782 Garfield Parkway, Suite 202, Bethany Beach, DE 19930 Direct Phone - (302) 864-0952 Main Phone - (302) 541-4440 Fax - (302) 365-2706

OCEAN CITY Real Estate Property For Sale



Waterfront: Ocean
15 Bedrooms
8 Full Bathrooms
Half Baths: 0

Price: $2,599,000.00

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.

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MLS #: MDWO113008
Price: $2,599,000.00
Waterfront: Waterfront: Ocean
Waterview: Ocean
Dwelling Type:
Year Built: 1930
Waterview: Ocean
Lot Dimensions: 50ft x 142ft
Acreage: 0.16
Dwelling Sq Ft: 0.00
Garage: Driveway

Flooring: Ceramic Tile,Hardwood,Carpet
Heating: Heat Pump(s)
Cooling: Central A/C
County Taxes: $7,716
City Taxes: $4,251
Water Fee: $0
Sewer Fee:
Association Fee: $0
Condo Fee: $0
Trash Fee: $0
Ground Rent: $0

Listing Broker: Thur & Associates
Listing Agent: Sharyn M Thur
Listing Status: Active


Interior Features:
2nd Kitchen, Built-Ins, Entry Level Bedroom, Window Treatments

Exterior Features:
Exterior Lighting, Secure Storage

HOA Condo Ammenities:

Map locations are approximate. Please contact our sales agent for additional location information.

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