New search
Property profile & analytics
OFF-MARKET
Estimated value
$1,700,000
Office buildings
11724 Ocean Gtwy, Ocean City, MD 21842-9813
Entity Owned
21-yr Hold
~
Est. High Equity
Property ID
US40-0172524
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2005
Total area
8,015 SF
Lot
62.46 ac (2,720,758 SF)
Zoning code
B2-A1
APN
10-012449
UPID
US40-0172524
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
-
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.84M
Comparable Approach
Comparable
$1.82M
Blend (final)
Blend
$1.70M
Owner & transaction history
P-j Rentals INC · 21 yrs held
P-j Rentals INC
since 2004
6 recorded transactions
Zoning & alternative use
B2-A1 · Ocean City, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$2.6M
+4.1%
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 Ocean City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Ocean City 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%
$1,995,000
6.5%
$1,840,000
7%
$1,710,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$2,470,000
Current use
RETAIL STORES
$2,570,000
Change: +4% · Conversion: Moderate
Blend value · Realmo final
$1.70M
Range $1.53M – $1.87M · ±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
$212 / 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
$16,957
Tax year 2023
Assessed value
$1,771,900
Assessed 2023
Previous assessed
$1,771,900
+0.0% YoY
Effective rate
0.96%
On assessed value
Assessed land
$603,500
Assessed improvement
$1,168,400
Land market value
$603,500
Improvement market value
$1,168,400
Total market value
$1,771,900
Applied tax rate
10.0000
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
2005
Heating
HEAT PUMP
Cooling
AC.PACKAGE
Stories
1
Units
1
Total area
8,015 SF
Lot
62.46 ac (2,720,758 SF)
Zoning code
B2-A1
APN
10-012449
UPID
US40-0172524
Jurisdiction
WORCESTER
Zoning & alternative use
B2-A1 · Ocean City, MD
Zoning B2-A1 · permitted uses
B2-A1 · Ocean City, MD
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Ocean City. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$2.5M
RETAIL STORES
Est. value
$2.6M
OFFICE BUILDING Current
RETAIL STORES
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
2005
Heating
HEAT PUMP
Cooling
Yes
Stories
1
Units
1
Lot
62.46 ac
Current owner
From public records · entity-resolved
P-j Rentals INC
Entity
Mailing address
PO BOX 460, OCEAN CITY, MD 21843-0460
Ownership since
2004
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 22, 2004
—
P-j Rentals INC
Tee Pee Rentals LLC
Quit Claim Deed
related
—
Feb 25, 2004
$180,000
Tee Pee Rentals LLC
P-j Rentals INC
Grant Deed
$180,000 · P-j Rentals INC
Nov 15, 2002
$350,000
P-j Rentals INC
Purnell INC
Grant Deed
—
—
—
Purnell Rentals INC
—
Deed Of Trust
related
$1,400,000 · Shore Bk
—
—
P J Rentals INC
—
Deed Of Trust
related
$400,000 · Peninsula Bank
—
—
Purnell Rentals INC
—
Deed Of Trust
related
$1,000,500 · Mercantile Peninsula Bank
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 11724 Ocean Gtwy?
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.
