151 West St Annapolis, MD 21401

Property Details for 151 West St

Year built

1998

Property size

36,014 SF

Property type

Office Properties & Spaces

Description

151 West Street in Annapolis, MD, offers a unique investment opportunity. This three-story, Class A office building, totaling 36,014 square feet, boasts a desirable Midtown location within the West Street Revitalization District. Built in 1998, the property features 80 on-site parking spaces and proximity to a 120-space public garage, along with numerous nearby amenities including restaurants, coffee shops, residential condos, and hotels. Currently 89% leased, with a weighted average lease term of 5.41 years, the building benefits from a strong tenant base, including a long-term State of Maryland occupant. The 4,079 square feet of available space is divisible into units ranging from 3,200 to 4,079 square feet, offering flexibility for various business needs. The 0.84-acre lot is zoned MX, providing potential for future development. This stable asset presents a below-replacement-cost acquisition opportunity in a thriving submarket, with attractive assumable financing in place. The building's efficient floor plates and convenient location contribute to its historically low vacancy rates (well below 10% over the past 10 years). Annapolis serves as a submarket to both the Washington, D.C., and Baltimore MSAs, within a Class A office market of less than 2 million square feet. This property is part of a smaller, highly desirable Suburban-Urban Core Class A Office Market consisting of only 8 buildings totaling 690,000 square feet.

Location Insight

City

Annapolis

County

Anne Arundel

State

Maryland

Longitude

-76.4989

Latitude

38.9773