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Ritchie Court

Severna Park, MD


OVERVIEW

Location:

877 Baltimore Annapolis Blvd

Year Built/Renovated:

1989/2018

Total Leasable Area:

42,432 SF

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Deal Highlights

  • Acquired in 2017

    Acquired in 2017

  • Class B office building

    Class B office building

Description

An existing 40,000 square foot Class B- office building for $6.5M at a 7.21% going-in cap rate. $500,000 was invested into the property to improve common areas and bathrooms which resulted in a 15% increase in tenant rents on new leases and renewals. The property is now stabilized at a 9.46% cap rate and is 98% occupied.