Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    11724 Ocean Gtwy Ocean City, MD 21842-9813

    • Office buildings
    • 8,015 SF
    • 62.46 lot acres
    OFF-MARKET
    Value Estimations
    $1,700,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US40-0172524
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Merrill Lynch Wealth Management Advisor James R Giles / Financial Advisor
    • Merrill Lynch Financial Advisor Brian L. Selzer / Financial Advisor
    • Merrill Lynch Financial Advisor Patrick J Sears / Financial Advisor
    • Merrill Lynch Financial Advisor Brody J. Grove / Financial Advisor
    • Merrill Lynch Financial Advisor Kristopher Todd / Financial Advisor

    Property Details for 11724 Ocean Gtwy

    Year built
    2005
    Lot size
    62.46 lot acres
    Property size
    8,015 SF
    Zone code
    B2-A1
    Property type
    Office buildings
    APN
    10-012449
    APU
    10012449

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,995,000
      6.5%
      $1,840,000
      7%
      $1,710,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,824,000
      Market price range: $689k - $2.40M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,470,000
      Current use
      RETAIL STORES
      $2,570,000
      Change: +4% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Ocean City
    County
    Worcester
    State
    Maryland
    Longitude
    -75.1527
    Latitude
    38.3368
    CBSA code
    41540
    CBSA name
    SALISBURY, MD-DE METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $16,957
    $603,500
    $1,168,400
    $1,771,900
    -
    $603,500
    $1,168,400
    $1,771,900

    Comparable in this City

    • Value Estimation
      $825,000
      3,140 SF

      6500 Coastal Hwy

      OFFICE BUILDING • 3,140 SF
      6500 Coastal Hwy, Ocean City, MD 21842-3000
      View Details
    • Value Estimation
      $1,240,000
      4,613 SF

      3000 Seabay Dr

      OFFICE BUILDING • 4,613 SF
      3000 Seabay Dr, Ocean City, MD 21842
      View Details
    • Value Estimation by Request
      1,632 SF

      3800 Coastal Hwy

      OFFICE BUILDING • 1,632 SF
      3800 Coastal Hwy, Ocean City, MD 21842-3232
      View Details
    • Value Estimation by Request
      812 SF

      4600 Coastal Hwy

      OFFICE BUILDING • 812 SF
      4600 Coastal Hwy, Ocean City, MD 21842-3248
      View Details
    • Value Estimation
      $635,000
      1,636 SF

      9521 Stephen Decatur Hwy

      OFFICE BUILDING • 1,636 SF
      9521 Stephen Decatur Hwy, Ocean City, MD 21842
      View Details
    • Value Estimation
      $985,000
      2,520 SF

      12550 Eagles Nest Rd

      OFFICE BUILDING • 2,520 SF
      12550 Eagles Nest Rd, Ocean City, MD 21842
      View Details

    Similar Nearby for Sale

    • $2,100,000
      3,864 SF

      West Ocean City Medical/Office Building

      3,864 SF medical/office building on 1.21 acres for sale.
      12385 Ocean Gtwy, Ocean City, MD 21842
      View Details
    • $1,149,000

      Downtown Commercial Building with Offices

      Commercial building with offices, conference space, and warehouse.
      201 Philadelphia Ave, Ocean City, MD 21842
      View Details
    • $4,299,000
      3,330 SF

      Waterfront Land Next to Cambria

      Waterfront commercial land suitable for residential development in Ocean City.
      13 Saint Louis Ave, Ocean City, MD 21842
      View Details
    • $649,990

      Coastal Townhome Near Ocean City

      Four-story townhome near Ocean City beaches with modern amenities.
      104 143Rd St, Ocean City, MD 21842
      View Details
    • $485,000

      Ocean City Condo Near Beach

      Spacious, furnished 2BR/2BA condo in Midtown Ocean City, steps from beach.
      5505 Atlantic Ave, Ocean City, MD 21842
      View Details
    • $539,900
      1,454 SF

      Updated Condo in Sunset Island

      Tastefully furnished three-bedroom condo with bay views and resort amenities.
      37 Fountain Dr W, Ocean City, MD 21842
      View Details

    Similar Nearby for Lease

    • $2,990 /Mo
      16,776 SF

      Ocean City Office Space Available

      Office space for lease with flexible floor plan options.
      5700 Coastal Hwy, Ocean City, MD 21842
      View Details
    • $7,080 /Mo
      26,136 SF

      Ocean City Office Space Available

      First floor office suite in Ocean City, Maryland for lease.
      5700 Coastal Hwy, Ocean City, MD 21842
      View Details
    • $2,000 /Mo

      Warehouse/Office Space for Lease

      1,700+-sq.ft warehouse/office space available for lease.
      12636 Sunset Ave, Ocean City, MD 21842
      View Details
    • $2,843 /Mo

      Ocean City Office Space Available

      Two office suites available for rent in Ocean City, MD.
      5000 Coastal Hwy, Ocean City, MD 21842
      View Details
    • $575 /Mo

      Private Office Space For Rent

      Individual office spaces available with utilities and internet included.
      9927 Stephen Decatur Hwy, Ocean City, MD 21842
      View Details
    • New
      $20 SF/Yr
      61,855 SF

      Prime Commercial Space in Ocean City

      Highly visible 2,000 sq.ft. space ideal for retail or office.
      12638 Ocean Gtwy, Ocean City, MD 21842
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    11724 Ocean Gtwy
    Ocean City, MD 21842-9813
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.