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    2305 Philadelphia Ave Ocean City, MD 21842
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    Property profile & analytics

    2305 Philadelphia Ave, Ocean City, MD 21842

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    • Commercial real estate
    • 31,143 SF
    Off-Market
    Property ID
    US40-1983729
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Island Golf / Golf Course
    • Jay's Cafe & Trading Co. / Cafe & Coffee Shop
    • The Dobz Group of Direct Mortgage Loans / Loan Service / Bank
    • Surf's Up Arcade / Arcade & Gaming Center / (Bike/Boat/Book/etc) Store
    • Ocean City Axe Throwing / Family Recreation Center

    Property Details for 2305 Philadelphia Ave

    Year built
    2022
    Property type
    Commercial real estate

    Description

    The Embers Center, a Class A, three-story retail building in Ocean City, Maryland, offers two available spaces totaling approximately 3,090 square feet. Located at 2305 Philadelphia Ave, this multi-use property boasts 31,143 total square feet, eight suites, and ample parking (100 spaces) with elevator access. Built in 2022, it sits on a 3.5-acre lot in Worcester County (zip code 21842). The available spaces are ground-level, providing direct access to Coastal Highway and the courtyard. This vibrant center is home to popular businesses including Blu Crab House, Embers Restaurant, and The Other One Brewing Company, attracting over 2,000 daily visitors. The spaces offer high visibility and excellent foot traffic, making them ideal for a variety of retail uses. This is a unique opportunity to secure a space in a thriving Ocean City location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Ocean City
    County
    Worcester
    State
    Maryland
    Longitude
    -75.076843548246
    Latitude
    38.353002208182

    Comparable in this City

    • $20 SF/Yr

      Prime Retail/Office Space on Route 50

      Highly visible 2,000 sq.ft. retail/office unit on Ocean Gateway.
      12638 Ocean Gtwy, Ocean City, MD 21842
      View Details
    • $25 SF/Yr
      921,294 SF

      Prime Retail Space in Ocean City

      Retail space available in vibrant Ocean City destination.
      12741 Ocean Gtwy, Ocean City, MD 21842
      View Details
    • Contact for pricing
      3,160 SF

      Grocery Anchored Retail Space

      New retail project in Ocean City, available February 2026.
      9405 Coastal Hwy, Ocean City, MD 21842
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      West Ocean City Investment Opportunity

      Mixed-use investment property in West Ocean City for sale.
      12817 Harbor Rd, Ocean City, MD 21842
      View Details
    • Contact for pricing

      Mixed-Use Property in Prime Location

      Mixed-use property with offices, warehouses, and residential apartment.
      12632 Sunset Ave, Ocean City, MD 21842
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      Pending

      Mixed-Use Property in West Ocean

      Unique mixed-use property with offices, warehouses, and apartment.
      12632 Sunset Ave, Ocean City, MD 21842
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      Harbor Road Investment Opportunity

      West Ocean City investment opportunity: restaurant, apartments, parking, marina.
      12817 Harbor Rd, Ocean City, MD 21842
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    • Contact for pricing
      Pending

      Retail Condominium in Bayside Plaza

      1400 SF retail condominium suitable for retail or food service.
      13721 Coastal Hwy, Ocean City, MD 21842
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr

      Prime Retail/Office Space on Route 50

      Highly visible 2,000 sq.ft. retail/office unit on Ocean Gateway.
      12638 Ocean Gtwy, Ocean City, MD 21842
      View Details
    • $25 SF/Yr
      921,294 SF

      Prime Retail Space in Ocean City

      Retail space available in vibrant Ocean City destination.
      12741 Ocean Gtwy, Ocean City, MD 21842
      View Details
    • Contact for pricing
      3,160 SF

      Grocery Anchored Retail Space

      New retail project in Ocean City, available February 2026.
      9405 Coastal Hwy, 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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