Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1991-1993 West St Annapolis, MD 21401

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $2,099,000

    Two retail assets with redevelopment potential in a prime location.

    Property Features for 1991-1993 West St

    General Information

    Property type
    Commercial
    Standard status
    Active

    Building Details

    Year built
    1962

    We can help!

    Listing Contact
    Carlos Caraballo
    Source: Elliman

    Listing Agent: Carlos Caraballo

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

    Learn more

    Overview

    Annapolis Retail Assets For Sale

    Two retail assets are available for sale at 1991 and 1993 West Street in Annapolis, MD. The property at 1991 West Street features a 3,000 square foot retail building situated on an 8,000 square foot lot. Zoned BCE (Business Corridor Enhancement district), this property benefits from high visibility and heavy traffic, making it suitable for attracting customers. The current tenant is open to either continuing their lease or vacating, offering flexibility to potential buyers. The property at 1993 West Street has a lot size of 4,800 square feet. This property is currently condemned, with its value primarily residing in the land, presenting a unique redevelopment opportunity. The location offers high foot traffic and direct proximity to Annapolis’ historic downtown, ensuring excellent visibility and accessibility for any retail business.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Law Firm Restaurant Real Estate Agency Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Annapolis
    County
    Anne Arundel
    State
    Maryland
    Longitude
    -76.5310861
    Latitude
    38.9818672

    Nearby Similar for Sale

    • $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
    • New
      $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
    • $899,999
      1.17 Acres

      Annapolis Commercial Building For Sale

      Two-level commercial building near Annapolis Mall and Route 50.
      2563 Forest Dr, Annapolis, MD 21401
      View Details
    • $469,000

      Annapolis Retail/Office Condo For Sale

      Prime ground-level suite in downtown Annapolis, ready for customization.
      141 West St, Annapolis, MD 21401
      View Details
    • $5,850,000
      1.13 Acres

      Annapolis Office Building For Sale

      Fully leased office building in Annapolis, Maryland, with recent renovations.
      2024 West St, Annapolis, MD 21401
      View Details
    • Contact for pricing

      Annapolis Commercial Building on Ridgely

      Freestanding 7,438 SF building ideal for diverse commercial uses.
      12-14 Ridgely Ave, Annapolis, MD 21401
      View Details
    • $5,850,000

      Remodeled Leased Office Building

      Recently remodeled office building, fully leased, prime location.
      2024 West St, Annapolis, MD 21401
      View Details
    • Contact for pricing

      Annapolis Office Space Available

      Office space in Parole Station Center, close to Annapolis Towne Center.
      2049 West St, Annapolis, MD 21401
      View Details
    • $4,000,000

      Downtown Annapolis Office Building For Sale

      Office building in downtown Annapolis with parking, near Naval Academy.
      229 Hanover St, Annapolis, MD 21401
      View Details
    • $1,995,000

      Cape St. Claire Worship Facility

      Worship facility on 23 acres with frontage on Rt 50.
      1016-1024 E College Pkwy, Annapolis, MD 21409
      View Details
    • $473,550

      Turnkey Medical Office Condo

      Well-appointed medical office condo with quick highway access.
      133 Defense Hwy, Annapolis, MD 21401
      View Details
    • $975,000

      Renovated Office Building Near Downtown

      Three-story renovated office building with ample parking near Annapolis.
      1205 West St, Annapolis, MD 21401
      View Details

    FAQs

    What type of property is this?
    Retail space - Two retail assets with redevelopment potential in a prime location.
    Where is this retail space located?
    The property is located at 1991-1993 West St Annapolis, MD.
    What is the asking price?
    The asking price for this property is $2,099,000.
    What are key features of this property?
    This property features: - Two retail assets for sale on West Street in Annapolis, MD.; - 1991 West St: **3,000 sq ft retail building on an 8,000 sq ft lot** in a Business Corridor Enhancement district, built in 1962.; - **High visibility and heavy traffic location** near Annapolis' historic downtown.
    (703) 784-0012
    Request Owner's contact information
    1991-1993 West 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.
    1991-1993 West 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
    1991-1993 West 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
    Carlos Caraballo
    (703) 784-0012 (202) 679-0006
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!