Met ro Point s Hot el andNew Car rollt on Town Cent er
8500 Annapolis Road, New Car rollt on, MD
FOR SALE OPPORTUNITY ZONE
DC METRO - MIXED-USE PROPERTY
BELOW REPLACEMENT COST - VALUE ADD 197 KEY FULL SERVICE INDEPENDENT HOTEL
50,000 SF MEDICAL OFFICE CENTER
20,000 SF RETAIL CENTER
109,000 SF MULTI-FAMILY DEVELOPMENT SITE
$1.6 MM+ IN PLACE NOI
Reliant Realty Advisors is pleased to present a unique mixed-use, value-add investment opportunity with the Metro Points Hotel and The New Carrollton Town Center.
SUMMARY
Unique Opportuni ty Zone Si te wi th $1.6 MM In Place NOI
0.7 Mi les from New Carrol l ton Master Plan Development and Metro Stat ion
25 Minutes to Downtown DC
Premium Access to Metro, Train, Bus and Interstate
Diversi f ied Cash Flow
Below Replacement Cost
Value Add Investment
Incent ives - TDOZ, Enterprise Zone, PILOT, TIF
PROPERTY DESCRIPTION
Property Name: New Carrollton Town Center
Address: 8500 Annapolis Road, New Carrollton, MD 20784
Year Built: 1971 as a Hotel, extended to Town Center in 2007
Zoning:Mixed-Use; C-S-C: Allowance for office, retail, hotel, multifamily uses. Rezoning options through TDOZ Overlay
Site / Building Area: 4.66 Acres / 245,337 GSF
Asset Overview: 197 Key Hotel 109,678 RSF
Ball Room 9,100 RSF
Food & Beverage 5,000 RSF
Medical Office 46,000 RSF
Retail 18,656 RSF
Parking Garage 154 Spaces
Surface Parking 175 Spaces
Development Site 109,000 SF
Transportation:
Adjacent to I-495 Beltway, 0.7 miles to New Carrollton Purple/Orange line Metro and MARC/Amtrak Train Stations, Annapolis Rd corridor primary bus route
FULL SERVICE INDEPENDENT HOTEL
Metro Points Hotel: 197 Keys 115,678 NSF
Services and Amenities: Ball-Room Divisible 9,100 NSF
Full Service Food & Beverage 5,000 NSF
Market Segmentation: Group & Event Hotel with full service Banquette and Event Services
Amenities: Restaurant, Bar, Gym, Ballroom, Banquette Hall, and Conference Rooms
Value Add: Reposition hotel to improve guest experience and increase ADR and Occupancy to comparable market set.
2018 Operating SummaryOccupancy ADR RevPAR
63.10% $77.94 $ 49.14
Income Statement 2018
Room Revenue $ 3,515,552 F&B Revenue $ 1,414,960Other Income $ 173,392
Gross Revenue $ 5,103,904 Dept Expenses $ 2,129,014 Variable Expenses $ 1,564,224 Fixed Expenses $ 315,239
Total Expenses $ 4,008,477NOI $ 1,095,427
Representative Room
Banquet Hall
Hotel Lobby
Full Service Dining Room
Medical Office: 46,006 RSF
Tenants My Urgent Care, Maryland Health Care Clinic, APMI, Children's Choice Pediatric, Metro Dental
Location: Located in a medically under-served area. Proximate to three major hospital complexes - University of Maryland Capital Region Health Center, Doctor's Community Hospital and Dimensions Healthcare System
Building: 16 ft high ceilings, 40 ft Column spacing
Value Add: Lease up remaining medical office space
2019 In Place IncomeOccupancy Vacant SF Ave Rent $/SF
37.67% 28,676 $ 25.06Gross Revenue $ 434,206 Opex $PSF / Total $ 6.00 $ 219,065 NOI $ 215,141
REGIONAL MEDICAL OFFICE
Lobby
Retail: 18,656 RSF
Tenants IHOP, Bella Cache, Cricket Communications, Los
Treys Reyes, Metro Tandoor, Fatty Hair Salon
Regional Statistics: Low retail vacancy (< 5.0%) in the Annapolis Road
Corridor. Over 40,000 vehicles per day
Value Add: Lease up remaining three retail bays
2019 In Place Income
Occupancy Vacant SF Ave Rent $/SF
62.3% 5,140 $ 28.29
Gross Revenue $ 464,644
Net Opex $PSF / Total $ 2.36 $ 115,848
NOI $ 348,796
RETAIL
Site: 27,531 SF
Development Potential: 162,718 GSF
Entitlements: 109,742 GSF Multifamily Apartment, approximately 100 units. 52,976 GSF Parking Structure for 168 additional spaces. Preliminary plan approved by Prince George's County.
DEVELOPMENT SITE
Survey
Mult ifam ily Developm ent
Developm ent Sit e
INVESTMENT INCENTIVES
Oppor t unit y Zone
Opportunity Zone Tax IncentivesTEMPORARY TAX DEFERRAL for capital gains reinvested into a Qualified Opportunity Fund
(QOF). The deferred gain must be recognized on the earlier of
either the date on which the Opportunity Zone investment is
sold or December 31, 2026.
STEP-UP IN BASIS for capital gains reinvested in an
Opportunity Zone Fund. The basis of the original investment
is increased by 10% if the investment in the qualified
Opportunity Zone fund is held by the taxpayer for at least 5 years. And by additional 5% if held for at least 7 years, excluding up to
15% of the original gain from taxation.
PERMANENT TAX EXCLUSION OF OPPORTUNITY ZONE
GAINS from the sale or exchange of an investment in a
qualified Opportunity Fund, if the investment is held for at least 10
years. (Note: This exclusion applies to the gains accrued
from an investment in an Opportunity Fund, not the
original gains.)
The Metro Points Hotel and the New Carrollton Town Center are located in a Federal Opportunity Zone for Qualified Opportunity Fund ("QOF") investment. The QOF may allocate the improvement funds across the different uses or in a specific asset within the New Carrollton Town Center.
The Metro Points Hotel and the New Carrollton Town Center is located in a Prince George's County Enterprise Zone and qualifies for:
- State Income Tax Credits- Local Real Property Tax Credits- Accelerated County Permitting Process
Ent erpr ise Zone
PILOT and TIFPayment in Lieu of Taxes (PILOT)
- Opportunity for new owner to utilize the PILOT program for the development of the parking lot structure.
- Potential to abate or defer all or some of the existing property taxes.
Tax Increm ent Financing (TIF)
- New Carrollton Town Center falls within the County's pre-designated New Carrollton TIF District.
- Opportunity for the new owner to take advantage of county incentives to improve and or redeveop the Property.
New Carrollton Town Center is fortunate to take advantage of multiple national and county based investor incentives to assist the improvement of the Property. Each of these incentives may be utilized individually or in combination.
Transit Developm ent Over lay Zone (TDOZ)New Carrollton Town Center is the New Carrollton TDOZ which will focus on three areas: Metro Core, Annapolis Road, and Garden City. The focus areas will enhance New Carrollton's major urban core and streamline development of compact, pedestrian and transit-oriented real estate projects.
Metro Core Focus Area
Annapolis Road Corridor Focus Area
Garden City Focus Area
TDDP & TDOZ Boundary
Additional Area
Improved Intermodal Station
Rail Alignment
Gateway
Iconic Building
Existing Street
Potential Future Connection
Proposed Street
Property Boundary
Future Purple Line Station
Vision Concept
Possible School
733 11th St reet , NE | Suite 300 | Washington DC 20002 | 202.688.1967 | www.reliant realtyadvisors.com
Christopher [email protected]
LOCATION
Confidentiality Agreement and Disclaimer: This Flyer (?Flyer?) is solely for the use of the prospective purchaser in its evaluation of 8500 Annapolis Road located in New Carrollton, MD (?Property?). Reliant Realty Advisors, exclusive agent for the Property?s owner (?Owner?), prepared this Flyer and while the information contained in this analysis is deemed to be reliable, neither Reliant Realty Advisors nor its representatives make any representations or warranties as to the accuracy or completeness of the information contained in this analysis.