21,135 Square Foot Office Space For Sale @ 310 Gay St

The closing period for this asset is 30 days, with two (2) additional 30-day closing extension options available. Please see the purchase agreement documents in the due diligence section for more information. Property tours are available May 5th to June 5th on Saturdays (time TBD – please inquire), by appointment only. To RSVP, please contact Michael McNeil (410-528-0011 or mmcneill@rwndg.com). Investment Highlights: Stabilized office building originally built as an Armory, converted in 2002 to District Court 100% Leased to the State of Maryland (new 10 year lease) Surface parking for 17 vehicles and surrounded by free public parking Value add potential through expansion (Room for ±2,000 SF garage) Walker’s paradise with a walkability score of 81 Located in the downtown core of Cambridge, with excellent access to Highway 50 (±0.7 miles) Investment Overview: The Historic District Court House is 100% occupied, fully stabilized, office building located at 310 Gay Street in Cambridge, Maryland. The Property is situated within the downtown core of Cambridge and is just two blocks from the waterfront. The Property is currently 100% occupied and leased to the State of Maryland with The District Court occupying ±69.33% of NRA and ±72.48% of the annual base rent with a current lease expiration of July 2026 with one, five-year renewal option. The remaining ±6,483 SF is occupied by Parole and Probation, Public Defender, and Department of Juvenile Services with a current lease expiration of February 2020 with one, five-year renewal option. There is additional garage and storage space, not included in occupancy calculations, that present a value add opportunity through lease-up and can generate an additional $36,000 in income per year. Although the Property is improved with surface parking for ±17 vehicles and is surrounded by free public parking for additional parking needs, there is an additional value add opportunity through future expansion with room to build a ±2,000 SF garage. The Historic District Court House was formerly an armory dating from the early 20th century that was converted in 2002 into a three story office building serving as the State of Maryland's District Court as well as other State and County Agencies. The building is constructed of stone and steel and also includes a vacant garage structure that is suitable for future office expansion after conversion. The Property is situated on a ±0.48 acre parcel of land and contains an office building totaling ±24,948 SF gross SF, with ±1,488 SF available as a warehouse area, and ±21,135 SF of actual net rentable area. The building was constructed in 1917 and completely renovated in 1993 and again in 2013 with numerous improvements including a new roof, new non-opening casement windows, a new geothermal heating/air-conditioning system, and new dryvit on the exterior soffits. Beginning in 2015 and continuing into 2017, the current owner has applied capital expenditures of over $661,000 for improvements for the District Court and to retain the historical history of the building. The Historic District Court is located in a prime area within Cambridge and is located near several area amenities including Sun Trust Bank, The Wine Bar, Sunnyside Shop, RAR Brewing, Rock Lobstah, Jimmy and Sook’s, Main Street Gallery, Bistro Poplar, Dorchester Center For the Arts, and Chesapeake Equipment. Cambridge is a historic Delmarva Peninsula town, the county seat of Dorchester County, and is one of the oldest towns in Maryland. The Property has a walk score of 81 and nearest stop for public transportation is only ±0.2 miles away. The historic district features bed and breakfast inns, shops, galleries, and restaurants and the town offers monthly events from flower fairs to seafood festivals. Since its completion in 2002, the Hyatt Regency Chesapeake Bay Golf, Spa, and Marina, has been a major draw for tourists and a provider of employment. The Property is located within the historic downtown of Cambridge and is situated 2 blocks from the Dorchester County Public Library, 4 blocks from the Dorchester Planning and Zoning, and ±0.3 miles from the Dorchester Board of Education. The Historic District Court House is located ±86 miles SE of Washington, DC and Baltimore, and ±60 miles SW of Dover, Delaware. Access to the Property is provided by Highway 50 (Ocean Gateway) which is ±0.7 miles away and a major thoroughfare in Cambridge. This stabilized opportunity gives investors the opportunity to invest in a very stable tenant base within the downtown core of Cambridge. Free Asset Summary Report AvailableWe've partnered with Situs, one of the most trusted names in commercial real estate research, to provide unbiased third-party insight for this asset. You can find the full, complimentary Asset Summary Report under the secure due diligence tab above.