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Annapolis 151, LLC Acquires Class A Office Building In Annapolis, MD For $9.5M

Property Image
SOLD
$9,500,000
Justin Mullen
John Gallagher
+ 2

Maryland

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Office
Sold 08/22/2023
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Property Image
SOLD

Annapolis 151, LLC Acquires Class A Office Building In Annapolis, MD For $9.5M

151 West Street

See Similar Deals
Office
Sold 08/22/2023
Justin Mullen
John Gallagher
+ 2
Contact now

Summary

MARYLAND
Asset Type:Office
Transaction Type:Sale

A Class A office building located at 151 West Street in Annapolis, MD 21401 has been successfully sold by Hyatt Commercial to Annapolis 151, LLC, a regional real estate investor. The property achieved a sale price of $9.5 million at 90% occupancy.

Summary of transaction details

The sale of the Class A office building at 151 West Street, Annapolis, MD was facilitated by a team of brokers from Hyatt Commercial, including Cecil Cummins, Eric Pinkett, John Gallagher, Justin Mullen, and Shane Denman. The property, boasting 90% occupancy, was sold to Annapolis 151, LLC for a sale price of $9.5 million.

Players

Cecil Cummins
8 deals$51.4M volume(410) 260-6536
BROKER

Justin Mullen
Hyatt Commercial
6 deals$49.2M volume(410) 260-6546
BROKER

John Gallagher
Hyatt Commercial
7 deals$42.3M volume(410) 260-6541
BROKER

Eric Pinkett
Hyatt Commercial
7 deals$48.7M volume(410) 260-6551
BROKER

Shane Denman
Hyatt Commercial
1 deal$9.5M volume(410) 260-6549
BROKER

Details

SOLD
IMAGE: Cecil Cummins, Eric Pinkett, John Gallagher, Justin Mullen, Shane Denman & Vincent Coviello DATE: 08/22/2023 ADDRESS: 151 West Street MARKET: Annapolis, MD ASSET TYPE: Office SELLER: Vincent Coviello - Moore & Associates BROKERS: Cecil Cummins, Eric Pinkett, John Gallagher, Justin Mullen & Shane Denman - Hyatt Commercial SALE PRICE: $9,500,000 NOTE: Hyatt Commercial successfully completed the sale of a Class A office building at 151 West Street, Annapolis, MD 21401, on August 22, 2023. The property, sold to Annapolis 151, LLC, a regional real estate investor, achieved a sale price of $9.5 million at 90% occupancy.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$506,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$33,751.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$45,034.85
Annual Debt Service$540,418.16