Development Opportunity with current cashflow between the Beach and the Bay! 64,000 sq ft available in downtown Ocean City, just off of Rt. 50, between Philadelphia and St Louis Avenues. Property is zoned DMX (Downtown Mixed Use) and has prior approvals for a building with 500 beds with a 4-story maximum. Tax record only represents half of the area, adjacent lots are also included to add up to the 64,000 sq ft. Currently has 4 houses on it that produce $150,000 in annual gross income and $110,000 NOI! Very high traffic on Philadelphia Ave in the summer, great commercial/residential opportunity.
Between St Louis and Philadelphia avenues, north of 2nd st.
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