Historic Furnished
For Sale
$1,200,000
165 KING GEORGE Street, Annapolis, MD 21401
Multi-Family, ANNAPOLIS, MD
Property Size2,649 SF
Lot Size0.04 Acres
Price / SF$453
Days on Market282
Property Features for 165 KING GEORGE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement, Family Room
Parking features
On Street
Interior features
Ceiling Fan(s), Crown Moldings, Wood Floors, Built-Ins, Bathroom - Tub Shower, Bathroom - Walk-In Shower, Breakfast Area, Entry Level Bedroom, Family Room Off Kitchen, Floor Plan - Traditional, Kitchen - Table Space, Kitchen - Galley, Pantry, Recessed Lighting, Upgraded Countertops
Appliances
Built-In Microwave, Dishwasher, Dryer, Oven/Range - Electric, Refrigerator, Stainless Steel Appliances, Washer, WaterHeater
Subdivision
HISTORIC DISTRICT
Elementary school
ANNAPOLIS
Middle school
BATES
High school
ANNAPOLIS
Elementary school district
ANNE ARUNDEL COUNTY PUBLIC SCHOOLS
Middle school district
ANNE ARUNDEL COUNTY PUBLIC SCHOOLS
High school district
ANNE ARUNDEL COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
2,649 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
11054
Utilities
Heating system
Heat Pump (Heating), Zoned
Cooling system
Multi Units, Zoned, Central Air
Amenities
shared laundry area
rear patio
Building Details
Year built
1900
Number of units
3
Building materials
Cedar, Shingle Siding
Architectural style
Other
Listing Agency:
CENTURY 21 New Millennium · Century 21 Real Estate
(410) 266-9005
Listed By:
Michele M Michael · License #520013
(410) 320-7600
Added: Dec 5, 2025
Changed: Sep 13
Last Checked: Sep 13 at 3:06PM
MLS# MDAA2132270
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1900, this 2,649-square-foot triplex occupies 0.0434 acres and includes three finished above-grade levels, each configured as an independent residence. The main-level unit has a foyer, eat-in kitchen, full bath, living room, bedroom, and access to a fenced rear patio. The second-floor apartment includes two bedrooms, while the upper unit provides a bedroom, full bath, galley kitchen, and spacious living area. High ceilings, wood floors, crown molding, built-ins, and historic brick accents contribute to the property’s character, while updated kitchens, modern utilities, central air, and zoned heat pump systems add contemporary functionality.
A basement provides storage, HVAC equipment, and shared laundry facilities. Kitchen appliances, furniture, beds, linens, dishware, glassware, and other furnishings convey with all three units. The property has on-street parking and is located in downtown Annapolis near City Dock, Main Street, and the United States Naval Academy.
A basement provides storage, HVAC equipment, and shared laundry facilities. Kitchen appliances, furniture, beds, linens, dishware, glassware, and other furnishings convey with all three units. The property has on-street parking and is located in downtown Annapolis near City Dock, Main Street, and the United States Naval Academy.
Key Highlights
- Three‑unit property with 2,649 square feet on a 0.0434‑acre lot
- Built in 1900 with original wood floors, historic brick accents, and high ceilings
- Three independent units with separate entrances and distinct floor plans
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,490
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.21%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$769,800
$769.8K
Cap Rate 7%
$549,857
$549.9K
Cap Rate 9%
$427,667
$427.7K
Market Conditions
NOI Build-Up for 2,649 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$58.8K $22.20/SF
− Vacancy
−$3.8K −$1.44/SF
EGI
$55.0K $20.76/SF
− OpEx
−$16.5K −$6.23/SF
NOI
$38.5K $14.53/SF
Area
Anne Arundel County, MD
Vacancy
6.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$769,800
Cap Rate 7%
$549,857
Cap Rate 9%
$427,667
Alternative Uses
Best Use
Multifamily LT 5
$549.9K
$481.1K – $641.5K
NOI $38,490 @ 7.0% cap · market cap 3.21%
Second Best
Apartment 5plus
$510.7K
$446.9K – $595.9K
NOI $35,751 @ 7.0% cap · market cap 2.98%
Theoretical Best
Office A
$774.9K
$678.0K – $904.1K
NOI $54,243 @ 7.0% cap · market cap 4.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,512
Businesses Nearby
Explore this area
Business Placement
Demographics for 21401, MD
39,308
Population
19,293
Households
2
Avg Household Size
44
Median Age
61%
College-Educated
96%
High-School Grad
19.9 sq mi
ZIP Area
1,975
Density / Sq Mi
$119,296
Median Household Income
$67,845
Median Earnings
$2,106
Median Rent
$580,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three separate residences offer individual entrances, updated kitchens, modern utilities, and furnished interiors.
Where is this triplex located?
The property is located at 165 KING GEORGE Street Annapolis, MD.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three‑unit property with 2,649 square feet on a 0.0434‑acre lot; Built in 1900 with original wood floors, historic brick accents, and high ceilings; Three independent units with separate entrances and distinct floor plans
