5-Unit Apartment
New
For Sale
$1,300,000
503 N Baltimore Ave, Ocean City, MD 21842
A covered porch and fenced front yard add outdoor space to the five-unit property.
Property Size4,728 SF
Price / SF$274.96
Days on Market5
Property Features for 503 N Baltimore Ave
General Information
Standard status
Active
Size
4,728 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR, 2 x 2BR, 1 x efficiency, 1 x 1BR
Multifamily Units
5
Amenities
covered front porch
fenced front yard
Building Details
Year Built
1935
Buildings
1
Listing Agency:
Coastal Life Realty Group LLC
Listed By:
Joseph Wilson · License #633148
(443) 235-8382
Source:
Baltimoreharfordhomesforsale
Added: Oct 12
Changed: Oct 15
Last Checked: Oct 15 at 2:07AM
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 Coastal Life Realty Group LLC
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Investment Insights
Based on property information with market context.
The 4,728-square-foot apartment building contains five units: one with three bedrooms, two with two bedrooms each, one one-bedroom unit, and an efficiency. Hardwood floors and knotty pine finishes are among the interior features. A covered front porch and fenced yard provide outdoor space. Built in 1935, the property is offered as the front building only; a land condominium is being established to allow it to be sold separately from the rear building.
The property is in downtown Ocean City, one block from the Boardwalk and beach, with restaurants, shops, and entertainment nearby.
The property is in downtown Ocean City, one block from the Boardwalk and beach, with restaurants, shops, and entertainment nearby.
Key Highlights
- Five units: one 3‑bedroom, two 2‑bedroom, one 1‑bedroom, and one efficiency
- 4,728 square feet; built in 1935
- Front building only; land condominium establishment is underway for separate sale
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,497
Cap Rate
3.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$889,940
$889.9K
Cap Rate 7%
$635,671
$635.7K
Cap Rate 9%
$494,411
$494.4K
Market Conditions
NOI Build-Up for 4,728 SF
Gross rent
$86.8K $18.36/SF
− Vacancy
−$5.9K −$1.25/SF
EGI
$80.9K $17.11/SF
− OpEx
−$36.4K −$7.70/SF
NOI
$44.5K $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%
$889,940
Cap Rate 7%
$635,671
Cap Rate 9%
$494,411
Alternative Uses
Best Use
Apartment 5plus
$635.7K
$556.2K – $741.6K
NOI $44,497 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.14M
$994.2K – $1.33M
NOI $79,533 @ 7.0% cap · market cap 6.12%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
962
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - A covered porch and fenced front yard add outdoor space to the five-unit property.
Where is this apartment building located?
The property is located at 503 N Baltimore Ave Ocean City, MD.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Five units: one 3‑bedroom, two 2‑bedroom, one 1‑bedroom, and one efficiency; 4,728 square feet; built in 1935; Front building only; land condominium establishment is underway for separate sale
