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    Property profile & analytics

    3201 Philadelphia Ave Ocean City, MD 21842-3572

    • Drive through restaurants
    • 4,092 SF
    • 0.83 lot acres
    OFF-MARKET
    Value Estimations
    $685,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US40-0670312
    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

    • Drive through restaurants

    Property Details for 3201 Philadelphia Ave

    Year built
    2001
    Lot size
    0.83 lot acres
    Property size
    4,092 SF
    Zone code
    LC-1
    Property type
    Drive through restaurants
    APN
    10-051827
    APU
    10051827

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $475,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $889,000
      Market price range: $289k - $889k

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $595,000
      Current use
      OFFICE BUILDING
      $855,000
      Change: +44% Conversion: Moderate
      WAREHOUSE, STORAGE
      $570,000
      Change: -4% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Ocean City
    County
    Worcester
    State
    Maryland
    Longitude
    -75.0739
    Latitude
    38.3611
    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
    $36,210
    $1,860,000
    $708,800
    $2,568,800
    -
    $1,860,000
    $708,800
    $2,568,800

    Comparable in this City

    • Value Estimation
      $855,000
      5,388 SF

      12301 Coastal Hwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 5,388 SF
      12301 Coastal Hwy, Ocean City, MD 21842-4706
      View Details
    • Value Estimation by Request
      1,483 SF

      12702 Ocean Gtwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,483 SF
      12702 Ocean Gtwy, Ocean City, MD 21842
      View Details
    • Value Estimation by Request
      2,069 SF

      12533 Ocean Gtwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,069 SF
      12533 Ocean Gtwy, Ocean City, MD 21842-9689
      View Details
    • Value Estimation
      $585,000
      3,004 SF

      13601 Coastal Hwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,004 SF
      13601 Coastal Hwy, Ocean City, MD 21842-4542
      View Details
    • Value Estimation
      $585,000
      2,738 SF

      12641 Ocean Gtwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,738 SF
      12641 Ocean Gtwy, Ocean City, MD 21842-9558
      View Details
    • Value Estimation
      $730,000
      4,325 SF

      3205 Philadelphia Ave

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,325 SF
      3205 Philadelphia Ave, Ocean City, MD 21842-3572
      View Details

    Similar Nearby for Sale

    • $5,700,000

      Landmark Restaurant Property in Ocean City

      Turn-key restaurant with redevelopment potential near the ocean.
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      West Ocean City Resort Opportunity

      Updated resort with restaurant on 1.82 acres for sale.
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      Marina with Restaurant and Apartments

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    • $465,000

      Iconic Crab Stop Opportunity

      Successful downtown restaurant business for sale, ready to operate.
      1511 Philadelphia Ave, Ocean City, MD 21842
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    • $3,500,000
      11,133 SF

      West Ocean City Resort Opportunity

      Resort with restaurant, cottages, pool, and redevelopment potential.
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    • $1,395,000
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      Furnished Multifamily Investment Opportunity

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    Similar Nearby for Lease

    • New
      $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
    • $26 SF/Yr
      921,294 SF

      Prime Retail Space in Ocean City

      End-cap unit with potential for outdoor seating in vibrant location.
      12741 Ocean Gtwy Unit, Ocean City, MD 21842
      View Details
    • $25 SF/Yr
      921,294 SF

      Prime Retail Space in Ocean City

      Exceptional visibility and strong traffic location in Ocean City, MD.
      12741 Ocean Gtwy Unit, Ocean City, MD 21842
      View Details
    • 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
    • $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
    • $2,000 /Mo

      Retail Space with Prominent Signage

      Retail space located off 611 with great exposure.
      9917 Stephen Decatur Hwy, Ocean City, MD 21842
      View Details

    Property Visit Statistics

    • Visits by month
      15.2k
    • Visitors by month
      11.6k
    • Avg Time on site
      12 min
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    Ocean City, MD 21842-3572
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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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