$2,599,000

1215 Atlantic Ave

OCEAN CITY MD, 21842

Description

This property has amazing winter income potential. Earn money year-round with this business! Just ask us how! Owning an oceanfront apartment building allows you to own 5 units while paying zero condo association fees. Not having five condo fees will save any investor a fortune. This is a rare opportunity to own your lot and building on Ocean's City's famous boardwalk. Large oceanfront lot on the boardwalk. 7,100 sq.ft lot. 6,000 Sq. Ft. of total interior space. This property boasts a rich rental history, with 5 separate apartments, all with the charm of Ocean City, including massive high ceilinged rooms, huge fireplaces, built-ins, fine woodwork, and well-built finishes. 5 units with a total of 15 bedrooms, 8 bathrooms & 5 kitchens. The apartments include 2 oceanfront 4 bedroom/2 bath massive units with oversized great rooms and dining rooms. 1 ground level 4 bedroom/2 bath walkout level with private patio, 1 2-bedroom/1bath lower level with bath 1 one-bedroom carriage house. 8 Parking spaces. Potential gross income of over $225,000 per year for $190,200 of NOI. 95% of the building was remodeled in 1986. Aside from the frame, nothing is more than 35 years old. More recently, over $150,000.00 in renovations have been done over the past seven years.Turnkey business ready to open the day after settlement. Most of the exterior and interior furniture can stay. The seller has a small list of pieces she will be keeping.Seller is willing to work part-time as a property manager for the new owner for free during the first year if needed.Seller also has a highly-skilled maintenance man willing to work at an extremely reduced rate the first year if needed.

Details

MLS#MDWO113314
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1930
Days On Site116

Features

SQ Feet6,000
Units4
Water FrontYes
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Area Information
StateMD
CityOCEAN CITY
Zip Code21842
AreaDirect Oceanfront (80)
Listing VS Median (in 21842)
Price:
$2,599,000
low | high
Med:
$364,450
100% of Average
SqFt:
6,000
low | high
Med:
1,282
100% of Average
$ / SqFt:
$433
low | high
Med:
$291
82.852898233573% of Average
On Site:
116
low | high
Med:
33
100% of Average
Listing Updated: 08/06/2020
Sharyn M Thur LogoMLS Number: MDWO113314
Listing Provided By:
Sharyn M Thur  of  Thur Associates