Investment Overview: The opportunity is a 16,361 sq. ft., one and two-story, mixed-use building containing retail and residential space located at 1601 Philadelphia Avenue in Ocean City, Maryland. Constructed in 1964, the Property is situated on a 0.74 acre site. The improvements are divided into eight units, including five retail units and three residential units with one of the apartments currently under construction. The Property offers frontage along Philadelphia Avenue which is a major thoroughfare in the area. The Property is currently 92.67% occupied. The Property benefits from prime location along Philadelphia Avenue, conveniently located in close proximity to public transportation stops along Philadelphia Avenue. The Property is one mile north of U.S. Route 50 and 8.7 miles east of U.S. Route 113. U.S. Route 50 is a major east–west corridor stretching just over 3,000 miles from Ocean City, Maryland on the east coast to West Sacramento, California. U.S. Route 113 is a spur of US 13 in the U.S. states of Maryland and Delaware. The Property is surrounded by multifamily residential properties, hospitality, and complimentary retail uses. The Property is located approximately 8.4 miles east of Atlantic General Medical Center. Nearby retail development includes CVS, Anthony’s Carry Out, Cowboy Coast Country Salon, Village Market, Asian Garden, Reel Inn Restaurant and Dock Bar, and Backshore Brewing. Ocean City Municipal Airport is 4.7 miles southwest of the Property. The immediate area provides endless opportunities for a retail business as well as numerous amenities for residents. The most recent NOI for the period ending January 2017 was $270,278. The investment offers potential upside with the opportunity to own a mixed-use property with frontage along Philadelphia Avenue. Worcester County has sublet the liquor store which will be moving to another location at the end of January. Worcester County will continue to pay rent per their existing lease. Free Asset Summary Report AvailableWe've partnered with Situs, one of the most trusted names in commercial real estate research, to provide unbiased third-party insight for this asset. You can find the full, complimentary Asset Summary Report under the secure due diligence tab above. This property will be auctioned on Monday, March 27 - Wednesday, March 29 . The price displayed is the starting bid amount of $1,000,000. For information and to register to bid on this property, please visit Ten-X.com.