New 97 Cathedral Street - LoopNet · 2019. 10. 18. · KITCHEN ON WEST STREET SAILOR OYSTER BAR...
Transcript of New 97 Cathedral Street - LoopNet · 2019. 10. 18. · KITCHEN ON WEST STREET SAILOR OYSTER BAR...
© 2019 Greysteel
97 Cathedral StreetAnnapolis, Maryland
OFFERING MEMORANDUM
Proximity to Lifestyle AmenitiesThe Property is located in the heart of Annapolis which boasts a vibrant community featuring a wide variety of local restaurants and bars along Main Street and Maryland Avenue. This location promises strong rental demand from residents seeking easy access to lifestyle amenities.
Surrounded by Major EmployersThe Property is excellently located less than one mile from the three largest employers in Annapolis, the Naval Academy, St. John’s College, and the Maryland State Government thus drawing demand from residents who will pay higher rents to live within an easy commute of their work.
Value-Add PotentialWith current rents below market, new ownership has the ability to capture significant rent premiums by implementing a renovation program focused on aesthetic improvements in areas such as the kitchen and bathroom. Such improvements promise greater revenue and strong returns for a value-add investor.
Rare Acquisitions OpportunitySmall multifamily properties in Downtown Annapolis rarely come to market. With only one multifamily under 20 units listed in each of the past two years according to CoStar, this Property offers a unique chance to enter an exclusive market.
Stable MarketThe Capital of Maryland since 1776, Annapolis affords investors the advantage of an exceptionally stable market. With the Maryland State Legislature and related Maryland government agencies centered in Annapolis, the economy is exceptionally reliable and stable.
ANNAPOLIS, MARYLAND
© 2019 Greysteel
© 2019 Greysteel
STEE
LE A
VENU
E
LAFAYETTE AVENUE
AMOS GARRETT BOULEVARD
ROWE BOULE
VARD
BLADEN
STR
EET
CALVERT STREET
WEST STREET
CATH
EDRA
L STR
EET
MARYLAND STATE HOUSE
COLLEGE CREEK
J. ALBERT ADAMS
ACADEMY
STANTON COMMUNITY
CENTER
MARYLAND GENERAL ASSEMBLY
ACTON’S COVE
WATERFRONT PARK
MARYLAND STATE BOARD OF ELECTIONS
HOUSE OFFICE
BUILDING
COMPTROLLER OF MARYLAND
CIRCUIT COURT FOR ANNE ARUNDEL
COUNTY
LOCAL RETAIL MAP
97 CATHEDRAL STREET
THE RED BEANJOSS CAFÉ & SUSHI BAR
ANNAPOLIS ICE CREAM COMPANYMASON’S FAMOUS LOBSTER ROLLS
OSTERIA 177CHICK & RUTH’S DELLY
TREATY OF PARISCASTLEBAY IRISH PUB
CAFÉ NORMANDIEFOX’S DEN
KITCHEN ON WEST STREETSAILOR OYSTER BARLIGHT HOUSE BISTRO
METROPOLITAN KITCHEN & LOUNGE
GALWAY BAY IRISH RESTAURANT AND PUB
CARPACCIO TUSCAN KITCHEN
70
450
© 2019 Greysteel
97 Cathedral StreetAnnapolis, MD 21401
Property Details
Stories 3
Units 5
Building 1
UTILITY SERVICE
POWER SOURCE
PAID BY SERVICE PROVIDER
Heat Electric Resident Baltimore Gas and Electric
Cooking Gas/Electric Resident Baltimore Gas and Electric
Hot Water Gas Property Baltimore Gas and Electric
Air Conditioning Electric Resident Baltimore Gas and Electric
Lights and Plugs Electric Resident Baltimore Gas and Electric
Water/Sewer - Property City of Annapolis
TAXES
TAX YEAR
TOTAL ASSESSED VALUE
TAX RATE
TAXES PAID
2018 $488,600 1.30% $6,357
2019 $490,600 1.39% $6,809
2020 (Projected) $492,600 1.41% $6,922
UTILITIES
CONSTRUCTIONFraming Stick-Built
Exterior Vinyl Panneling
Parking 1 Spot
Roof Flat
Windows Dual-Pane
MECHANICALSPlumbing Copper/Galvanized
Heating Electric Baseboard
Air Conditioning Window Units
Electrical Circuit Breakers
Dishwasher Some Units
LOT SIZE TYPE OF OWNERSHIP TAX NEIGHBORHOOD ZONING PARCEL
1,890 SF Fee Simple Anne Arundel P 06-000-03864005
92WALK SCORE (Walker’s Paradise)
4.4%project market rent
growth over the next 24 months
(CoStar Analytics)
3,727RENTABLE SF
UNIT MIX
UNIT INFORMATION CURRENT LEASE
UNIT UNIT TYPE RENOVATED STATUS
OCCUPANCY STATUS CONTRACTUAL RENT MOVE-IN DATE
Unit B 1 BDR/1.5 BA - Occupied $ 1,175 Sep 1, 2017
Unit 1 3 BDR/1.5 BA - Occupied $ 1,340 Oct 1, 2011
Unit 2A 1 BDR/1 BA - Occupied $ 1,005 Aug 1, 2017
Unit 2B 1 BDR/1 BA/1 D Renovated Occupied $ 1,395 May 1, 2019
Unit 3 2 BDR/1 BA - Occupied $ 1,150 Sep 1, 2004
0units to be delivered
in the next 12 months (CoStar Analytics)
© 2019 Greysteel
Rent Comparables
CHESAPEAKE AVENUE
6TH STREET
ANNAPOLIS CITY CENTERDUKE OF GLOUCESTER STREET
FOREST DRIVE
SPA
RO
AD
WEST STREET
2
1
3
4
5
1 BDR
PROPERTY YEARBUILT UNITS SF ASKING
RENTUTILITY-ADJUSTED
RENT PER UNITUTILITY-ADJUSTED
RENT PER SFOCC.RATE
DIST. TO CITY CENTER (MILES)
DIST. TO SUBJECT (MILES)
Bayshore Landing 1984 83 622 $1,618 $1,817 $2.92 100% 1.2 1.0
Westwinds Apartments 1986 51 729 $1,583 $1,782 $2.44 96% 1.4 1.2
Spa Cove 1966 60 861 $1,528 $1,691 $1.96 97% 1.0 0.8
Watergate Pointe 1968 347 683 $1,444 $1,643 $2.41 92% 1.0 1.0
Admiral Farragut 1963 109 608 $1,275 $1,329 $2.19 100% 1.4 1.2
Survey Average 683 $1,456 $1,628 $2.38 95% 1.2
97 Cathedral Street -- 3 -- $1,192 $1,239 -- 100% 0.2 --
2 BDR
PROPERTY YEARBUILT UNITS SF ASKING
RENTUTILITY-ADJUSTED
RENT PER UNITUTILITY-ADJUSTED
RENT PER SFOCC.RATE
DIST. TO CITY CENTER (MILES)
DIST. TO SUBJECT (MILES)
Bayshore Landing 1984 75 872 $1,818 $2,077 $2.38 100% 1.2 1.0
Westwinds Apartments 1986 159 959 $1,768 $2,027 $2.11 96% 1.4 1.2
Spa Cove 1966 62 1,108 $1,745 $1,960 $1.77 97% 1.0 0.8
Watergate Pointe 1968 154 878 $1,688 $1,947 $2.22 92% 1.0 1.0
Admiral Farragut 1963 136 783 $1,675 $1,748 $2.23 100% 1.4 1.2
Survey Average 901 $1,729 $1,940 $2.15 97% 1.2
97 Cathedral Street -- 2 -- $1,245 $1,309 -- 100% 0.2 --
1. This rent survey was completed in August 2019.2. Utility-adjusted rent is based on HUD-prescribed values for the various utilities residents pay for. HUD tables may be provided upon request.3. Survey Average excludes the Subject Property.4. Subject Property reflects in-place rents.
UTILITY-ADJUSTED RENT PER UNIT
1
1
2
2
3
3
4
4
5
5
97 CATHEDRAL STREET
4500.25-MILE
0.5-MILE
0.75-MILE
1-MILE
© 2019 Greysteel
For more information or to inquire about Greysteel, please contact Ari Firoozabadi, President & CEO ([email protected] | 202.417.3873)
Greysteel, seller, and their respective representatives make no representations or warranties, express or implied, regarding the accuracy or completeness of the information in this Offering Summary. Prospective purchasers shall be responsible for performing their own independent due diligence with respect to a possible transaction. This offering is subject to prior placement, withdrawal, cancellation or modification without notice. All references to acreage, square footage, and other measurements are approximations and must be independently verified.
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ST. JOHN’S COLLEGE (0.4 MILES)
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