12507 Sunset AveOcean City, MD 21842

Property Details for 12507 Sunset Ave

Year built

1986

Property size (Sq ft)

1,177 SF

Zone code

B2

Property type

Office properties

Property subtype

Other office properties

APN

10-301394

APU

10301394

Description

This Ocean City, MD property at 12507 Sunset Ave, zip code 21842, offers a unique blend of office and warehouse space, ideal for a single tenant. The building totals 1,110 square feet, divided into two equal units: a 555 square foot front office and a 555 square foot warehouse/garage. The property is zoned B2 and features one drive-in door. This is a single-tenant occupancy condo with a Net, Net, Net (NNN) lease structure. Condo fees for 2024 are $750 per quarter per unit (two units total). A discount of $150 per unit is available if paid annually by January 15th, resulting in an annual cost of $2,850 per unit. The property's prime location in Ocean City offers excellent accessibility and visibility. This versatile space is perfect for businesses requiring both office and storage capabilities. Interested parties should inquire about lease terms and conditions.

• CAP approach

  CAP return

  Valuation

  6%

  $308,594

  6.5%

  $284,856

  7%

  $264,509

• Comparable approach

  Method

  Valuation

  Relative Method

  $153,787

  Geo Method

  $153,787

• Alternative Use

  Use

  Valuation

  Residential

  $353,221

  Hospitality

  $323,549

  Educational

  $269,189

  Medical

  $278,446

  Retail

  $418,738

Location Insight

City

Ocean City

County

Worcester

State

Maryland

Latitude

38.3282

Longitude

-75.116

CBSA code

41540

CBSA name

SALISBURY, MD-DE METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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