188 State Cir Annapolis, MD 21401
- Retail properties
- 11,408 SF
Current Use by Public Records
- Retail properties
Property Details for 188 State Cir
- Year built
- 1989
- Property size
- 11,408 SF
- Property type
- Retail properties
Description
This exceptional Annapolis retail investment property, located at 188 Main Street/9 State Circle, offers a unique blend of retail and office space. The three-story building, constructed in 1989, boasts 11,408 square feet of total building space, with 10,589 square feet currently rentable. The property features nine suites, averaging 1,324 square feet each, and enjoys a remarkable 96% occupancy rate. Strategically positioned with direct street-level access on both Main Street and State Circle, the building benefits from high visibility and foot traffic. Main Street frontage measures nearly 60 feet, ensuring a prominent presence for businesses. A distinctive feature is the expansive atrium accessible from the Main Street retail entrance, presenting exciting possibilities for creative tenant activations. The property is zoned C2 (City of Annapolis) and sits on a 4,307 square foot lot. Current annual net operating income (NOI) stands at $240,405, projected to increase to $249,904 in the upcoming year, with a three-year average NOI of $254,658. The current scheduled revenue is $383,147, with a projected revenue of $392,645 for the next year. The weighted average lease term (WALT) is 3.18 years. This property represents a compelling investment opportunity in a thriving Annapolis location, benefiting from high tourist traffic (approximately 4 million annual visitors) and proximity to government offices.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Annapolis
- County
- Anne Arundel
- State
- Maryland
- Longitude
- -76.4907
- Latitude
- 38.9782
