2002 West Street
Annapolis, MD
2002 West Street
Building & Lease Summary
- Building Area 1,900 SF
- Lot Size 0.79 Acres
- Zoning BCE
- Tenant Budget Rent a Car System
- Lease Type Absolute NNN
- Lease Expiration 4/30/2041
- Rent Increases 3% Annually
- Renewal Options None
Executive Summary
Marcus & Millichap is pleased to exclusively represent the ownership in the sale of 2002 West Street, Annapolis, Maryland (the Property). The 1,900 SF building sits on 0.79 acres leased by Budget Rent a Car System, Inc (Avis/Budget). The property is on a highly trafficked corner on West Street, which sees over 26,000 vehicles per day and is home to numerous other national retailers.
Avis/Budget’s original lease at this location commenced in 2010. The tenant recently executed a new 15-year extension that commences on May 1, 2026 with 3% annual rent increases. The lease is Absolute NNN, with the tenant being responsible for repairs & replacements of the roof, structure, parking lot and all other components of the property.
Avis Budget Group (NYSE: CAR) is the 2nd largest vehicle rental company in the world. In 2024, they reported almost $12 billion in annual revenue, placing them at #345 on the Fortune 500 list. They currently have 10,250 locations in 180 countries and own the car sharing brand Zipcar.
The property is located at the corner of West Street and Gibralter Avenue, minutes from the Route 50 onramp. West Street has an average daily traffic count of 26,182 vehicles. Within 3-miles of the property, the average household income is $139,149 with a population of 61,048 people. Nearby retailers include Chick-Fil-A, Whole Foods, Starbucks, McDonald’s, United Rentals, and more.
The property is zoned BCE (Business Corridor Enhancement district) which allows for higher density mixed use development. The current use conforms with the zoning, which allows most types of retail and office uses, as well as residential. Given the high rents and low vacancy in Annapolis, along with the location on a major road near a highway, when the lease ultimately expires this property could be a candidate for higher density redevelopment.
This investment offers the opportunity to own a corner location on West Street with zero landlord responsibilities and a 15-year lease extension to a Fortune 500 company. In addition to the ability to easily re-tenant the property, if ever needed, it also offers potential development value in the future.
