132 Dock Street presents a rare investment opportunity in the heart of Annapolis’ iconic waterfront district. This two-story property has been home to Armadillo’s Bar & Grill for over 30 years and remains fully leased under a triple net structure, providing investors with reliable cash flow and minimal landlord responsibilities. Situated steps from City Dock and Ego Alley, the property lies within a vibrant corridor surrounded by destination dining, boutique retail, and cultural attractions, including the U.S. Naval Academy. The area is undergoing significant revitalization with the $87+ million City Dock Project, which includes new flood protection infrastructure, expanded waterfront parkland, and enhanced public spaces that promise to drive additional foot traffic and long-term value. Featuring an irreplaceable waterfront location, the asset’s robust kitchen infrastructure includes a sprinkler system, grease trap, and hood system, serving two levels of finished bar and restaurant space. With strong tenant history in a limited-supply market, this property offers security, stability, and upside tied to Annapolis’ continued growth as a premier waterfront destination.