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    The Largest CRE Database in the US with Over 1 Million Listings

    165 King George St Annapolis, MD 21401

    Sponsored
    For Sale
    $1,375,000

    MULTI_FAMILY - Other - ANNAPOLIS, MD

    Property size:
    2,649 SF
    Lot size:
    0.04 Acres
    Days on Market:
    21
    Last Refresh:
    Jan 23 at 3:06 am

    Property Features for 165 King George St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    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
    Size
    2,649 SF
    Lot size
    0.04 Acres

    Utilities

    Heating system
    Heat Pump (Heating), Zoned
    Cooling system
    Zoned, Multi Units, Central Air

    Building Details

    Year built
    1900
    Number of units
    3
    Building materials
    Cedar, Shingle Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    Michele M Michael
    Michele M Michael

    Century 21 New Millennium (703) 753-7910 [email protected]

    Listing agent Michele M Michael (410) 266-9005 License #520013

    Listing date Jan 3, 2026

    MLS# MDAA2132270 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Historic Annapolis Multifamily Investment Opportunity

    Located in the heart of historic Annapolis, this multifamily property presents numerous possibilities. The property could be converted back to a single-family home, or the three fully finished above-grade units could be used in a variety of configurations. Options include living in one unit and long-term renting the other two, short-term renting one or more units, or accommodating a multigenerational family. All units are fully furnished, including kitchen appliances, dishware, glassware, beds, linens, and furniture. The basement level provides storage, HVAC, and a shared laundry area. The property is located steps away from the Naval Academy. The main level entry provides access to the first unit and a stairwell to the upper units, as well as access to the basement. The first unit features a foyer, eat-in kitchen, full bath, living room, bedroom, and access to a fenced rear patio. The second unit includes a living room, kitchen, bath, two bedrooms, and access to the rear patio area. The third upper-level unit offers a full bath, galley kitchen, bedroom, and a large living area. All three units feature high ceilings and blend old-time charm with modern components. The property is situated on a lot of 0.04 acres and has a total size of 2649 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Restaurant Spa & Massage Law Firm Dental Office Hair Salon Realty agency Nail Salon Building Supply Clothing Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Annapolis
    County
    Anne Arundel
    State
    Maryland
    Longitude
    -76.48635
    Latitude
    38.97972

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    FAQs

    What type of property is this?
    Triplex - Three furnished units near the Naval Academy with flexible rental options.
    Where is this triplex located?
    The property is located at 165 King George St Annapolis, MD.
    What is the asking price?
    The asking price for this property is $1,375,000.
    What are key features of this property?
    This property features: - Multiple Income Opportunities: Rent one, two, or all three units (long-term or short-term).; - Fully Furnished Units: All three units are fully furnished, including kitchen appliances, dishware, linens, and furniture.; - Prime Location: Steps away from the Naval Academy in the heart of Historic Annapolis.
    (410) 384-9000
    Request Owner's contact information
    165 King George St Annapolis, MD 21401
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    Annapolis, MD 21401
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    165 King George St Annapolis, MD 21401
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    We can help!
    Listing Contact
    Michele M Michael
    Michele M Michael
    Real Estate License ID: 520013
    (410) 384-9000
    Learn more
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