West Ocean City Two-Bedroom
For Sale
$134,500
12024 OCEAN Gtwy LOT 20, Ocean City, MD 21842
Two-bedroom, two-bath residence near beaches, shopping, and dining.
Property Size924 SF
Days on Market333
Property Features for 12024 OCEAN Gtwy LOT 20
General Information
Standard status
Active
Size
924 SF
Property subtype
Residential
Taxes and HOA fees
Annual Taxes
$890
Building Details
Building Size
924 SF
Year Built
1986
Listing Agency:
Long & Foster Real Estate
Listed By:
Imad Elali
(410) 603-9801
Source:
Elliman
Added: Nov 27, 2025
Changed: Oct 25
Last Checked: Oct 24 at 5:27PM
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 Long & Foster Real Estate
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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 / Yr
$8,696
Cap Rate
6.47%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
198
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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.
