with EXECUTIVE SUMMARY 4 applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other PROPERTY & DEVELOPMENT 5 OVERVIEW matters. LOCATION INFORMATION 6 Neither Verity Commercial its directors, officers, agents, advisors, or affiliates makes any representation or LOCATION MAP 7 warranty, express or implied, as to accuracy or completeness of the any materials or information AERIAL MAP 8 provided, derived, or received. Materials and information from any source, whether written or verbal, that DEMOGRAPHICS 9 may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to DEMOGRAPHICS MAP & REPORT 10 determine these and other matters of significance to such party. Verity Commercial will not investigate or WITHIN 3 MILE DEMOGRAPHICS 11 verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. TENANT INFORMATION 12 CAPITAL ONE 13 EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. VERITY ADVISORS 14 Any party contemplating or under contract or in escrow for a transaction is urged to verify all information APPENDIX A - WHITE FLINT SECTOR 15 PLAN and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Verity Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Verity Commercial does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Verity Commercial in compliance with all applicable fair housing and equal opportunity laws. Verity Commercial • 1821 Michael Faraday Drive, Suite 208 • Reston, VA 20190 • 703.435.4007 • veritycommercial.com 2 S E C T I O N 1 PROPERTY INFORMATION 1821 Michael Faraday Drive, Suite 208 Reston, VA 20190 703.435.4007 veritycommercial.com F O R S A L E | R E T A I L B U I L D I N G W I T H D E V E L O P M E N T O P P O R T U N I T Y 5041 NICHOLSON LANE | ROCKVILLE, MD PROPERTY INFORMATION | EXECUTIVE SUMMARY HIGHLIGHTS 25 year lease with 3 consecutive renewal terms. The first 2 renewal terms shall be 10 years each. The third renewal term shall be 5 years Lease commencement date August 2005 9 years left on initial term In the White Flint District 1 mile from Pike & Rose Development High quality credit tenant Daily average traffic counts are 23,951 (Nicholson Ln) and 11,343 (Nebel St) OFFERING SUMMARY Sale Price: Subject to Offer Address: 5041 Nicholson Lane, Rockville, MD CR-3.0 C-1.5 R-25 H-100 White Flint Zoning: Sector Plan/ Montgomery County Verity Commercial • 1821 Michael Faraday Drive, Suite 208 • Reston, VA 20190 • 703.435.4007 • veritycommercial.com 4 F O R S A L E | R E T A I L B U I L D I N G W I T H D E V E L O P M E N T O P P O R T U N I T Y 5041 NICHOLSON LANE | ROCKVILLE, MD PROPERTY INFORMATION | PROPERTY & DEVELOPMENT OVERVIEW 5041 NICHOLSON LANE OVERVIEW 5041 Nicholson Lane is a parcel of land located in I-270 Corridor Cluster, North Bethesda/Potomac submarket, and the White Flint Sector of Montgomery County. The parcel contains 1 building with parking. The building at 5041 Nicholson Lane is occupied by Capital One Bank, faces Nicholson Lane, and is highly visible from both Nicholson Lane and the adjacent Nebel Street. Average daily traffic count is 23,951 on Nicholson Lane and 11,343 on Nebel Street. DEVELOPMENT OPPORTUNITY OVERVIEW The site can be redeveloped into a 10-story residential multifamily housing complex with about 225 units and associated underground parking, open space, and amenities. This goal would align with Montgomery County’s overall economic plan to stimulate housing growth in the White Flint area. MONTGOMERY COUNTY OVERVIEW Montgomery County, Maryland is less than 10 miles from Washington, DC. It is situated on the northern border of Washington, DC and on the eastern border of Virginia. Baltimore is northeast and Annapolis is directly east of the county. The communities of Rockville, Bethesda, Chevy Chase, Gaithersburg, Germantown, Silver Spring, Takoma Park, and Wheaton are all located within the boundaries of Montgomery County. As of 2019, the overall county population is approximately 1 million. WHITE FLINT SECTOR OVERVIEW White Flint is an area within the border of Montgomery County. It is located between Rockville and Bethesda and is situated just outside the Capital Beltway. White Flint has excellent access to transit service and is located along the MD 355/I-270 Corridor. The corridor is a prime location for advanced technology and biotechnology industries with regional shopping and cultural destinations. White Flint fits squarely into Montgomery County’s overall plan to accommodate a substantial portion of the region’s projected growth, especially in multifamily residential housing. Verity Commercial • 1821 Michael Faraday Drive, Suite 208 • Reston, VA 20190 • 703.435.4007 • veritycommercial.com 5 S E C T I O N 2 LOCATION INFORMATION 1821 Michael Faraday Drive, Suite 208 Reston, VA 20190 703.435.4007 veritycommercial.com F O R S A L E | R E T A I L B U I L D I N G W I T H D E V E L O P M E N T O P P O R T U N I T Y 5041 NICHOLSON LANE | ROCKVILLE, MD LOCATION INFORMATION | LOCATION MAP Verity Commercial • 1821 Michael Faraday Drive, Suite 208 • Reston, VA 20190 • 703.435.4007 • veritycommercial.com 7 F O R S A L E | R E T A I L B U I L D I N G W I T H D E V E L O P M E N T O P P O R T U N I T Y 5041 NICHOLSON LANE | ROCKVILLE, MD LOCATION INFORMATION | AERIAL MAP Verity Commercial • 1821 Michael Faraday Drive, Suite 208 • Reston, VA 20190 • 703.435.4007 • veritycommercial.com 8 S E C T I O N 3 DEMOGRAPHICS 1821 Michael Faraday Drive, Suite 208 Reston, VA 20190 703.435.4007 veritycommercial.com F O R S A L E | R E T A I L B U I L D I N G W I T H D E V E L O P M E N T O P P O R T U N I T Y 5041 NICHOLSON LANE | ROCKVILLE, MD DEMOGRAPHICS | DEMOGRAPHICS MAP & REPORT POPULATION 1 MILE 3 MILES 5 MILES Total Population 22,387 159,447 381,930 Average age 40.4 40.0 41.6 Average age (Male) 37.0 37.2 37.8 Average age (Female) 41.3 40.6 41.1 HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES Total households 10,668 59,700 145,519 # of persons per HH 2.06 2.64 2.59 Average HH income $105,288 $104,969 $110,030 Average house value $478,636 $467,209 $524,532 * Demographic data derived from 2020 US Census Verity Commercial • 1821 Michael Faraday Drive, Suite 208 • Reston, VA 20190 • 703.435.4007 • veritycommercial.com 10 F O R S A L E | R E T A I L B U I L D I N G W I T H D E V E L O P M E N T O P P O R T U N I T Y 5041 NICHOLSON LANE | ROCKVILLE, MD DEMOGRAPHICS | WITHIN 3 MILE DEMOGRAPHICS Verity Commercial • 1821 Michael Faraday Drive, Suite 208 • Reston, VA 20190 • 703.435.4007 • veritycommercial.com 11 S E C T I O N 4 TENANT INFORMATION 1821 Michael Faraday Drive, Suite 208 Reston, VA 20190 703.435.4007 veritycommercial.com FOR SALE | RETAIL BUILDING WITH DEVELOPMENT OPPORTUNITY 5041 NICHOLSON LANE | ROCKVILLE, MD TENANT INFORMATION | CAPITAL ONE CAPITAL ONE Capital One Financial Corporation is an American bank holding company specializing in credit cards, auto loans, banking, and savings accounts, headquartered in McLean, Virginia with operations primarily in the United States.