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    12741 Ocean Gtwy Unit, Unit 919 Ocean City, MD 21842

    Sponsored
    For Lease
    $26 SF/Yr

    CommercialLease - OCEAN CITY, MD

    Type:Retail
    Property size:
    5,015 SF
    Lot size:
    21.15 Acres
    Days on Market:
    2
    Last Refresh:
    Feb 6 at 1:06 pm

    Property Features for 12741 Ocean Gtwy Unit

    General Information

    Property type
    Other
    Property subtype
    Retail
    Standard status
    Active
    Parking
    600
    Parking features
    Parking Lot
    Size
    5,015 SF
    Lot size
    21.15 Acres

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    1996
    Building materials
    Mixed

    We can help!

    Listing Contact
    Kelly Jeter

    SVN/Miller Commercial Real Estate (410) 543-2440

    Listing agent Kelly Jeter (410) 543-2440 License #666318

    Listing date Feb 5, 2026

    MLS# MDWO2035912

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Prime Retail Space in Ocean City

    This end-cap unit, formerly an Adidas store, features an open floor plan with a storage room, restroom, and two offices. It offers the opportunity for outdoor patio seating, particularly suitable for a food service user, and the potential for a drive-thru. The space includes an open ceiling with painted ductwork. The unit can be subdivided into spaces ranging from 2,500 to 5,015 square feet, with up to 20,000 square feet available within the Outlets Ocean City. Located along Ocean Gateway, with approximately 32,700 vehicles per day, and minutes from the Boardwalk and beaches, the center benefits from exceptional visibility and strong traffic. Anchored by national retailers such as HomeGoods, Old Navy, Under Armour, and Coach, the property is positioned within Ocean City's dominant retail destination. The location attracts over 8 million annual visitors and experiences a seasonal population surge to over 320,000. The property is ideal for retail, boutique fitness, restaurant, entertainment, and essential service users. The Outlets Ocean City are under new ownership and management, dedicated to a high level of maintenance, customer service, and business growth and development. The lot size is 21.15 acres.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Map

    City
    Ocean City
    County
    Worcester
    State
    Maryland
    Longitude
    -75.10669565
    Latitude
    38.33812482

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    FAQs

    What type of property is this?
    Retail space - End-cap unit with potential for outdoor seating in vibrant location.
    Where is this retail space located?
    The property is located at 12741 Ocean Gtwy Unit, Unit 919 Ocean City, MD.
    What is the lease rate?
    The lease rate is $26 SF/Yr.
    What are key features of this property?
    This property features: - Prime location in Outlets Ocean City, a dominant retail destination attracting over 8 million annual visitors.; - High traffic volume with +\/-32,700 vehicles per day on Ocean Gateway.; - Anchored by top national retailers including HomeGoods, Old Navy, Under Armour, and Coach.
    (410) 543-2440
    Request Owner's contact information
    12741 Ocean Gtwy Unit, Unit 919 Ocean City, MD 21842
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    Ocean City, MD 21842
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    12741 Ocean Gtwy Unit, Unit 919 Ocean City, MD 21842
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    We can help!
    Listing Contact
    Kelly Jeter
    Real Estate License ID: 666318
    (410) 543-2440
    Learn more
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