Updated Four-Unit Coastal
For Sale
Under Contract
$799,000
205 10TH Street, Ocean City, MD 21842
Multi-Family, OCEAN CITY, MD
Property Size2,744 SF
Lot Size0.31 Acres
Price / SF$291.18
Days on Market456
Property Features for 205 10TH Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Rooms
Dining Room
Parking features
On Street, Parking Lot, Fenced
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 Under Contract
Size
2,744 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Annual Amount
6743
Utilities
Heating system
Electric (Heating), Other (Heating), Baseboard
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: Oct 16
Last Checked: Oct 30 at 9:06PM
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.
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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 / Yr
$28,783
Cap Rate
3.60%
Suggested Prices Based on Cap Rates
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
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 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 3.60%
Second Best
Apartment 5plus
$368.9K
$322.8K – $430.4K
NOI $25,825 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$659.4K
$577.0K – $769.3K
NOI $46,158 @ 7.0% cap · market cap 5.78%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
781
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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 $799,000.
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
