New search
Property profile & analytics
OFF-MARKET
Estimated value
$4,375,000
Turn key restaurants
10218 Racetrack Rd, Berlin, MD 21811-3210
Entity Owned
15-yr Hold
~
Est. High Equity
Property ID
US40-0754445
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
1979
Construction
BRICK
Total area
20,249 SF
Lot
166.55 ac (7,254,918 SF)
Zoning code
A2
APN
03-011887
UPID
US40-0754445
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Poseidon's Pub at Ocean Downs Casino Bar & Pub Restaurant
-
Pacers at Ocean Downs Casino Restaurant
-
Ocean Downs Royal Plus Trailer Carpet & Flooring Store Hardware & Home Improvement
-
Ocean Downs Casino Hotel & Motel Resort
-
Image Power Inc Hotel & Motel Resort
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.37M
Blend (final)
Blend
$4.38M
Owner & transaction history
Ocean Ents 589 LLC · 15 yrs held
Ocean Ents 589 LLC
since 2010
2 recorded transactions
Zoning & alternative use
A2 · Berlin, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$4.3M
+46.6%
Industrial (general)
$3.9M
+34.5%
Commercial (general)
$3.5M
+18.2%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Berlin submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Berlin submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$2,930,000
Current use
OFFICE BUILDING
$4,295,000
Change: +47% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$3,940,000
Change: +35% · Conversion: Difficult
COMMERCIAL (GENERAL)
$3,465,000
Change: +18% · Conversion: Easy
Blend value · Realmo final
$4.38M
Range $3.94M – $4.81M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$216 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$407,850
Tax year 2023
Assessed value
$42,617,500
Assessed 2023
Previous assessed
$39,362,700
+8.3% YoY
Effective rate
0.96%
On assessed value
Land market value
$8,314,600
Improvement market value
$40,812,500
Total market value
$49,127,100
Applied tax rate
3.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Year built
1979
Construction
BRICK
Heating
PACKAGE
Cooling
AC.PACKAGE
Buildings
7
Stories
2
Units
8
Bathrooms
6
Total area
20,249 SF
Lot
166.55 ac (7,254,918 SF)
Zoning code
A2
APN
03-011887
UPID
US40-0754445
Jurisdiction
WORCESTER
Zoning & alternative use
A2 · Berlin, MD
Zoning A2 · permitted uses
A2 · Berlin, MD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Berlin. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT Current
Est. value
$2.9M
OFFICE BUILDING
Est. value
$4.3M
INDUSTRIAL (GENERAL)
Est. value
$3.9M
COMMERCIAL (GENERAL)
Est. value
$3.5M
RESTAURANT Current
OFFICE BUILDING
INDUSTRIAL (GENERAL)
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1979
Construction
BRICK
Heating
PACKAGE
Cooling
Yes
Stories
2
Buildings
7
Units
8
Bathrooms
6
Lot
166.55 ac
Current owner
From public records · entity-resolved
Ocean Ents 589 LLC
Entity
Mailing address
10218 RACETRACK RD, BERLIN, MD 21811-3210
Ownership since
2010
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 9, 2017
—
Ocean Enterprise 589 LLC
—
Deed
related
$64,000,000 · Manufacturers & Traders Trust Co
Dec 15, 2010
$19,000,100
Ocean Ents 589 LLC
Ocean Downs LLC
Grant Deed
related
$19,000 · Ocean Downs LLC
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 10218 Racetrack Rd?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
