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Property profile & analytics
FOR LEASE
Drive through restaurants
12641 Ocean Gtwy, Ocean City, MD 21842
Entity Owned
5-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US40-0068745
For Lease
1 / 4
$585,000
12641 Ocean Gtwy, Ocean City, MD 21842
View Listing →
Property profile
Verified
Property type
Drive through restaurants
Use group
DRIVE-THRU RESTAURANT, FAST FOOD
Year built
1986
Total area
2,738 SF
Lot
19.91 ac (867,280 SF)
Zoning code
C2
APN
10-288606
UPID
US40-0068745
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
-
Verizon Mobile Phone Store Electronics & Wireless Store
-
CPU Wockenfuss Candies Postal Service Courier Service
-
Flagship Premium Cinemas Cinema Theater & Performing Art Venue
-
GNC (Bike/Boat/Book/etc) Store Pharmacy
-
Verizon Business Services Telecommunications Service Data Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$575k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$595k
Blend (final)
Blend
$585k
Owner & transaction history
Wm Associates LP · 5 yrs held
Wm Associates LP
since 2021
6 recorded transactions
Zoning & alternative use
C2 · Ocean City, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$800,000
+101.4%
Office building
$575,000
+44.2%
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 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
$575,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$395,000
Current use
COMMERCIAL (GENERAL)
$800,000
Change: +101% · Conversion: Easy
OFFICE BUILDING
$575,000
Change: +44% · Conversion: Moderate
WAREHOUSE, STORAGE
$380,000
Change: -4% · Conversion: Difficult
Blend value · Realmo final
$585k
Range $527k – $644k · ±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
$214 / 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
$213,923
Tax year 2023
Assessed value
$22,353,500
Assessed 2023
Previous assessed
$22,353,500
+0.0% YoY
Effective rate
0.96%
On assessed value
Assessed land
$13,671,800
Assessed improvement
$8,681,700
Land market value
$13,671,800
Improvement market value
$8,681,700
Total market value
$22,353,500
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
Drive through restaurants
Use group
DRIVE-THRU RESTAURANT, FAST FOOD
Status
For Lease
Year built
1986
Heating
YES
Cooling
YES
Buildings
14
Stories
1
Units
14
Total area
2,738 SF
Lot
19.91 ac (867,280 SF)
Zoning code
C2
APN
10-288606
UPID
US40-0068745
Jurisdiction
WORCESTER
Zoning & alternative use
C2 · Ocean City, MD
Zoning C2 · permitted uses
C2 · 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
RESTAURANT Current
Est. value
$395,000
COMMERCIAL (GENERAL)
Est. value
$800,000
OFFICE BUILDING
Est. value
$575,000
WAREHOUSE, STORAGE
Est. value
$380,000
RESTAURANT Current
COMMERCIAL (GENERAL)
OFFICE BUILDING
WAREHOUSE, STORAGE
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
1986
Heating
YES
Cooling
Yes
Stories
1
Buildings
14
Units
14
Lot
19.91 ac
Current owner
From public records · entity-resolved
Wm Associates LP
Entity
Mailing address
10121 GOLF CRSE RD, OCEAN CITY, MD 21842-9722
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2021
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
Jan 15, 2021
—
Wm Associates LP
—
Deed
related
$1,800,000 · Shore United Bk
—
—
R & R Ventures East INC
—
Deed Of Trust
related
$25,763,620 · Rbs Citizens Bank NA
—
—
Elliott Farm Ptshp
—
Deed Of Trust
related
$1,312,000 · Bank Of Ocean City
—
—
R & R Ventures East INC
—
Deed Of Trust
related
$16,022 · Citicorp Leasing INC
—
—
Wm Associates
—
Deed Of Trust
related
$16,624 · Manufacturers Traders & Trust
—
—
Wm Associates LP
—
Deed Of Trust
related
$1,800,000 · Shore United Bk
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.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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