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617 E 8th St , #617

Ocean City, NJ 08226
  • $3,900,000
  • STATUS: Active
  • ON SITE: 184 Days
  • MLS #: 578747
$3,900,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
County:

School Ratings & Info

Description

9%+ CAP RATE!! INVESTOR'S INCOME AQUISTION OPPORTUNITYWITH TONS OF UPSIDE! The Blue Water Inn Hotel is a 39-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' x 93.05 lot just a couple blocks from Ocean City's white sand beaches and bustling World- Famous Boardwalk. The property features a total of 39 units which consists of: 32 hotel rooms (with 32 baths); 4 renovated apartments (2-1BR/1BA, 1-2BR/1BA, 1-3BR/1BA & 1-Manager's efficiency 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!

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© 2024 South Jersey Shore Regional MLS. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or The Cheryl Huber Team. Properties marked with the Broker Reciprocity icon or thumbnail icon (a small house) are provided courtesy of the South Jersey Shore Regional MLS Broker Reciprocity Database. Data last updated 2024-04-03T23:49:59.983.
www.oceancitynewjerseyhomes.com/homes/144401311
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617 E 8th St , #617 Ocean City, NJ 08226

  • Price: $3,900,000
  • Status: Active
  • On Site: 184 Days
  • MLS #: 578747
0
Beds
0
Baths
0
½ Baths
N/A
Acres
Neighborhood:
Ocean City/Central
County:
Cape May
Area:
Ocean City/Central
Property Description
9%+ CAP RATE!! INVESTOR'S INCOME AQUISTION OPPORTUNITYWITH TONS OF UPSIDE! The Blue Water Inn Hotel is a 39-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' x 93.05 lot just a couple blocks from Ocean City's white sand beaches and bustling World- Famous Boardwalk. The property features a total of 39 units which consists of: 32 hotel rooms (with 32 baths); 4 renovated apartments (2-1BR/1BA, 1-2BR/1BA, 1-3BR/1BA & 1-Manager's efficiency 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!
Exterior Features

Commercial Style CommercialComm. w/ApartmentsHotelRetailRestaurantOther (See Remarks) Exterior Features Security Light/SystemSee RemarksSign Location Business DistrictCornerSee RemarksBoardwalk Area Lot Dimensions 135x93 Parking 11 or More SpacesAssigned Road Frontage Township Siding Exterior Vinyl Stories 4 Waterfront YN No

Interior Features

Basement Crawl Space Baths 37 Hot Water Gas Interior Features RestroomSmoke/Fire AlarmStorage Specialty Rooms Coffee ShopRetail StoreShower Room(s) Wash Rooms 4

Property Features

Age Range 25+ Years Approved Short Sale N/A Auction YN No Available Income Expense Info.Lease InformationUtility Information Bank Owned Foreclosure No Buildings 1 Lot Number 17 May Be Subject To Third Party Approval Short Sale No Sewer Public Sewer Tax Year 2023 Taxes 12348 Water Public

South Jersey Shore Regional MLS logo Listing information © 2024 South Jersey Shore Regional MLS.
Listing provided courtesy of Keller Williams Realty Jersey Shore-Ocean City: .


© 2024 South Jersey Shore Regional MLS. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or The Cheryl Huber Team. Properties marked with the Broker Reciprocity icon or thumbnail icon (a small house) are provided courtesy of the South Jersey Shore Regional MLS Broker Reciprocity Database. Data last updated 2024-04-03T23:49:59.983.
 
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The Cheryl Huber Team
109 34th St
Ocean City NJ, 08226