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St. Mary’s Parish Acquires Former Annapolis Area Christian School Campus For $8.5 Million
SOLD
$8,500,000
Maryland
See Similar DealsSchool40,000 SF
Sold 07/02/2025
SOLD
St. Mary’s Parish Acquires Former Annapolis Area Christian School Campus For $8.5 Million
716 Bestgate Road
See Similar DealsSchool40,000 SF
Sold 07/02/2025
Summary
MARYLAND
Asset Type:School
Price Per Square Foot:$212
Total Square Footage:40,000 SF
Transaction Type:Sale
The property involved in the transaction is a former school campus located at 716 Bestgate Road in Annapolis, MD. The asset encompasses 9.37 acres and features a facility with a total area of approximately 40,000 square feet. The sale price for this property was $8,500,000, which translates to a price per square foot of $213.
Summary of transaction details:
- Property Type: School
- Transaction Amount: $8,500,000
- Address: 716 Bestgate Road
- Market: Annapolis, MD
- Acres: 9.37
- Square Footage: 40,000
- Price per Square Foot: $213
- Brokers: Justin Mullen & John Gallagher - Hyatt Commercial
St. Mary’s Parish has acquired the property, which will continue to be utilized by Annapolis Area Christian School through the 2025–2026 academic year, indicating a transitional phase for the facility before future plans are developed.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$453,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$30,198.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$40,294.34
Annual Debt Service$483,532.04
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