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    32993 Old Ocean City Rd Parsonsburg, MD 21849
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    32993 Old Ocean City Rd Parsonsburg, MD 21849

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    • Investment properties
    • 6,216 SF
    • 0.88 lot acres
    For Sale
    $1,600,000
    View Listing →
    Prime Parsonsburg Commercial Property For Sale
    $1,600,000
    6,216 SF

    Prime Parsonsburg Commercial Property

    High-visibility retail space, owner financing available.

    32993 Old Ocean City Rd, Parsonsburg, MD 21849
    View Listing
    Property ID
    US40-2231782
    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

    • Route 346 Emporium, LLC / Furniture & Home Goods

    Property Details for 32993 Old Ocean City Rd

    Year built
    1920
    Construction
    BRICK
    Lot size
    0.88 lot acres
    Property size
    6,216 SF
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    04-004817
    APU
    4004817

    Description

    This exceptional commercial property, located at 32993 Old Ocean City Road, Parsonsburg, MD, presents a unique investment opportunity. The 6,216 square foot main building sits on a prominent corner lot at the intersection of Old Ocean City Road and Parsonsburg Road, less than a mile from State Route 50, ensuring high visibility and excellent accessibility. The property encompasses a total of 0.88 acres, comprised of two commercially-zoned parcels (203 and 202, totaling 1.38 acres) featuring ample parking, and two additional residential-zoned parcels (200 and 201, totaling 0.5 acres). The seller is actively pursuing rezoning of the residential parcels for commercial use, significantly enhancing the property's future potential. The existing building and substantial parking area are ideally suited for a variety of retail or service-based businesses. The seller is offering owner financing, making this an attractive proposition for qualified buyers. This property's prime location and versatile zoning potential make it an exceptional investment opportunity for entrepreneurs seeking a high-traffic location. Consider this property for businesses such as a Dollar General, self-storage units, or other commercial ventures.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $450,000
      Market price range: $450k - $1.83M
      AI Estimate
      $703,000
      Market price range: $704k - $1.87M

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

    Location Insight

    • Map
    • Local Demand
    City
    Parsonsburg
    County
    Wicomico
    State
    Maryland
    Longitude
    -75.468
    Latitude
    38.388
    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
    $675
    $0.00
    $0.00
    $67,633
    -
    $46,300
    $24,200
    $70,500

    Comparable in this City

    • Value Estimation by Request
      980 SF

      7184 Parsonsburg Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 980 SF
      7184 Parsonsburg Rd, Parsonsburg, MD 21849-2136
      View Details
    • Value Estimation by Request
      1,728 SF

      7951 Jones Hastings Rd

      STORES & APARTMENTS • 1,728 SF
      7951 Jones Hastings Rd, Parsonsburg, MD 21849-2668
      View Details
    • Value Estimation by Request
      7.25 Acres

      7663 Jones Hastings Rd

      COMMERCIAL (GENERAL) • 7.25 Acres
      7663 Jones Hastings Rd, Parsonsburg, MD 21849-2659
      View Details
    • Value Estimation by Request
      1.00 Acre

      6947 Walston Switch Rd

      COMMERCIAL (GENERAL) • 1.00 Acre
      6947 Walston Switch Rd, Parsonsburg, MD 21849
      View Details
    • Value Estimation by Request
      3,720 SF

      32905 Grant St

      WAREHOUSE, STORAGE • 3,720 SF
      32905 Grant St, Parsonsburg, MD 21849-2156
      View Details
    • Value Estimation by Request
      3,636 SF

      32208 Old Ocean City Rd

      AUTO REPAIR, GARAGE • 3,636 SF
      32208 Old Ocean City Rd, Parsonsburg, MD 21849-2008
      View Details

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      Prime Parsonsburg Commercial Property

      High-visibility retail space, owner financing available.
      32993 Old Ocean City Rd, Parsonsburg, MD 21849
      View Details
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    View Listing
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    Parsonsburg, MD 21849
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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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