Corner Lot Multifamily
For Sale
$555,000
13444 MADISON Ave, Ocean City, MD 21842
Oversized corner lot with water views and multifamily zoning.
Property Size2,000 SF
Lot Size0.11 Acres
Days on Market318
Property Features for 13444 MADISON Ave
General Information
Standard status
Active
Size
2,000 SF
Lot size
0.11 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$1,903
Building Details
Building Size
2,000 SF
Year Built
1958
Listed By:
Kelly R Williams · License #603911
(301) 325-5308
Source:
Elliman
Added: Nov 28, 2025
Changed: Sep 30
Last Checked: Oct 11 at 7:12AM
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 Kelly R Williams
Investment Insights
Based on property information with market context.
This property presents an opportunity for various development possibilities. Situated on an oversized corner lot, the property offers water views from three sides. The zoning is R-3, which allows for multi-family and residential use. The zoning laws permit building up to 45 feet, offering the potential to add two or more levels. Approved variances are in hand, including one for a second and third floor cantilever, facilitating expansion plans. An additional variance for an auxiliary dwelling unit (ADU) is also in place. The property is suited for an investor seeking profit or an individual aiming to construct a primary residence, vacation getaway, or investment opportunity.
Key Highlights
- Oversized corner lot with water views from three sides.
- Zoned R‑3 for multi‑family and residential use.
- Approved variances in hand for cantilevered second and third floors.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,823
Cap Rate
3.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$376,460
$376.5K
Cap Rate 7%
$268,900
$268.9K
Cap Rate 9%
$209,144
$209.1K
Market Conditions
NOI Build-Up for 2,000 SF
Gross rent
$36.7K $18.36/SF
− Vacancy
−$2.5K −$1.25/SF
EGI
$34.2K $17.11/SF
− OpEx
−$15.4K −$7.70/SF
NOI
$18.8K $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%
$376,460
Cap Rate 7%
$268,900
Cap Rate 9%
$209,144
Alternative Uses
Best Use
Apartment 5plus
$268.9K
$235.3K – $313.7K
NOI $18,823 @ 7.0% cap · market cap 3.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$480.6K
$420.5K – $560.7K
NOI $33,643 @ 7.0% cap · market cap 6.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
108
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Oversized corner lot with water views and multifamily zoning.
Where is this multifamily property located?
The property is located at 13444 MADISON Ave Ocean City, MD.
What is the asking price?
The asking price for this property is $555,000.
What are key features of this property?
This property features: Oversized corner lot with water views from three sides.; Zoned R‑3 for multi‑family and residential use.; Approved variances in hand for cantilevered second and third floors.
