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    12638 Ocean Gtwy, Unit 11 Ocean City, MD 21842

    • Strip malls
    • 11,100 SF
    • 1.43 lot acres
    For Lease
    View listing
    $20 SF/Yr
    Last Sale
    Dec 26, 2023
    $2,600,000
    Value Estimations
    $2,615,000
    Cap Rate Potential
    6%
    Strip malls
    Location Intelligence
    Property ID
    US40-1979935
    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

    • West Marine / Big Box & Wholesale Store / (Bike/Boat/Book/etc) Store
    • Chic Boutique by a Perfect Face / Clothing Store
    • A Perfect Face Day Spa / Alternative Medicine Practice / Spa & Massage Center

    Property Details for 12638 Ocean Gtwy

    Year built
    2005
    Lot size
    1.43 lot acres
    Property size
    11,100 SF
    Zone code
    C2
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    10-014506
    APU
    10014506

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,645,000
      ML approach
      $2,695,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,655,000
      6.5%
      $2,450,000
      7%
      $2,275,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,240,000
      INDUSTRIAL (GENERAL)
      $2,355,000
      OFFICE BUILDING
      $2,320,000
      RESTAURANT
      $1,610,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Ocean City
    County
    Worcester
    State
    Maryland
    Longitude
    -75.1135
    Latitude
    38.3377
    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
    $17,740
    $1,230,200
    $623,500
    $1,853,700
    -
    $1,230,200
    $623,500
    $1,853,700

    Comparable in this City

    • Value Estimation
      $3,075,000
      24,165 SF

      6403 Coastal Hwy

      SHOPPING CENTER, STRIP CENTER • 24,165 SF
      6403 Coastal Hwy, Ocean City, MD 21842-3039
      View Details
    • Value Estimation
      $1,445,000
      9,750 SF

      12903 Coastal Hwy

      SHOPPING CENTER, STRIP CENTER • 9,750 SF
      12903 Coastal Hwy, Ocean City, MD 21842-4718
      View Details
    • Value Estimation by Request
      9,722 SF

      12216 Ocean Gtwy

      SHOPPING CENTER, STRIP CENTER • 9,722 SF
      12216 Ocean Gtwy, Ocean City, MD 21842-9790
      View Details
    • Value Estimation
      $2,120,000
      17,324 SF

      2800 Philadelphia Ave

      SHOPPING CENTER, STRIP CENTER • 17,324 SF
      2800 Philadelphia Ave, Ocean City, MD 21842-3501
      View Details
    • Value Estimation by Request
      10,095 SF

      12701 Coastal Hwy

      SHOPPING CENTER, STRIP CENTER • 10,095 SF
      12701 Coastal Hwy, Ocean City, MD 21842-6055
      View Details
    • Value Estimation
      $1,225,000
      9,130 SF

      12611 Ocean Gtwy

      SHOPPING CENTER, STRIP CENTER • 9,130 SF
      12611 Ocean Gtwy, Ocean City, MD 21842-9567
      View Details

    Similar Nearby for Sale

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      West Ocean City Resort Opportunity

      Updated resort with restaurant on 1.82 acres for sale.
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      Furnished Multifamily Investment Opportunity

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      Ocean City Boardwalk Retail Space

      Prime retail space on the Ocean City Boardwalk for sale.
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    Similar Nearby for Lease

    • Contact for pricing
      2,242 SF

      Prime Retail Space in Ocean City

      Retail space available in busy Ocean City Square.
      11901 Coastal Hwy, Ocean City, MD 21842
      View Details
    • $21 SF/Yr

      High-Traffic Retail Spaces Available

      Retail spaces for lease in busy Ocean City location.
      11805 Coastal Hwy, Ocean City, MD 21842
      View Details
    • $24 SF/Yr
      921,294 SF

      Prime Retail Space on Ocean Gateway

      End-cap unit in high-traffic Ocean City location.
      12741 Ocean Gtwy Unit, Ocean City, MD 21842
      View Details
    • Contact for pricing
      1,860 SF

      Ocean City Retail Space Available

      Grocery-anchored retail project in Ocean City, available February 2026.
      9507 Coastal Hwy, Ocean City, MD 21842
      View Details
    • $23 SF/Yr
      921,294 SF

      Outlets Ocean City Retail Space

      Prime retail leasing opportunity in vibrant Ocean City, Maryland.
      12741 Ocean Gtwy Unit, Ocean City, MD 21842
      View Details
    • $24 SF/Yr
      921,294 SF

      Retail Space in Ocean City

      Former Hanes store with open floor plan and fitting rooms.
      12741 Ocean Gtwy Unit, Ocean City, MD 21842
      View Details
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    Ocean City, MD 21842
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    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
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