Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    229 Hanover St Annapolis, MD 21401

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $4,000,000

    Office building in downtown Annapolis with parking, near Naval Academy.

    We can help!

    Listing Contact
    Scott Douglas
    Source: Douglascommercial

    Listing Agent: Scott Douglas

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Downtown Annapolis Office Building For Sale

    This office building is located in downtown Annapolis, across the street from the Naval Academy. It features a law firm-type buildout with a library and an open layout. The property includes 13 to 14 covered parking spaces. The building is available starting January 1st, 2023. Its location provides easy access to Route 50, Interstate 97, City Dock, the State House, courthouses, and the Navy Stadium.
    Location Intelligence

    Current Use by Public Records

    KRR Web Design Website Designer KRR PHOTOGRAPHY LIMITED Photographer Senior Citizen's Law ... County Government Office KRR Creative Strategies Business Management Consultant

    Suggested Use

    Restaurant Law Firm Spa & Massage Hair Salon Dental Office Realty agency Nail Salon Clothing Store Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Annapolis
    County
    Anne Arundel
    State
    Maryland
    Longitude
    -76.488185
    Latitude
    38.9822379

    Nearby Similar for Sale

    • $1,300,000
      3.92 Acres

      Land with Creek Access

      3.92 wooded acres with creek access near downtown Annapolis.
      1836 Cherry Rd, Annapolis, MD 21409
      View Details
    • $1,375,000
      2,649 SF

      Historic Annapolis Multifamily Investment Opportunity

      Three furnished units near the Naval Academy with flexible rental options.
      165 King George St, Annapolis, MD 21401
      View Details
    • $599,900
      2,300 SF

      Annapolis Mixed-Use Development Opportunity

      2300 sqft split-level property in historic Annapolis.
      212 Duke Of Gloucester St, Annapolis, MD 21401
      View Details
    • $375,000

      Spacious Condo in Riva Trace

      Serene Annapolis condo with wooded views and resort-style amenities.
      2709 Summerview Way, Annapolis, MD 21401
      View Details
    • $389,900
      1,272 SF

      Heritage Harbour Condo with Amenities

      Well-maintained 2-bedroom condo in a vibrant 55+ community.
      940 Astern Way, Annapolis, MD 21401
      View Details
    • $410,000
      981 SF

      Updated Condo with Severn River Views

      Updated 2-bedroom condo with water views and resort-style amenities.
      803 Dreams Landing Way, Annapolis, MD 21401
      View Details
    • $379,900

      Annapolis Home in Quiet Cul-de-Sac

      Updated home in a convenient Annapolis location with community amenities.
      1542 Star Pine Dr, Annapolis, MD 21409
      View Details
    • $649,000
      513 SF

      Waterfront Condo with Spa Creek Views

      Updated condo with waterfront views, modern amenities, and convenient location.
      301 Burnside St, Annapolis, MD 21403
      View Details
    • Contact for pricing

      Modern Annapolis Office with Amenities

      Prime location with fitness center, cafe, and easy commutes.
      185 Admiral Cochrane Dr, Annapolis, MD 21401
      View Details
    • $365,000

      Retail Condo in Annapolis Mall Area

      Retail condo with high visibility near Annapolis Mall and Route 50.
      108 Old Solomons Island Rd, Annapolis, MD 21401
      View Details
    • $689,900

      New Construction Luxury Townhome

      Move-in ready, luxury townhome with modern design and urban lifestyle.
      2075 Old Admiral Ct, Annapolis, MD 21401
      View Details
    • $2,350,000

      Downtown Annapolis Restaurant Opportunity

      Turnkey restaurant space in historic downtown Annapolis with harbor views.
      81 Main St, Annapolis, MD 21401
      View Details

    FAQs

    What type of property is this?
    Office building - Office building in downtown Annapolis with parking, near Naval Academy.
    Where is this office building located?
    The property is located at 229 Hanover St Annapolis, MD.
    What is the asking price?
    The asking price for this property is $4,000,000.
    What are key features of this property?
    This property features: - Prime Downtown Annapolis location next to the Naval Academy.; - 13-14 +/- covered parking spaces.; - First time listed for sale.
    (301) 655-8253
    Request Owner's contact information
    229 Hanover St Annapolis, MD 21401
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    229 Hanover St
    Annapolis, MD 21401
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    229 Hanover St Annapolis, MD 21401
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Scott Douglas
    (301) 655-8253
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.