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Property profile & analytics
OFF-MARKET
Estimated value
$1,955,000
Turn key restaurants
201 60th St, Ocean City, MD 21842-5386
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US40-0836494
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
1975
Total area
21,888 SF
Lot
1.29 ac (56,150 SF)
Zoning code
LC-1
APN
10-074991
UPID
US40-0836494
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
-
OC SUP & Fitness Gym & Fitness Center
-
Ocean City Latin Night Nightclub DJ & Entertainment
-
Fager's Island Restaurant
-
Bayside Connection Resort
-
Fager's Gazebo on the Bay Beach Pavillion
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.95M
Blend (final)
Blend
$1.96M
Owner & transaction history
Mjf Ventures LLC · 6 yrs held
Mjf Ventures LLC
since 2020
7 recorded transactions
Zoning & alternative use
LC-1 · Ocean City, MD
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$3,175,000
Current use
WAREHOUSE, STORAGE
$3,055,000
Change: -4% · Conversion: Difficult
Blend value · Realmo final
$1.96M
Range $1.76M – $2.15M · ±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
$89 / 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
$61,284
Tax year 2023
Assessed value
$5,257,633
Assessed 2024
Previous assessed
$4,347,600
+20.9% YoY
Effective rate
1.17%
On assessed value
Land market value
$4,684,500
Improvement market value
$2,393,200
Total market value
$7,077,700
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
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Year built
1975
Heating
SPACE
Cooling
AC.PACKAGE
Stories
1
Units
1
Total area
21,888 SF
Lot
1.29 ac (56,150 SF)
Zoning code
LC-1
APN
10-074991
UPID
US40-0836494
Jurisdiction
WORCESTER
Zoning & alternative use
LC-1 · Ocean City, MD
Zoning LC-1 · permitted uses
LC-1 · 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
$3.2M
WAREHOUSE, STORAGE
Est. value
$3.1M
RESTAURANT Current
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
1975
Heating
SPACE
Cooling
Yes
Stories
1
Units
1
Lot
1.29 ac
Current owner
From public records · entity-resolved
Mjf Ventures LLC
Entity
Mailing address
201 60TH ST, OCEAN CITY, MD 21842-5386
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 27, 2020
—
Mjf Ventures LLC
John W Fager
Grant Deed
$750,000 · Bank Of Ocean Cty
Apr 3, 2019
$6,500,000
John W Fager
Mjm Hall INC
Trust Deed
$5,500,000 · Bank Of Ocean Cty
Feb 26, 2019
—
Fager,john W Trust
—
Deed
related
$575,000 · Branch Bk&tr
Aug 23, 2018
—
Fager,john W Trust
—
Loan Modification
related
$6,619,900 · Branch Bk&tr
Jun 27, 2012
—
Fager John W Tr
Fager,john W
Quit Claim Deed
related
—
—
—
Fager,john W Trust
—
Loan Modification
$380,000 · Branch Bk&tr
—
—
Beach Music LLC
—
Deed Of Trust
related
$150,000 · Branch Bk&tr
—
—
Fager,john W Trust
—
Deed Of Trust
related
$575,000 · Branch Bk&tr
—
—
Beach Music LLC
—
Deed Of Trust
related
$575,000 · Branch Bk&tr
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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