Four-Unit Residential Income
2701 Judlee Avenue Ocean City, MD 21842
For Sale
$975,000
Four two-bedroom, one-bath units with 2019 tankless and split HVAC updates and recent exterior improvements.
Property Size2,784 SF
Price / SF$350.22
Days on Market167
Property Features for 2701 Judlee Avenue
General Information
- Standard status
- Active
- Size
- 2,784 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1963
Listing Agency:
Coldwell Banker Realty
Listed By:
Shawn Kotwica
Source:
Deepcreeklake
Added: Feb 8
Changed: Jul 10
Last Checked: Jul 24 at 9:23PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This four-unit residential income property consists of two-bedroom, one-bath units. Each unit includes updated tankless and split HVAC systems installed in 2019. The building has also benefited from interior paint work completed in 2024, along with new stairs added in 2021.
The property is located at 2701 Judlee Avenue in Ocean City, Maryland. The configuration is designed for straightforward multi-unit operation, with separate unit layouts within the overall fourplex structure.
For buyers seeking a small multifamily asset, this quadplex offers an existing rental setup with mechanical and building updates reflected in the 2019, 2021, and 2024 improvements. With four units total, it can support diversified tenant occupancy while keeping the building scale manageable compared to larger apartment holdings.
The property is located at 2701 Judlee Avenue in Ocean City, Maryland. The configuration is designed for straightforward multi-unit operation, with separate unit layouts within the overall fourplex structure.
For buyers seeking a small multifamily asset, this quadplex offers an existing rental setup with mechanical and building updates reflected in the 2019, 2021, and 2024 improvements. With four units total, it can support diversified tenant occupancy while keeping the building scale manageable compared to larger apartment holdings.
Key Highlights
- 4‑unit building built in 1963
- Each unit has 2 bedrooms and 1 bathroom
- Tankless and split HVAC units updated in 2019
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $45.1k | $16.20 |
| − Vacancy | −$3.4k | −$1.22 |
| EGI | $41.7k | $14.99 |
| − OpEx | −$12.5k | −$4.50 |
| NOI | $29.2k | $10.49 |
2,784 SF · lease $16.20/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$417.2K
$365.0K – $486.7K
NOI $29,203 @ 7.0% cap · market cap 3.00%
Second Best
Apartment 5plus
$374.3K
$327.5K – $436.7K
NOI $26,201 @ 7.0% cap · market cap 2.69%
Theoretical Best
Office A
$669.0K
$585.4K – $780.5K
NOI $46,831 @ 7.0% cap · market cap 4.80%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Four two-bedroom, one-bath units with 2019 tankless and split HVAC updates and recent exterior improvements.
Where is this quadplex located?
The property is located at 2701 Judlee Avenue Ocean City, MD.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 4‑unit building built in 1963; Each unit has 2 bedrooms and 1 bathroom; Tankless and split HVAC units updated in 2019
