OCEAN CITY MARYLAND; COMMERICIAL PROPERTY OPPORTUNITY

By
Title Insurance with Key Title Corporation 63078

16th Street Commercial Property

• Appraised for 2.4m within the last 90 days

• Average length of the tenant is 12 yrs

• Existing owner of property could act as property manager

• Current owner has owned the property (w parents at one point) for over 40 years

o The restaurant is an OC icon

o He wants the restaurant to continue to be the anchor of the subject property;

this would benefit any new owner or someone looking to act as the bank.

• Looking for $2m financing in 2 different ways:

o Either a potential buyer could buy the old note out for $2m or

o Lend the current owner $2m to buyout existing note; w property as collateral

• Property approvedjgrandfathered through town of OC to go up 5.5 stories and contain:

o Retail

o Condo

o Boutique hotel

o Or any combo of the above

• There is a remaining 6k sf space within this property that has 4 interested parties

reviewing the space; all have submitted letters of intent to occupy (some letters

stronger than others)

• Without the 6k rented, the property cash-flows $146,964jyear (triple net leases)

• With the 6k space rented, the property cash-flows an additional 60-120kjyear

o 60k would be a sweatheart lease to allow a new tenant to improve the property

by 200k+

• In reference to the 2 options above:

o If they purchased the note for $2m, then the current owner will sign a 50 year

lease

o If they want to act as the bank and lend the money to the current owner, he is

willing to pay up to 8%

This is an incredible opportunity for someone to make some great recurring income with a fabulous exist

strategy. Ocean City has just been defined as a stable market. the timing for a potential buyer has

never been better.

Rent Roll is available upon request. 

Call Charlene Perry for more information on this GREAT OPPORTUNITY

410-663-7444

Posted by

Charlene Perry
Key Title, Inc. 
35 Fulford Avenue
Bel Air, MD 20104
410-803-4800

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CHARLENE PERRY, CLTP

Insuring the Past to Protect Your Future
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