5401 Coastal Hwy 21,420 SF Vacant Retail Building Ocean City, MD 21842 $6,100,000 ($284.78/SF)

This rare midtown property offers exceptional visibility along Coastal Highway in Ocean City, MD, adjacent to the most popular destinations, including Seacrets, Macky’s Bar & Grill, Fager’s Island, Tequila Frogs, Denny’s, and Dead Freddies. The Roland E. Powell Convention Center, numerous hotels, and residential communities are all nearby, with both the beach and bay just blocks away and direct community beach access steps from the site. The offering includes three contiguous commercial condominiums with three residential units located above. The residential units consist of two 2-bedroom and one 3-bedroom apartments. The three commercial units are combined to create one space that was most recently used as a restaurant and bar. The property’s flexible zoning allows for a wide range of alternative uses and configurations. Totaling approximately 12,420 square feet, the property features roughly 6,000 SF of interior restaurant/bar space, a 1,200 SF outdoor dining deck, and the three residential units above. The three tax parcels provide flexibility for an owner or investor to demise and lease the commercial spaces individually or in combination, with or without the residential units. A 7-Day Beer/Wine/Liquor License currently serves the operation and is transferable to a new owner subject to Worcester County Board of License Commissioners’ approval. The property is currently vacant but the previous tenant has left behind high-quality improvements and fixtures. The new owner will benefit from unusually low operating expenses due to the condominium’s favorable cost structure. The three units are responsible for only 10% of the condominium association's annual operating budget revenue—well below their proportional share—resulting in substantial annual savings compared to typical market expenses. This advantageous allocation, established in the original condominium bylaws, continues to benefit current and future owners of the subject property. Additional value is reflected in recent and upcoming capital improvements, including approximately $20,000 in exterior electrical upgrades and a new $40,000 roof.