$3,900,000
617 E 8th Street Ocean City, NJ 08226
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$3,900,000
Est. payment /mo
New
617 E 8th Street Ocean City, NJ 08226
UPDATED:
10/21/2024 12:19 AM
Key Details
Property Type Multi-Family
Sub Type 21 - 50 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID 590176
Annual Tax Amount $12,348
Tax Year 2023
Property Description
This is the very BEST VALUE-ADD ON THE JERSEY SHORE ISLAND RESORT MARKET! Current Cash Flow Valuations are at a 9%+ CAPRATE which makes this fabulous buy an INVESTOR'S DREAM INCOME AQUISTION OPPORTUNITY & WITH TONS OF UPSIDE! The Blue Water Inn Hotel is a 40-Unit Mixed Use commercial investment property, with parking! This income producing gem is centrally located on a HIGH TRAFFIC CORNER of 8th & Ocean Ave in the very HEART OF THE HOTEL/ HOSPITALITY DISTRICT & situated on a whopping 135' x93.05 lot just a couple blocks from Ocean City's white sand beaches and bustling World Famous Boardwalk. The property features a total of40units which consists of: 32 hotel rooms (with 32 baths); 5 renovated apartments (3-1BR/1BA, 1-2BR/1BA, 1-3BR/1BA & 1-Manager'sefficiency apartment w/1BA); and 3 leased commercial stores on the street level of the building. The three commercial storefronts currently include a full-service restaurant and two additional food & beverage service retail stores. In addition, the building includes an additional 1/2 bath in Guest Check-In Lobby; 3 courtesy dayrooms with showers; laundry facility; and a total of 28 parking spaces in the parking lot adjacent to & in back of the hotel. Property recently started to undergo upgrades & renovations inclusive of the apartments; new front porch; and windows are relatively new. For the experienced developer/investor, this incredible acquisition opportunity comes with tremendous upside potential associated with property stabilization and income growth tied to increased seasonal rents to become in line with market rates, plus expanding business to include Winter Rental which could quickly add an instant $100K to the bottom line. Income generating investment opportunities like this come around rarely in Ocean City. Pre-Qual & NDA required for financially qualified buyers only. Call Now!
Location
State NJ
County Cape May
Community Ocean City
Area Ocean City/Central
Location Details Corner,See Remarks,Boardwalk Area
Rooms
Other Rooms Laundry/Utility Rm, Living Room, Workshop
Basement Crawl Space
Interior
Heating None
Exterior
Exterior Feature Vinyl
Garage None
Waterfront No
Building
Sewer Public Sewer
Water Public
Others
Senior Community No
Listed by eXp Realty - Montclair
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