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Property profile & analytics
OFF-MARKET
Office Spaces
1623 Frst Dr 301, Annapolis, MD 21403-1020
Entity Owned
20-yr Hold
Free & Clear
Property ID
US40-2280335
Property profile
Verified
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Year built
1975
Total area
1,013 SF
APN
06-994-90048097
UPID
US40-2280335
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Freestate Baptist Church Church
-
Fiestas Rentals Party Supply Store Rental Equipment Company
-
Juvenile Justice Prison
-
Brown Multimedia Marketing & Advertising (Bike/Boat/Book/etc) Store
-
Basil Voges Insurance Insurance Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
Campus Drive LLC · 20 yrs held
Campus Drive LLC
since 2005
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Annapolis submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Annapolis submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$2,473
Tax year 2023
Assessed value
$172,200
Assessed 2023
Previous assessed
$165,433
+4.1% YoY
Effective rate
1.44%
On assessed value
Assessed land
$103,300
Assessed improvement
$68,900
Land market value
$103,300
Improvement market value
$68,900
Total market value
$172,200
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Status
Off-Market
Year built
1975
Heating
NONE
Units
1
Total area
1,013 SF
APN
06-994-90048097
UPID
US40-2280335
Jurisdiction
ANNE ARUNDEL
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Year built
1975
Heating
NONE
Units
1
Current owner
From public records · entity-resolved
Campus Drive LLC
Entity
Free & Clear · 20 yrs held
Mailing address
200 WESTGATE CIR STE #502, ANNAPOLIS, MD 21401-3374
Ownership since
2005
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 13, 2012
—
James Cornelsen
—
Deed Of Trust
related
$3,800,000 · Old Line Bank
Aug 15, 2005
$1,700,000
Campus Drive LLC
1623 Forest LLC
Grant Deed
—
Jun 30, 2005
$3,300,000
1623 Forest LLC
Anstalt Fuer Communikationen
Grant Deed
$3,950,000 · Annapolis Bank & Trust
Aug 1, 2001
—
Anstalt Fuer Communikationen
Forest Drive Partnership
Grant Deed
$1,841,600 · First Mariner Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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