21.15 Acres Redevelopment
12741 Ocean Gateway, Ocean City, MD 21842
21.15 acres with redevelopment potential in West Ocean City, Maryland.
Type:Land
Property size:
21 SFPrice / SF:
$309,523/SF- Added:
- Nov 21, 2025
- Days on Market:
- 181
- Last Refresh:
- Jan 7 at 9:40 pm
Property Features for 12741 Ocean Gateway
General Information
- Standard status
- Active
- Size
- 21 SF
- Property subtype
- Land
Listing agent Nick Pastrana Villafañe License #17527
Listing office NICK PASTRANA (410) 543-2440
Listing date Nov 21, 2025
Source Svnmiller
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 NICK PASTRANA
HighLights
- Long‑term land lease (through 2083) provides stable cash flow from Ocean City Outlets.
- Unique redevelopment opportunity to acquire land and retail improvements simultaneously, allowing for a mixed‑use project.
- Strategic location on Route 50, the main east‑west corridor to Ocean City, offering high visibility.
- Opportunity to systematically redevelop the 21.15‑acre site in phases as retail leases expire, offsetting costs with remaining income.
- Rare opportunity: one of the only sites near Ocean City offering 21 acres with high visibility and redevelopment potential.
- Offered at less than half of the unencumbered land's recent appraisal value.
Overview
This 21.15-acre property, under a long-term land lease through 2083 with Ocean City Outlets, presents a redevelopment opportunity in West Ocean City, Maryland, with frontage on Route 50. The property is located just west of the bridge onto the island of Ocean City, offering visibility and access to travelers on the region’s major east-west corridor. The Ocean City Outlets retail shopping center is a 199,425 SF retail shopping center featuring a curated blend of top performing national retailers and some of Ocean City’s most beloved local retailers and restaurants. The site is located along the main Route 50 corridor just west of the Route 50 bridge heading into downtown Ocean City, one of the most highly trafficked corridors on the Eastern Shore of Maryland. The land and retail improvements can be acquired simultaneously, allowing a buyer to remove the retail-only use restriction in the land lease. A mixed-use project could include condos, a hotel, retail, and a destination conference center. As current retail leases expire or are potentially relocated or bought out, a new owner can systematically redevelop the site in phases, allowing the remaining income to help offset costs during the redevelopment. The unencumbered land recently appraised for $13.2M.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
J.Crew Factory
Clothing & Fashion Store
Chico's Off The Rack
Clothing & Fashion Store
Hanesbrands
(Bike/Boat/Book/etc) Store
rue21
Fashion Accessories Store
The Children's Place Outlet
Clothing & Fashion Store
Location Insight
- Map
- Local Demand
- City
- Ocean City
- County
- Worcester
- State
- Maryland
- Longitude
- -75.1067
- Latitude
- 38.3385
Nearby Similar for Sale
FAQs
What type of property is this?
Land - 21.15 acres with redevelopment potential in West Ocean City, Maryland.
Where is this land located?
The property is located at 12741 Ocean Gateway Ocean City, MD.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: Long‑term land lease (through 2083) provides stable cash flow from Ocean City Outlets.; Unique redevelopment opportunity to acquire land and retail improvements simultaneously, allowing for a mixed‑use project.; Strategic location on Route 50, the main east‑west corridor to Ocean City, offering high visibility.
