St. Mary’s Parish Acquires Former Annapolis Area Christian School Campus For $8.5 Million
716 Bestgate Road
$8,500,000
$212/SF
Building Size
40,000 SF
Asset Type
School
Closing
Jul 2, 2025
AI
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
Annapolis School Market Snapshot
Boundary boundary · School · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.87%
Cash-on-Cash
-0.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93