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1215 Atlantic Ave, Ocean City, MD 21842
15 Beds
8 Baths
6,045 sqft

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Seller anxious, willing to take a minimum of $50k off if the buyer can settle before August 31, 2020. All reasonable offers will be considered. 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.
  • Price:
  • $2,650,000
  • Bedrooms:
  • 15
  • Full Baths:
  • 8
  • Square Footage:
  • 6,045
  • Acreage:
  • 0.16
  • Year Built:
  • 1930
  • Listing ID #:
  • MDWO113008
  • Street Address:
  • 1215 Atlantic Ave
  • City:
  • Ocean City
  • State:
  • Maryland
  • Postal Code:
  • 21842
  • County:
  • Worcester
  • Community:
  • Direct Oceanfront (80)
  • Subdivision:
  • None Available
  • Listing Status:
  • Active
5
out of 5

Ocean City Elementary School
Public
PRESCHOOL-4
593 students
14 student/
teacher
5
out of 5

Stephen Decatur Middle School
Public
7-8
670 students
12 student/
teacher
4
out of 5

Stephen Decatur High School
Public
9-12
1353 students
16 student/
teacher
  • Basement Square Footage:
  • 45
  • Building Condition:
  • Good
  • Dwelling Type:
  • Detached
  • Exterior Features:
  • Exterior Lighting, Secure Storage
  • Finished Above Ground Square Footage:
  • 6000
  • Finished Square Feet:
  • 6000
  • Fireplace:
  • Yes
  • Flooring:
  • Ceramic Tile, Hardwood, Carpet
  • Foundation:
  • Block
  • Furnished:
  • Partially
  • Interior Features:
  • 2nd Kitchen, Built-Ins, Entry Level Bedroom, Window Treatments
  • Other Buildings:
  • Above Grade, Below Grade
  • Square Footage Source:
  • Estimated
  • Stories:
  • 3
  • Total Building Square Footage:
  • 6045
  • Type Of Roof:
  • Architectural Shingle
  • Unfinished Basement Square Footage:
  • 45
  • View:
  • Ocean
  • Year Built:
  • 1930
  • Year Built Source:
  • Estimated
  • Approximate Lot Size Range Source:
  • Assessor
  • Federal Flood Zone:
  • Ao-1
  • Lot Features:
  • Landscaping
  • Lot Square Footage:
  • 7100.00
  • Originating Mls:
  • Bright
  • Special Conditions Of Sale:
  • Standard
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The amounts for the Tax, Insurance, and HOA are estimates and not actual amounts.

Your Payment
$1,400/mo
  • Listing Provided By Thur & Associates
  • © 2020 BRIGHT, All Rights Reserved BRIGHT
  • Schools information provided by ATTOM

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