RHODE ISLAND AVENUE COMPLEX
4600, 4644 & 4550 Rhode Island Avenue, North Brentwood, MD, 20722
Purchased 4644 RI 2010: $700,000
Purchased 4600 RI 2013: $900,000
Purchased 4550 RI 2018: $395,000
4550 Entitlement Costs: $300,000
Total Project Cost: $2,295,000
Sold 4600, 4644 & 4550 Q2 ‘19: $4,925,000 ($1,436,458) / $3,488,542)
Lease Amount: $240,000
Cap Rate on Sale: 4.87%
Tenant: Beacon Roofing Supply, Inc
Equity Multiple: 3.4x
INVESTMENT SUMMARY
4644 was purchased in 2010 and comprised over an acre of land on Rhode Island Avenue with a 90% seller held note. 4600 was purchased in 2013, both properties were net leased to The Roof Center, and combined represent over 2 acres on this busy thoroughfare. CC optioned and subsequently entitled 4550 starting in 2016, acquired in late ‘18 and sold in mid ’19 at which time all leases commenced with new 10 year terms and predicable annual increases. An opportunity zone fund acquired this asset.