Add Listing
    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

    1503 Forest Dr Annapolis, MD 21401

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Approved plans for up to 22,000 SF office/retail/medical building.

    Added:
    Nov 21, 2025
    Days on Market:
    135
    Last Refresh:
    Apr 1 at 8:46 pm

    Property Features for 1503 Forest Dr

    General Information

    Standard status
    Active

    We can help!

    Listing Contact
    Scott Douglas
    Scott Douglas

    Listing agent Scott Douglas License #MD 580592

    Listing office Douglas Commercial

    Listing date Nov 21, 2025

    Source Douglascommercial

    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 Douglas Commercial

    Overview

    Permit Ready Office/Retail/Medical Building

    This 1.07 acre property has full approved, permit ready-to-be-built plans for a 3-story office, retail, or medical building. The approved plans allow for a building of up to 22,000 square feet, with approximately 3,780 square feet designated for first-floor retail space. The site plan includes 70 planned surface parking spaces. The property is located next to Annapolis Middle School, with entry and exit access to a traffic signal at the intersection of Forest and Spa Roads. It features frontage on both Forest and Spa Roads and provides easy access to Route 50 and I-97. The building can range from 2,400 square feet up to 22,600 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Annapolis
    County
    Anne Arundel
    State
    Maryland
    Longitude
    -76.512
    Latitude
    38.9623

    Nearby Similar for Sale

    • $745,000
      2,928 SF

      Annapolis Duplex with Income Potential

      Well-maintained duplex near downtown Annapolis, ideal for investors or owner-occupants.
      3 ELLIOTT Road, ANNAPOLIS, MD 21403
      View Details
    • $899,999

      Annapolis Commercial Building For Sale

      Two-level commercial building near Annapolis Mall and Route 50.
      2563 FOREST Drive, 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 Street, ANNAPOLIS, MD 21401
      View Details
    • $1,375,000
      2,649 SF

      Historic Annapolis Multifamily Investment

      Three fully furnished units near the Naval Academy.
      165 KING GEORGE Street, ANNAPOLIS, MD 21401
      View Details
    • $5,850,000

      Annapolis Office Building For Sale

      Fully leased office building in Annapolis, Maryland, with recent renovations.
      2024 WEST Street, ANNAPOLIS, MD 21401
      View Details
    • $500
      7,438 SF

      Annapolis Commercial Building on Ridgely

      Freestanding 7,438 SF building ideal for diverse commercial uses.
      12-14 Ridgely Avenue, Annapolis, MD 21401
      View Details
    • $353,735

      Annapolis Office Space For Sale

      Office suite with flexible layout in a central location.
      1160 Spa Road , Annapolis, MD 21403
      View Details
    • $975,000

      Renovated Office Building Near Downtown

      Three-story renovated office building with ample parking near Annapolis.
      1205 West Street , Annapolis, MD 21401
      View Details
    • $435,000
      725 SF

      Freestanding Office Building For Sale

      725 SF freestanding office building with high visibility.
      131 Defense Hwy, Annapolis, MD
      View Details
    • $750,000

      Mixed-Use Building in Parole Town

      Two-story mixed-use building with retail and residential potential.
      1989 West Street, Annapolis, MD 21401
      View Details
    • $473,550

      Turnkey Medical Office Condo

      Well-appointed medical office condo with quick highway access.
      133 Defense Highway Suite 112, 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 Street, Annapolis, MD 21401
      View Details

    FAQs

    What type of property is this?
    Office building - Approved plans for up to 22,000 SF office/retail/medical building.
    Where is this office building located?
    The property is located at 1503 Forest Dr Annapolis, MD.
    What are key features of this property?
    This property features: Permit Ready‑To‑Be‑Built 3 Story office Building with Approved Plans; Approved for up to **22,000 SF Office/Retail/Medical Building**; Excellent Frontage on both Forest and Spa Roads
    (301) 655-8253
    We can help!
    Listing Contact
    Scott Douglas
    Scott Douglas
    Real Estate License ID: MD 580592
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!