Four-Unit Residential Income
For Sale
$975,000
2701 Judlee Avenue, Ocean City, MD 21842
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 Market257
Property Features for 2701 Judlee Avenue
General Information
Standard status
Active
Size
2,784 SF
Property subtype
Multi-family
Lease Term
[]
Additional Details
Multifamily Units
4
Building Details
Year Built
1963
Year Renovated
2024
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
(724) 840-0572
Listed By:
Shawn Kotwica · License #653192
Source:
Deepcreeklake
Added: Dec 15, 2025
Changed: Aug 27
Last Checked: Aug 29 at 10:29AM
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
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
$29,203
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
3.00%
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%
$584,060
$584.1K
Cap Rate 7%
$417,186
$417.2K
Cap Rate 9%
$324,478
$324.5K
Market Conditions
NOI Build-Up for 2,784 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
$45.1K $16.20/SF
− Vacancy
−$3.4K −$1.22/SF
EGI
$41.7K $14.99/SF
− OpEx
−$12.5K −$4.50/SF
NOI
$29.2K $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%
$584,060
Cap Rate 7%
$417,186
Cap Rate 9%
$324,478
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
445
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
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
