Furnished 3-Unit
For Sale
$1,375,000
165 King George St, Annapolis, MD 21401
Three finished levels include furnished apartments, shared laundry, basement storage, and a fenced rear patio.
Property Size2,649 SF
Price / SF$519.06
Days on Market41
Property Features for 165 King George St
General Information
Standard status
Active
Size
2,649 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Furnished
Yes
Amenities
shared laundry
patio
Building Details
Year Built
1900
Buildings
1
Stories
3
Listing Agency:
CENTURY 21 New Millennium
(410) 384-9000
Listed By:
Michele M Michael · License #520013
Source:
Gklegacygroup
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 29 at 11:58AM
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 CENTURY 21 New Millennium
Investment Insights
Based on property information with market context.
This three-unit multifamily property includes apartments arranged across three finished above-grade levels, with a basement providing storage, HVAC equipment, and shared laundry. Each apartment conveys fully furnished, including kitchen appliances, dishware, glassware, beds, linens, and furniture.
The main-level apartment includes an eat-in kitchen, full bath, living room, bedroom, foyer, and access to a fenced rear patio. The second-floor apartment offers two bedrooms, a living room, kitchen, bath, and patio access. The upper apartment includes a bedroom, full bath, galley kitchen, and a large living area. High ceilings and period character are paired with modern components. The property is located steps from the Naval Academy in Historic Annapolis.
The main-level apartment includes an eat-in kitchen, full bath, living room, bedroom, foyer, and access to a fenced rear patio. The second-floor apartment offers two bedrooms, a living room, kitchen, bath, and patio access. The upper apartment includes a bedroom, full bath, galley kitchen, and a large living area. High ceilings and period character are paired with modern components. The property is located steps from the Naval Academy in Historic Annapolis.
Key Highlights
- Three fully furnished apartment units convey with appliances, furniture, beds, linens, and household items
- Three finished above‑grade levels with basement storage, HVAC, and shared laundry
- Main‑level unit includes one bedroom, eat‑in kitchen, full bath, living room, and fenced rear patio access
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
$38,490
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
2.80%
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%
$769,800
$769.8K
Cap Rate 7%
$549,857
$549.9K
Cap Rate 9%
$427,667
$427.7K
Market Conditions
NOI Build-Up for 2,649 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
$58.8K $22.20/SF
− Vacancy
−$3.8K −$1.44/SF
EGI
$55.0K $20.76/SF
− OpEx
−$16.5K −$6.23/SF
NOI
$38.5K $14.53/SF
Area
Anne Arundel County, MD
Vacancy
6.50%
Lease Rate
$22.20 /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%
$769,800
Cap Rate 7%
$549,857
Cap Rate 9%
$427,667
Alternative Uses
Best Use
Multifamily LT 5
$549.9K
$481.1K – $641.5K
NOI $38,490 @ 7.0% cap · market cap 2.80%
Second Best
Apartment 5plus
$510.7K
$446.9K – $595.9K
NOI $35,751 @ 7.0% cap · market cap 2.60%
Theoretical Best
Office A
$774.9K
$678.0K – $904.1K
NOI $54,243 @ 7.0% cap · market cap 3.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,512
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three finished levels include furnished apartments, shared laundry, basement storage, and a fenced rear patio.
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: Three fully furnished apartment units convey with appliances, furniture, beds, linens, and household items; Three finished above‑grade levels with basement storage, HVAC, and shared laundry; Main‑level unit includes one bedroom, eat‑in kitchen, full bath, living room, and fenced rear patio access
