Updated Four-Unit Coastal
For Sale
$839,900
205 10TH Street, Ocean City, MD 21842
Multi-Family, OCEAN CITY, MD
Property Size2,744 SF
Lot Size0.31 Acres
Price / SF$306.09
Days on Market410
Property Features for 205 10TH Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Rooms
Dining Room
Parking features
On Street, Fenced, Parking Lot
Interior features
Additional Stairway, Breakfast Area, Built-Ins, Ceiling Fan(s), Combination Kitchen/Dining, Entry Level Bedroom, Floor Plan - Open, Kitchen - Eat-In, Upgraded Countertops, Wood Floors
Appliances
Built-In Microwave, Built-In Range, Compactor, Cooktop, Dishwasher, Disposal, Dryer, Refrigerator, Washer, WaterHeater
Elementary school
OCEAN CITY
Middle school
STEPHEN DECATUR
High school
STEPHEN DECATUR
Elementary school district
WORCESTER COUNTY PUBLIC SCHOOLS
Middle school district
WORCESTER COUNTY PUBLIC SCHOOLS
High school district
WORCESTER COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
2,744 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Annual Amount
6743
Utilities
Heating system
Baseboard, Other (Heating), Electric (Heating)
Cooling system
Ductless, Window Unit(s), Ceiling Fan(s)
Amenities
decks
porch
shared coin-operated laundry facility
Building Details
Year built
1950
Number of units
4
Building materials
Frame
Architectural style
Other
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty - OP
(410) 208-3500
Listed By:
Spike Sands · License #637504
(443) 235-0489
Added: Aug 1, 2025
Changed: Sep 13
Last Checked: Sep 14 at 5:06AM
MLS# MDWO2032146
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,744-square-foot quadplex contains four furnished units: two three-bedroom, two-bath residences, a one-bedroom, one-bath unit with a full kitchen and living area, and a rear efficiency with its own entrance. Each unit includes a private porch. Interior improvements include updated appliances, wood flooring, upgraded countertops, open kitchen and dining areas, and a new kitchen in Unit 1.
Exterior work includes a refreshed front facade, three levels of decks, new vinyl railings and steps, and a new roof. A shared coin-operated laundry facility adds on-site functionality. Parking includes a lot, fenced parking area, and on-street options. The property is located at 205 10th Street in downtown Ocean City, two blocks from the beach and Boardwalk and near restaurants, nightlife, shopping, and local attractions. The sale includes the multifamily building only and does not include the adjacent lot.
Exterior work includes a refreshed front facade, three levels of decks, new vinyl railings and steps, and a new roof. A shared coin-operated laundry facility adds on-site functionality. Parking includes a lot, fenced parking area, and on-street options. The property is located at 205 10th Street in downtown Ocean City, two blocks from the beach and Boardwalk and near restaurants, nightlife, shopping, and local attractions. The sale includes the multifamily building only and does not include the adjacent lot.
Key Highlights
- 2,744‑square‑foot quadplex with four separate units
- Unit mix includes two three‑bedroom, two‑bath units, one one‑bedroom unit, and one efficiency
- Renovations include a new roof, updated facade, three deck levels, railings, steps, and Unit 1 kitchen
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$28,783
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.43%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$575,660
$575.7K
Cap Rate 7%
$411,186
$411.2K
Cap Rate 9%
$319,811
$319.8K
Market Conditions
NOI Build-Up for 2,744 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$44.5K $16.20/SF
− Vacancy
−$3.3K −$1.22/SF
EGI
$41.1K $14.99/SF
− OpEx
−$12.3K −$4.50/SF
NOI
$28.8K $10.49/SF
Area
Worcester County, MD
Vacancy
7.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$575,660
Cap Rate 7%
$411,186
Cap Rate 9%
$319,811
Alternative Uses
Best Use
Multifamily LT 5
$411.2K
$359.8K – $479.7K
NOI $28,783 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$368.9K
$322.8K – $430.4K
NOI $25,825 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$659.4K
$577.0K – $769.3K
NOI $46,158 @ 7.0% cap · market cap 5.50%
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
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
781
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?
Quadplex - Renovated four-unit property with private outdoor spaces and walkable access to Ocean City’s beach and Boardwalk.
Where is this quadplex located?
The property is located at 205 10TH Street Ocean City, MD.
What is the asking price?
The asking price for this property is $839,900.
What are key features of this property?
This property features: 2,744‑square‑foot quadplex with four separate units; Unit mix includes two three‑bedroom, two‑bath units, one one‑bedroom unit, and one efficiency; Renovations include a new roof, updated facade, three deck levels, railings, steps, and Unit 1 kitchen
