Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    502 Cherry Grv Ave Annapolis, MD 21401-4245

    • Grocery and convenience stores
    • 3,689 SF
    • 1.94 lot acres
    OFF-MARKET
    Value Estimations
    $545,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US40-0974636
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Forrest Drive Citgo / Gas Station
    • Chesapeake Market / Gas Station / Market

    Property Details for 502 Cherry Grv Ave

    Year built
    2002
    Construction
    BRICK
    Lot size
    1.94 lot acres
    Property size
    3,689 SF
    Zone code
    R3
    Property type
    Grocery and convenience stores
    APN
    06-000-90213793
    APU
    600090213793

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $475,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $611,000
      Market price range: $403k - $805k

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $870,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Annapolis
    County
    Anne Arundel
    State
    Maryland
    Longitude
    -76.5209
    Latitude
    38.969
    CBSA code
    12580
    CBSA name
    BALTIMORE-TOWSON, MD METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $27,290
    $1,434,800
    $465,600
    $1,900,400
    -
    $1,434,800
    $465,600
    $1,900,400

    Comparable in this City

    • Value Estimation
      $895,000
      3,250 SF

      85 Main St

      GROCERY, SUPERMARKET • 3,250 SF
      85 Main St, Annapolis, MD 21401-2001
      View Details
    • Value Estimation by Request
      1,152 SF

      2575 Riva Rd

      CONVENIENCE STORE • 1,152 SF
      2575 Riva Rd, Annapolis, MD 21401-7401
      View Details
    • Value Estimation by Request
      2,175 SF

      101 Ww St

      CONVENIENCE STORE • 2,175 SF
      101 Ww St, Annapolis, MD 21401
      View Details
    • Value Estimation by Request
      1,200 SF

      811 Bestgate Rd

      CONVENIENCE STORE • 1,200 SF
      811 Bestgate Rd, Annapolis, MD 21401-3015
      View Details
    • Value Estimation
      $21,820,000
      69,668 SF

      1906 Towne Ctr Blvd

      GROCERY, SUPERMARKET • 69,668 SF
      1906 Towne Ctr Blvd, Annapolis, MD 21401-3676
      View Details
    • Value Estimation
      $890,000
      1,107 SF

      249 Ww St

      GROCERY, SUPERMARKET • 1,107 SF
      249 Ww St, Annapolis, MD 21401-4659
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6,878 SF

      Historic Annapolis Retail and Office

      Two-story retail and office building in Historic Annapolis.
      209 Main St, Annapolis, MD 21401
      View Details
    • $1,095,000
      1,600 SF

      Retail Property with High Visibility

      Retail property featuring high visibility and ample parking.
      2547 Housley Rd, Annapolis, MD 21401
      View Details
    • $2,104,050

      Downtown Annapolis Mixed-Use Building

      Mixed-use building with retail and residential in downtown Annapolis.
      53 Maryland Ave, Annapolis, MD 21401
      View Details
    • $1,872,800
      5,162 SF

      Downtown Annapolis Retail Opportunity

      Prime location retail property in downtown Annapolis for sale.
      80-82 Maryland Ave, Annapolis, MD 21401
      View Details
    • Contact for pricing

      Downtown Annapolis Retail and Office

      Retail and office space in the heart of Annapolis.
      230 Main St, Annapolis, MD 21401
      View Details
    • $2,350,000

      Downtown Annapolis Restaurant Opportunity

      Turnkey restaurant space in historic downtown Annapolis with harbor views.
      81 Main St, Annapolis, MD 21401
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      8,797 SF

      Annapolis Office and Retail Space

      Office and retail building in Historic Annapolis with ample parking.
      1 Park Pl, Annapolis, MD 21401
      View Details
    • $50 SF/Yr
      2,947 SF

      Prime Office/Retail Space Available

      2,947+/- sq ft office/retail space with Main Street access.
      7 State Cir, Annapolis, MD 21401
      View Details
    • $18,000 /Mo

      Mixed-Use Property in Downtown Annapolis

      Mixed-use property with liquor store and apartment in downtown Annapolis.
      249 West St, Annapolis, MD 21401
      View Details
    • Contact for pricing
      3,320 SF

      Annapolis Retail Space For Lease

      Retail space available in Annapolis, Maryland, near Westfield Annapolis.
      2601-2635 Housley Rd, Annapolis, MD 21401
      View Details
    • $50 SF/Yr

      Prime Office/Retail Space on Main

      2,947 SF office/retail space with access to Main Street.
      186 Main St, Annapolis, MD 21401
      View Details
    • Contact for pricing
      2,925 SF

      Retail Space Near the Mall

      Retail space with highway visibility and strong demographics for rent.
      169A Jennifer Rd, Annapolis, MD 21401
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    502 Cherry Grv Ave
    Annapolis, MD 21401-4245
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.