12000 Coastal Hwy
OCEAN CITY, MD 21842

$11,000,000

Description

Property is Identified as the Coastal Palms Motel. Sale includes: 12000 Coastal Hwy; 12004 Coastal Hwy; 12012 Assawoman Drive; Assawoman Drive Lot 15. Tax Id Nos. 10-149312; 10-149096; 10-359716; 10-149053. 95 Unit Motel with Restaurant - The popular Crab Cake Factory - There is convention and meeting space. Also includes a free standing home on the ocean block. Description of Site:44,920 +/- Square Feet / Ocean Block - 9 Lots-Lots 21,22,23,27,28,29,30,31 &32Block 104, Plat - Fenwick5,000 +/- Square Feet / Ocean Block - Lot 15Block 104, Plat - FenwickDescription of Improvements:50,502 +/- Square Feet Building Area - 2 Buildings95 Unit Motel with 34 Suites and 60 Standard Rooms & 1 - 3 bedroom, 2 bath apartment,Potential Convention / Meeting AreasRestaurant, Outdoor Pool & Deck AreaOffice - Lobby Area with Breakfast Area for guestsStorage, Mechanical Rooms - On Site ParkingSingle Family Home - 1,265 +/- Square Feet w/ 2 Bedrooms & 2 Full Bathrooms, Situated on 5,000 +/-Square Foot LotZoning: R3ACompleted Major renovations in Winter/Spring of 2012:All Rooms--New Paint and drywall repair.-New carpet.-Newly sprayed popcorn ceilings/ new drop ceilings in restrooms.-New light fixtures.-All furniture replaced.Exterior--New paint and EFIS repair as necessary.-New roof.Spring of 2017:-Game room and fitness center added to property.-Guest room bathrooms renovated with new toilets.-New tile in bathrooms and room entryways.-Parking lot sealed.-Elevator cars renovated.2018:-Mechanical components of elevators completely upgraded.

Details

MLS#MDWO102098
StyleIndustrial
Sub-TypeResale
StatusActive
Year1991
Days On Site72

Features

SQ Feet51,767
Story(s)0
Units95
ZoningR-3A

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Area Information

StateMD
CityOCEAN CITY
Zip Code21842
AreaOcean Block (82)
Listing VS Median (in 21842)
Price:
$11,000,000
low | high
Med:
$323,250
100% of Average
SqFt:
51,767
low | high
Med:
895
100% of Average
$ / SqFt:
$212
low | high
Med:
$363
21.047639059732% of Average
On Site:
72
low | high
Med:
36.500000
100% of Average
Listing Updated: 03/22/2019
MLS Number: MDWO102098
Listing Provided By:
Kevin McNamara  of  Coldwell Banker Residential - 64