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


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


Posted by

Charlene Perry
Key Title, Inc. 
35 Fulford Avenue
Bel Air, MD 20104


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