Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    438 Ocean Pkwy, Unit 4 Berlin, MD 21811

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $245,000

    Specialty property available for sale on Ocean Parkway.

    Building Details

    Year built
    1973

    We can help!

    Listing Contact
    Alyson Kendall
    Alyson Kendall
    Source: Elliman

    Listing Agent: Alyson Kendall

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Ocean Parkway Specialty Property

    A specialty property is available for sale. The list price is $245,000.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Borderlinks Resort Condominium Complex

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Hotel & Motel Gym & Fitness Center Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Berlin
    County
    Worcester
    State
    Maryland
    Longitude
    -75.1468214
    Latitude
    38.3888429

    Nearby Similar for Sale

    • $299,900
      1,181 SF

      Ocean Pines Condo with Upgrades

      Bright, updated 3-bedroom condo in amenity-rich Ocean Pines.
      11421 Manklin Creek Rd, Berlin, MD 21811
      View Details
    • $260,000

      Water View Home Near Ocean

      Move-in ready home with water views and community amenities.
      8801 Bay Ridge Dr, Berlin, MD 21811
      View Details
    • $379,500

      Updated Ranch in Mystic Harbor

      Updated 3-bedroom ranch with canal views near Ocean City.
      18 Coastal Dr, Berlin, MD 21811
      View Details
    • Contact for pricing
      6,600 SF

      Berlin Office Warehouse Investment Opportunity

      6,600 SF building with 4 units, ideal for investment.
      10545 Friendship Rd, Berlin, MD 21811
      View Details
    • $317,500

      Single-Level Home in Mystic Harbor

      3-bedroom home with community amenities near Ocean City beaches.
      11 Keel Dr, Berlin, MD 21811
      View Details
    • Contact for pricing
      70,271 SF

      Medical/Professional Office Space Available

      Medical/Professional office space for sale near Route 90 and 589.
      11107 Cathage Rd, Berlin, MD 21811
      View Details
    • $800,000

      Waterfront Restaurant Business Opportunity

      Established waterfront restaurant business for sale in high-traffic area.
      11021 Nicholas Ln, Berlin, MD 21811
      View Details
    • $2,295,000

      Commercial Strip Center in Worcester

      Fully rented commercial strip center in Worcester County.
      11021 10, Berlin, MD 21811
      View Details
    • $249,000

      Established Subway Restaurant For Sale

      Subway restaurant near Berlin, MD, benefits from high traffic.
      10134 Old Ocean City Blvd, Berlin, MD 21811
      View Details
    • Contact for pricing

      Historic Berlin Restaurant For Sale

      Restaurant property in historic Berlin, MD with tenant in place.
      12 Broad St, Berlin, MD 21811
      View Details
    • $799,000

      Coastal Marsh Drive Property

      Property for sale on Coastal Marsh Drive, Berlin, MD.
      12428 Coastal Marsh Dr, Berlin, MD 21811
      View Details
    • $1,325,000

      Hidden Bay Drive Property

      Property on Hidden Bay Drive, Berlin, Maryland.
      12377 Hidden Bay Dr, Berlin, MD 21811
      View Details

    FAQs

    What type of property is this?
    Specialty property - Specialty property available for sale on Ocean Parkway.
    Where is this specialty property located?
    The property is located at 438 Ocean Pkwy, Unit 4 Berlin, MD.
    What is the asking price?
    The asking price for this property is $245,000.
    What are key features of this property?
    This property features: - Year Built: 1973; - Price: $11
    (301) 606-8453
    Request Owner's contact information
    438 Ocean Pkwy, Unit 4 Berlin, MD 21811
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    438 Ocean Pkwy, Unit 4
    Berlin, MD 21811
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    438 Ocean Pkwy, Unit 4 Berlin, MD 21811
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Alyson Kendall
    Alyson Kendall
    Real Estate License ID: 5002854
    (301) 606-8453 (302) 539-0800
    Learn more
    Google sign-in failed. Please try again or use another login method.