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

    401 Atlantic Ave, Unit 506 Ocean City, MD 21842

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $649,000

    Top-floor, updated condo with ocean, beach, and bay views.

    Building Details

    Year built
    1974

    We can help!

    Listing Contact
    Imad Elali
    Source: Elliman

    Listing Agent: Imad Elali

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

    Learn more

    Property Insight Report

    Overview

    Oceanfront Condo with Panoramic Views

    This top-floor, end-unit, two-story split-level condo offers unobstructed panoramic views of the beach, ocean, boardwalk, and bay. Designed to feel like a private townhouse by the sea, this fully updated residence features ceramic tile flooring, upgraded kitchen cabinets, granite countertops, custom paint, and completely remodeled bathrooms. Extra side windows fill the condo with natural light and expand the views. The condo includes an oceanfront balcony overlooking the beach and boardwalk, as well as a private bayside balcony with bay views and sunset views. Located on the boardwalk, the property is within walking distance to shops, restaurants, SunFest, Oceans Calling, and Country Callings.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Thrashers Fries Fast Food Restaurant Jolly Roger at the Pier Amusement Park Ocean Bites Boardwalk, ... Fast Food Restaurant Thrasher's French Fries Fast Food Restaurant Nature Wood glasses Eye Care

    Suggested Use

    Realty agency Law Firm Dental Office Building Supply Restaurant Wholesale Shop Hair Salon Auto Repair Shop Auto Parts Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Ocean City
    County
    Worcester
    State
    Maryland
    Longitude
    -75.0864276
    Latitude
    38.3281177

    Nearby Similar for Sale

    • $1,395,000
      2,560 SF

      Furnished Multifamily Investment Opportunity

      Four fully furnished units near Ocean City's nightlife and beach.
      15 57Th St, Ocean City, MD 21842
      View Details
    • $265,000
      548 SF

      Renovated Condo with Bay Views

      Completely renovated condo with sunset views, steps from the beach.
      203 33Rd St, Ocean City, MD 21842
      View Details
    • $399,900
      864 SF

      Renovated Condo Near Ocean City Beach

      Completely renovated, fully furnished 2-bedroom condo near the beach.
      14409 Lighthouse Ave, Ocean City, MD 21842
      View Details
    • $649,990

      Coastal Townhome Near Ocean City

      Four-story townhome near Ocean City beaches with modern amenities.
      104 143Rd St, Ocean City, MD 21842
      View Details
    • $739,990

      Coastal Townhome Near Ocean City

      Four-story townhome near Ocean City beaches with modern amenities.
      14302 Sinepuxent Ave, Ocean City, MD 21842
      View Details
    • $899,900
      1,728 SF

      Bayfront Townhome with Boat Slip

      Rare bayfront townhome with boat slip, no HOA fees.
      609 Bayshore Dr, Ocean City, MD 21842
      View Details
    • $1,199,000

      Four-Unit Property with Rental Potential

      Well-maintained four-unit property with updated systems and modern amenities.
      406 14Th St, Ocean City, MD 21842
      View Details
    • $342,000
      852 SF

      Turnkey Condo Near Beach

      Rebuilt, fully furnished 2 bed, 2 bath condo near beach.
      320 Sunset Dr, Ocean City, MD 21842
      View Details
    • $683,440

      Coastal Townhome Near Ocean City

      Four-story townhome near Ocean City beaches with modern amenities.
      14302 Sinepuxent Ave, Ocean City, MD 21842
      View Details
    • $629,000
      1,300 SF

      Ocean Block Condo with Views

      Ocean City condo with ocean and bay views, rental potential.
      102 25Th St, Ocean City, MD 21842
      View Details
    • $1,375,000
      1,806 SF

      Oceanfront Condo with Upgrades

      Luxurious oceanfront condo with upgraded features and convenient access.
      2 48Th St, Ocean City, MD 21842
      View Details
    • $315,000

      Renovated Condo with Boat Slip

      Renovated one-bedroom condo with boat slip in Ocean City.
      12301 Jamaica Ave, Ocean City, MD 21842
      View Details

    FAQs

    What type of property is this?
    Apartment building - Top-floor, updated condo with ocean, beach, and bay views.
    Where is this apartment building located?
    The property is located at 401 Atlantic Ave, Unit 506 Ocean City, MD.
    What is the asking price?
    The asking price for this property is $649,000.
    What are key features of this property?
    This property features: - Unobstructed panoramic views of the beach, ocean, boardwalk, and bay.; - Top-floor, end-unit, two-story split-level condo designed like a private townhouse.; - Fully updated residence with ceramic tile flooring, upgraded kitchen cabinets, granite countertops, custom paint, and remodeled bathrooms.
    (410) 603-9801
    Request Owner's contact information
    401 Atlantic Ave, Unit 506 Ocean City, MD 21842
    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.
    401 Atlantic Ave, Unit 506
    Ocean City, MD 21842
    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
    401 Atlantic Ave, Unit 506 Ocean City, MD 21842
    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
    Imad Elali
    (410) 603-9801
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.