Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$3,110,000
Medical Office Space
203 Ridgely Ave Annapolis, MD 21401-1303
Trust Owned
~
Est. High Equity
Property ID
US40-2227554
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1981
Construction
BRICK
Total area
11,680 SF
Lot
0.6 ac (26,250 SF)
Zoning code
PM
APN
06-000-02805708
UPID
US40-2227554
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
-
Jing Ying Institute of Kung Fu & Tai Chi Sports School
-
Krystal H. Register, RD Physician
-
Alexander Kathryn DC Alternative Medicine Practice
-
Krystal Register Physician
-
Body Balance Yoga Gym & Fitness Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.07M
CAP Approach
CAP
$2.61M
Comparable Approach
Comparable
$2.57M
Blend (final)
Blend
$3.11M
Owner & transaction history
Pitts Revocable Trust
Pitts Revocable Trust
since 2026
Last sale
$3.3M
5 recorded transactions
Zoning & alternative use
PM · Annapolis, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The Professional Mixed Office district is designed to serve as a transitional zone reducing commercial or office impact on adjoining residential neighborhoods
Zone name
Professional Mixed Office
General category
COMMERCIAL
Zone area
36.62 ac
Source
Realmo
Top alternative use upside
Auto repair, garage
$5.0M
+16.2%
Retail stores
$4.8M
+13.2%
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
Method
Estimation
Statistic approach
$3,275,000
ML approach
$3,065,000
CAP Approach
CAP Return
Estimation
6%
$2,820,000
6.5%
$2,605,000
7%
$2,420,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$4,275,000
Current use
AUTO REPAIR, GARAGE
$4,970,000
Change: +16% · Conversion: Difficult
RETAIL STORES
$4,840,000
Change: +13% · Conversion: Difficult
COMMERCIAL (GENERAL)
$4,045,000
Change: -5% · Conversion: Easy
WAREHOUSE, STORAGE
$3,895,000
Change: -9% · Conversion: Difficult
Blend value · Realmo final
$3.11M
Range $2.80M – $3.42M · ±10% · vs last sale $3.30M (Sep 8 2022)
Last sale anchor
$3.30M
Sep 8 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$266 / SF
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
$28,720
Tax year 2023
Assessed value
$2,000,000
Assessed 2023
Previous assessed
$2,000,000
+0.0% YoY
Effective rate
1.44%
On assessed value
Assessed land
$995,300
Assessed improvement
$1,004,700
Land market value
$995,300
Improvement market value
$1,004,700
Total market value
$2,000,000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1981
Construction
BRICK
Heating
HEAT PUMP
Stories
2
Units
1
Total area
11,680 SF
Lot
0.6 ac (26,250 SF)
Zoning code
PM
APN
06-000-02805708
UPID
US40-2227554
Jurisdiction
ANNE ARUNDEL
Zoning & alternative use
PM · Annapolis, MDZoning PM · permitted uses
PM · Annapolis, MD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The Professional Mixed Office district is designed to serve as a transitional zone reducing commercial or office impact on adjoining residential neighborhoods
Zone name
Professional Mixed Office
General category
COMMERCIAL
Zone area
36.62 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$4.3M
AUTO REPAIR, GARAGE
Est. value
$5.0M
RETAIL STORES
Est. value
$4.8M
COMMERCIAL (GENERAL)
Est. value
$4.0M
WAREHOUSE, STORAGE
Est. value
$3.9M
MEDICAL BUILDING Current
AUTO REPAIR, GARAGE
RETAIL STORES
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1981
Construction
BRICK
Heating
HEAT PUMP
Stories
2
Units
1
Lot
0.6 ac
Current owner
From public records · entity-resolved
Pitts Revocable Trust
Trust
Mailing address
128 RIVERVIEW AVE, ANNAPOLIS, MD 21401-1143
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 3, 2026
—
Pitts Revocable Trust
Ridgely Avenue LLC
Deed
—
Sep 8, 2022
$3,300,000
Ridgely Avenue LLC
203 205 Ridgely Avenue LLC
Deed
—
Sep 5, 2003
—
203-205 Ridgely Ave LLC
Windolph/william Farm Corp
Grant Deed
$2,000,000 · Wachovia Bank NA
—
—
203-205 Ridgely Avenue LLC
—
Deed Of Trust
related
$394,000 · Branch Banking & Trust Co
—
—
203-205 Ridgely Avenue LLC
—
Deed Of Trust
related
$1,850,000 · Sandy Spring 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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 203 Ridgely Ave?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
