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Multifamily

Spa Knoll

20 Silopanna Rd, Annapolis, MD 21403

Listing Price: $4,875,000

Cap Rate
5.29%
Number of Units
20
GRM
11.61
Occupancy
90.0%
Price/Unit
$243,750
Price/Gross SF
$375.00
Gross SF
13,000

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing of Spa Knoll Apartments located in Annapolis, Maryland. The property consists of twenty two-bedroom, one-bathroom apartments. Building amenities include assigned parking, green space, and an on-site laundry room. Apartment amenities include self-contained HVAC and hot water, individually metered utilities, and remodeled kitchens and bathrooms. Three apartments currently have in-unit laundry machines.

The current owners of Spa Knoll Apartments have made significant improvements to the property including exterior paint, a variety of interior renovations, and new signage. Five of the apartments are currently leased for 3-6 months as fully furnished apartments with the remaining apartments leased for standard 12-month terms. The financial section of this marketing package includes both historical financials based upon the current leasing model and underwriting of a more tradition leasing strategy. Operational expenses vary significantly between the two business models and a third strategy would be an increased percentage of mid-term, furnished leases. Current rents are also below market with and average unfurnished unit at $1,505 and a current asking rent of $1,595.

Annapolis has a strong economy and a thriving rental market. The city serves as the state capital and is home to the United States Naval Academy. The supply of apartments in Annapolis is low relative to demand and many of the competitive apartment buildings are significantly larger than the subject property. Spa Knoll is an attractive, boutique apartment building, located in a low-traffic area within a highly desirable rental market.

Investment Highlights

  • 5.29% Cap Rate
  • Highly Desirable Apartments
  • Great Location

Exclusively Listed By

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

Listing Price: $4,875,000

Cap Rate
5.29%
Number of Units
20
GRM
11.61
Occupancy
90.0%
Price/Unit
$243,750
Price/Gross SF
$375.00
Gross SF
13,000

Investment Highlights

  • 5.29% Cap Rate
  • Highly Desirable Apartments
  • Great Location

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing of Spa Knoll Apartments located in Annapolis, Maryland. The property consists of twenty two-bedroom, one-bathroom apartments. Building amenities include assigned parking, green space, and an on-site laundry room. Apartment amenities include self-contained HVAC and hot water, individually metered utilities, and remodeled kitchens and bathrooms. Three apartments currently have in-unit laundry machines.

The current owners of Spa Knoll Apartments have made significant improvements to the property including exterior paint, a variety of interior renovations, and new signage. Five of the apartments are currently leased for 3-6 months as fully furnished apartments with the remaining apartments leased for standard 12-month terms. The financial section of this marketing package includes both historical financials based upon the current leasing model and underwriting of a more tradition leasing strategy. Operational expenses vary significantly between the two business models and a third strategy would be an increased percentage of mid-term, furnished leases. Current rents are also below market with and average unfurnished unit at $1,505 and a current asking rent of $1,595.

Annapolis has a strong economy and a thriving rental market. The city serves as the state capital and is home to the United States Naval Academy. The supply of apartments in Annapolis is low relative to demand and many of the competitive apartment buildings are significantly larger than the subject property. Spa Knoll is an attractive, boutique apartment building, located in a low-traffic area within a highly desirable rental market.

Exclusively Listed By

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

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