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.