$949,000

12304 Coastal Hwy

OCEAN CITY MD, 21842

Description

Seller has started 4 unit building renovations! 4-UNIT BUILDING FEATURES: 4x - 2 Bedroom, 1 Bathroom Units with Good Floor Plan; NEW EXTERIOR UPGRADES INCLUDE: New Flat Roof, Viwinco Windows, Vinyl Siding with White PVC Trim, New Deck with Vinyl Railings, New Stair Direction and Seperate Outside Storage Closets for Each Unit; Structural repairs based on engineering report and contractor recommendations. LOT FEATURES: Zoned R-3A; Oceanblock; 4-Unit Building Sits on 5,000 Sqft Lot; Additional Vacate Lot is 5,000 sqft; Total Lot Dimensions 100' x 100'. BUILDING WITH EXTERIOR RENOVATIONS ONLY AND LOT INCLUDED IN SALE PRICE. Price Includes only finished Exertor work and empty interior down to stubs. Great Opportunity to Own a Coastal Retreat offering vacation rental guests an experience in a like new construction building when complete. Great potential for AirBnB, HomeAway, VRBO Vacation Rental! Inquiry for list of renovations! RARE OCEANBLOCK OPPORTUNITY. NO CONDO FEES. *REDEVELOPMENT OPTIONS: [OPTION 1]: Keep existing 4 Unit Building (Total 2,900+/- Sqft), and Build (Up to 3x) Additional Units or (Up to 3x) Townhouses on Vacate 5,000 Sqft lot. [OPTION 2]: Remove Existing Building; Build (Up to 6x) Units or Townhouses; Buy two TDR's (sold separately when available) Build Possible 7th Unit or Townhouse. [OPTION 3]: Remove existing building & Build (Up to 20x) Hotel/Motel Rooms. [OPTION 4]: Office Space w/ Mix Use Space with Office(s) and/or Condo, Townhouse, or Hotel/Motel Options. Taxes at $994.70 per month. MD ASSESSED TAXABLE PROPERTY VALUE AT $957,000. Pre-Engineer Inspection Report Prior to Repairs and Report available! *Buyer to verify redevelopment opportunities with OC Planning and Zoning. 3D Rendered Floor Plan is for visual purposes only.Also listed as Residential Listing MLS# 1002121906

Details

MLS#1002121808
Sub-TypeResale
StatusActive
Year1960
Days On Site299

Features

SQ Feet2,912
Units4

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Area Information

StateMD
CityOCEAN CITY
Zip Code21842
AreaOcean Block (82)
Listing VS Median (in 21842)
Price:
$949,000
low | high
Med:
$327,000
100% of Average
SqFt:
2,912
low | high
Med:
861
100% of Average
$ / SqFt:
$326
low | high
Med:
$392
29.641750780475% of Average
On Site:
299
low | high
Med:
128
100% of Average
Listing Updated: 09/15/2019
MLS Number: 1002121808
Listing Provided By:
Michael Nolen  of  Coldwell Banker Residential-120
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