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$395,000 Just Listed

  • For Sale
  • Active
  • Townhouse
  • 2 Beds
  • 1 Full Bath
  • 1 Partial Bath
  • 816 Sq. Ft.
  • Updated 5 days ago
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Welcome to the beautiful bayfront community of Bay Cove I. This is a two bedroom affordable townhome w/ gorgeous south facing bay views, an outdoor pool, and conveys with your very own boat slip and lift! Nestled in the start of peaceful midtown OC just a few blocks from a grocer/deli, Jolly Rogers waterpark, go carts, mini golf, loads of restaraunts, Anthonys Deli, Castle in the Sand beach bar w/ live music, the start of the boardwalk for walks morning walks/bike rides, huge field for kids/dogs to play and Back Bay Adventures to rent jet skis, fishing & boat tours! Inside the home you'll enjoy a fully furnished and equipped turn key home including perks like; central heat/air, vinyl wood floors, custom kitchen cabinetry, granite countertops, SS appliances (fridge/dishwasher/garbage disposal all new!), washer/dryer, two door coded storage closets, convenient half bath on first floor and a nicely updated full bathroom on second with tile showers and updated fixtures. You even have a pull down attic for even more storage, so rare! Walk outside and soak up the sun on your composite deck & furniture. There is also an exterior shed and storage for all your water toys under your deck. Make friends with your fellow boaters, cool off in the pool, kickback relax and enjoy the sunsets w/ your evening dinner or cocktails and come see how inviting this street/overall location really is!

Full Property Details for 507 Penguin Dr #50

General

  • Price: $395,000
  • HOA FEE: $367/month
  • HOA FEE FREQ.: Annually
  • Taxes: $4,056 (2025)
  • Status: Active
  • Type: Townhouse
  • Source: BrightMLSMidAtlantic
  • MLS ID: MDWO2040408
  • Updated: 8/14/2026
  • Added to Site: 5 day(s) ago

Interior

  • Furnished: Yes

Rooms

Bathrooms

  • Total Bathrooms: 2
  • Full Bathrooms: 1
  • Half Bathrooms: 1
  • Main Floor Baths: 2
  • Main - Full Baths: 1
  • Main - 1/2 Baths: 1

Bedrooms

  • Total Bedrooms: 2
  • Bedrooms Main & Up: 2

Other Rooms

  • Laundry: Dryer In Unit, Washer In Unit

Additional Information

  • Shared Amenities: Pool - Outdoor, Pier/Dock
  • Shared Pool: Yes
  • Pool: Yes

Parking

  • Assigned Spaces: 1
  • Total Spaces: 1
  • Parking Features: Assigned
  • Parking Type: Parking Lot

Location

  • Area: Bayside Waterfront (84)
  • Municipality: Ocean City
  • County: WORCESTER
  • Building Name: Bay Cove I
  • Driving Directions: GPS
  • Direction Faces: South
  • City Limits: Yes

School Information

  • School District: Worcester County Public Schools

Community

  • Assoc. Fees Include: Common Area Maintenance, Ext Bldg Maint, Insurance, Lawn Maintenance, Management, Pier/Dock Maintenance, Reserve Funds, Pool(s)
  • Pets Allowed: Yes
  • Pets: Dogs OK, Cats OK

Heating & Cooling

  • Central air: Yes
  • Cooling Type: Central A/C
  • Cooling Fuel: Electric
  • Heating Type: Central
  • Heating Fuel: Electric
  • Water Heater: Electric

Utilities

  • Sewer: Public Sewer
  • Water: Public

Structural Information

  • Architectural Style: Coastal
  • Structure Type: Interior Row/Townhouse
  • Construction: Frame, Vinyl Siding
  • Foundation: Crawl Space
  • Stories Description: Main
  • Square Feet: 816
  • Sq. Ft. Source: Assessor
  • Living Area: 816 Sq. Ft.
  • Finished Above Grnd: 816 Sq. Ft.
  • Year Built: 1972
  • Year Built Source: Assessor

Lot Features

  • Zoning: R-2

Water Features

  • Water Front: Yes
  • Navigable Water: Yes
  • Water Access: Yes
  • Water Front Type: Canal

Financial Considerations

  • Price Per Sq. Ft.: $484.07
  • Condo Fee: $4,400
  • Condo Fee Freq: Annually
  • Assessment Year: 2026
  • City/TownTax: $1,310
  • City/TownTax Freq: Annually
  • County Tax: $2,414
  • County Tax Freq: Annually
  • Tax w/Assessment: $349,200
  • Tax Amount: $4,056
  • Tax Year: 2025
  • Tax Total Finished Sq. Ft.: 816

Disclosures and Reports

  • Ownership: Condominium
  • Condo: Yes
  • Exclusions: Ring Cam, Horse print, Items in closets & drawers, Storage shed items, storage box & paddleboard.
  • Inclusions: Fully Furnished and Equipped
  • Lot Number: 50

Listed by Berkshire Hathaway HomeServices PenFed Realty-WOC, Katie Quinn

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Listing agent

— 507 Penguin Dr #50 —

  • Katie Quinn

    Berkshire Hathaway HomeServices PenFed Realty-WOC

Listing Office Email: ocwest@penfedrealty.com

Get Pre-Approved Today

Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

Get Pre-Approved

Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

Get Pre-Approved

Schools serving 507 Penguin Dr #50

School District:Worcester County Public Schools
NameGradesDistance
Ocean City Elementary School
12828 Center Drive, Ocean City, MD 21842
PK-41.8 mi
Stephen Decatur Middle School, Berlin, MD
9815 Seahawk Road, Berlin, MD 21811
7-86.1 mi
Stephen Decatur High School
9913 Seahawk Road, Berlin, MD 21811
9-126.1 mi
Disclaimer: School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 507 Penguin Dr #50 Get Price Alerts and Save Property

Date
Details
Price
Change
Source
8/14/2026
Listed
$395,000
68.09%
MLS
7/06/2018
Sold
$235,000
—
Public Record
Get Price Alerts and Save Property
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Tax History for 507 Penguin Dr #50

Year
Property Taxes
Change
Tax Assessment
Change
2023
$2,680
—
$296,167
56%
2023
$2,680
—
$190,100
—
2021
$2,686
-1%
$190,100
—
2020
$2,704
1%
$190,100
—
2019
$2,685
-8%
$190,100
-8%
2018
$2,904
7%
$205,600
7%
2017
$2,718
8%
$191,467
8%
2016
$2,527
14%
$177,333
9%
2015
$2,207
—
$163,200
—
2014
$2,210
—
$163,200
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Estimate the Cost for 507 Penguin Dr #50

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*These costs are estimates, and the interest rates assume exceptional credit standing.

Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

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Listed by Berkshire Hathaway HomeServices PenFed Realty-WOC, Katie Quinn

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507 Penguin Drive #50, Ocean City, MD 21842 (MLS# MDWO2040408) is a Townhouse property with 2 bedrooms, 1 full bathroom and 1 partial bathroom. 507 Penguin Drive #50 is currently listed for $395,000 and was received on August 14, 2026. Want to learn more about 507 Penguin Drive #50? Do you have questions about finding other Townhouse real estate for sale in Ocean City? You can browse all Ocean City real estate or contact a Coldwell Banker agent to request more information.

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