Property profile

12817 Harbor Rd Ocean City, MD 21842

FOR SALE
Turn key restaurants
Property ID
US40-1080421
1,512 SF 0.55 ac lot Built 2022
Entity Owned 6-yr Hold Free & Clear
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Property summary

AI-generated overview

This exceptional $7,000,000 mixed-use investment opportunity in Ocean City, Maryland, presents a unique blend of commercial and residential income streams. Located at 12817 Harbor Rd, this property encompasses four parcels totaling 1.6 acres and boasts a prime deepwater marina-fronting location with 11 boat slips. The centerpiece is Pier 23 Restaurant, a fully equipped and operational establishment. Significant additional income is generated by an accompanying apartment building, providing a stable and diversified revenue stream. The property benefits from CM & C2 zoning, allowing for a variety of potential uses and future development possibilities. Convenient parking is also included, located directly across the street from the restaurant and apartment building. Situated in Worcester County, Maryland, with a zip code of 21842, this property offers unparalleled access to the vibrant Ocean City waterfront and its thriving tourism industry. The strategic location and diverse income streams make this a compelling investment opportunity with significant potential for long-term growth and profitability. This is a rare chance to acquire a well-established, income-producing property in a highly desirable location.

Property profile

Verified
Property type Turn key restaurants
Use group RESTAURANT
Year built 2022
Construction BRICK
Total area 1,512 SF
Lot 0.55 ac (24,024 SF)
Zoning code CM
APN 10-013879
UPID US40-1080421

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Freight Service Logistics Company
  • (Bike/Boat/Book/etc) Store
  • (Bike/Boat/Book/etc) Store
  • (Bike/Boat/Book/etc) Store
  • Restaurant

Location

12817 Harbor Rd Ocean City, MD 21842
Ocean City metro Census 951700 SALISBURY, MD-DE METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$2.81M

Owner & transaction history

since 2020
Last sale
$3.0M
5 recorded transactions
2020
Price N/A
2018
$3.0M
2015
$1.8M
1969
Price N/A
1969
Price N/A

Zoning & alternative use

CM · Ocean City, MD

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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More about this property
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