West Ocean City Two-Bedroom
For Sale
$134,500
Pending
12024 OCEAN Gtwy LOT 20, Ocean City, MD 21842
Two-bedroom, two-bath residence near beaches, shopping, and dining.
Property Size924 SF
Days on Market278
Property Features for 12024 OCEAN Gtwy LOT 20
General Information
Standard status
Pending
Size
924 SF
Property subtype
Residential
Taxes and HOA fees
Annual Taxes
$890
Building Details
Building Size
924 SF
Year Built
1986
Listing Agency:
(410) 603-9801
Listed By:
Imad Elali
(410) 603-9801
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 31
Last Checked: Aug 30 at 10:16PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Imad Elali
Investment Insights
Based on property information with market context.
This two-bedroom residence features two full baths and is located in West Ocean City. The property includes newer appliances and heated bathroom floors in the master bathroom. A monthly fee of $104 covers septic, water, trash, and park maintenance. The location provides convenient access to Ocean City and Assateague State Park beaches, a marina, shopping centers, restaurants, and historic downtown Berlin.
Key Highlights
- Low monthly fee of just $104 covers septic, water, trash, and park maintenance.
- Features two bedrooms and two full bathrooms.
- Close proximity to Ocean City and Assateague State Park beaches.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$8,696
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.47%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$173,920
$173.9K
Cap Rate 7%
$124,229
$124.2K
Cap Rate 9%
$96,622
$96.6K
Market Conditions
NOI Build-Up for 924 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$17.0K $18.36/SF
− Vacancy
−$1.2K −$1.25/SF
EGI
$15.8K $17.11/SF
− OpEx
−$7.1K −$7.70/SF
NOI
$8.7K $9.41/SF
Area
Worcester County, MD
Vacancy
6.80%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$173,920
Cap Rate 7%
$124,229
Cap Rate 9%
$96,622
Alternative Uses
Best Use
Apartment 5plus
$124.2K
$108.7K – $144.9K
NOI $8,696 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$222.0K
$194.3K – $259.1K
NOI $15,543 @ 7.0% cap · market cap 11.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
198
Businesses Nearby
Explore this area
Business Placement
Demographics for 21842, MD
11,104
Population
32,684
Households
0.3
Avg Household Size
53
Median Age
39%
College-Educated
95%
High-School Grad
9.2 sq mi
ZIP Area
1,207
Density / Sq Mi
$75,372
Median Household Income
$40,189
Median Earnings
$1,258
Median Rent
$415,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Two-bedroom, two-bath residence near beaches, shopping, and dining.
Where is this multifamily property located?
The property is located at 12024 OCEAN Gtwy LOT 20 Ocean City, MD.
What is the asking price?
The asking price for this property is $134,500.
What are key features of this property?
This property features: Low monthly fee of just $104 covers septic, water, trash, and park maintenance.; Features two bedrooms and two full bathrooms.; Close proximity to Ocean City and Assateague State Park beaches.
