Ground-Level Retail/Office
For Sale
$469,000
141 WEST STREET, Annapolis, MD 21401
Ground-level suite with an open layout and one dedicated parking space in downtown Annapolis.
Property Size1,009 SF
Price / SF$464.82
Days on Market336
Property Features for 141 WEST STREET
General Information
Standard status
Active
Size
1,009 SF
Total Parking Spaces
1
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$8,892
Amenities
Central Air
3
Private.
Building Details
Year Built
2020
Listing Agency:
KC Realty Group
(202) 313-2590
Listed By:
Chekesha Catlin
(202) 313-2590
Source:
Xome
Added: Sep 8, 2025
Changed: Aug 8
Last Checked: Aug 8 at 3:35AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KC Realty Group
Investment Insights
Based on property information with market context.
141 West Street, Unit 103, presents a ground-level retail/office suite with an open layout designed for customization. The space is offered as a condo unit and is set up to accommodate a range of professional retail or office concepts, subject to permitting.
The suite is located in the heart of downtown Annapolis in a highly visible, walkable area. It also includes one dedicated parking space, providing convenient access in a dense urban setting.
The condo fee is estimated at $591 monthly. Prospective buyers should contact the City of Annapolis Permitting office to verify their intended use.
The suite is located in the heart of downtown Annapolis in a highly visible, walkable area. It also includes one dedicated parking space, providing convenient access in a dense urban setting.
The condo fee is estimated at $591 monthly. Prospective buyers should contact the City of Annapolis Permitting office to verify their intended use.
Key Highlights
- Ground‑level retail/office condo suite with an open layout at 141 West Street, Suite 103 in downtown Annapolis
- Year built: 2020
- Central air cooling and heating system (Heating: 3)
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
$14,281
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
3.04%
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%
$285,620
$285.6K
Cap Rate 7%
$204,014
$204.0K
Cap Rate 9%
$158,678
$158.7K
Market Conditions
NOI Build-Up for 1,009 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
$21.8K $21.60/SF
− Vacancy
−$1.4K −$1.38/SF
EGI
$20.4K $20.22/SF
− OpEx
−$6.1K −$6.07/SF
NOI
$14.3K $14.15/SF
Area
Anne Arundel County, MD
Vacancy
6.39%
Lease Rate
$21.60 /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%
$285,620
Cap Rate 7%
$204,014
Cap Rate 9%
$158,678
Alternative Uses
Best Use
Retail
$204.0K
$178.5K – $238.0K
NOI $14,281 @ 7.0% cap · market cap 3.04%
Second Best
Mixed Use
$148.9K
$130.3K – $173.7K
NOI $10,420 @ 7.0% cap · market cap 2.22%
Theoretical Best
Office A
$295.2K
$258.3K – $344.4K
NOI $20,661 @ 7.0% cap · market cap 4.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,717
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-level suite with an open layout and one dedicated parking space in downtown Annapolis.
Where is this mixed-use property located?
The property is located at 141 WEST STREET Annapolis, MD.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: Ground‑level retail/office condo suite with an open layout at 141 West Street, Suite 103 in downtown Annapolis; Year built: 2020; Central air cooling and heating system (Heating: 3)
