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801 Asbury Ave

Ocean City, NJ 08226
  • $7,000,000
  • STATUS: Active
  • ON SITE: 23 Days
  • MLS #: 568723
Short Sale
UPDATED: 49 min ago
$7,000,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
County:

School Ratings & Info

Description

COURT ORDERED BY FEDERAL CHAPTER 7 BANKRUPTCY FOR IMMEDIATE SALE! This bankruptcy approved listing is for the sale of Seven (7) individual Ocean City NJ real property parcels: Lots 8, 9, 10, 11, 12, 13, and 14 all located on Block 806. Sale includes: 1) Parcel #1:801 Asbury Avenue (a.k.a Ocean City's Landmark "Crown Bank Building), whose units #1, #2, #3, #4, #5 & #6 are each condoed by floor & sits on 66 x 100 lot (Lot 9). This large 6- Story 33,440 Sq Ft concrete building consists of 5 floors of mostly vacant professional offices for a total of 26,100 SF (5,220 SF per floor); and two desirable commercial stores on the ground floor which boasts 7,340 SF (total commercial floor area is 5,605 SF + total mezzanine area is 1,735 SF). Subject to municipal approvals, possible future uses for the building include, but are not limited to: downtown luxury hotel use; residential condoing; nursing home/senior housing use; dormitory for J-1 Visa students to support employment needs of business community; temperature controlled storage facility; professional office use; and a variety of other mixed use. Top floors have amazing Open Bay and Ocean/Beach views. 2) Parcel #2: Vacant Asbury Avenue Lot: 805 Asbury Ave, an adjacent lot to building which sits on 34 x 100 lot (Lot 8). Mixed Use by-rights vacant lot that you can build 2 large residential units over one commercial. 3) Parcels #3,#4,#5,#6, & #7: Five (5) parking lots all located and further described as: a) 412 E. 8th Street (Lots 10); and 800 Central Avenue (Lot 11); Corner lots off of 8th & Central Ave, combined is 130 x 100 size lot. Mixed use development opportunity. b) 812 Central Avenue (Lot 12); 816 Central Avenue (Lot 13); and 820 Central Avenue (Lot 14) these 3 parking lots are located adjacent to City of Ocean City's municipal lots and currently support the parking needs of the Crown Bank Building. This is a Federal Court Ordered BANKRUPTCY. Trustee makes NO representations or warranties of any kind pertaining to this sales transaction. Buyer is responsible to complete their own advance due diligence. Property is being sold AS IS / WHERE IS NO CONTINGENCIES.

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© 2022 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 2022-11-28T06:50:06.333.
www.oceancitynewjerseyhomes.com/homes/134563826
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801 Asbury Ave Ocean City, NJ 08226

  • Price: $7,000,000
  • Status: Active
  • On Site: 23 Days
  • Updated: 49 min ago
  • MLS #: 568723
0
Beds
0
Baths
0
½ Baths
N/A
Acres
Neighborhood:
Ocean City/Central
County:
Cape May
Area:
Ocean City/Central
Property Description
COURT ORDERED BY FEDERAL CHAPTER 7 BANKRUPTCY FOR IMMEDIATE SALE! This bankruptcy approved listing is for the sale of Seven (7) individual Ocean City NJ real property parcels: Lots 8, 9, 10, 11, 12, 13, and 14 all located on Block 806. Sale includes: 1) Parcel #1:801 Asbury Avenue (a.k.a Ocean City's Landmark "Crown Bank Building), whose units #1, #2, #3, #4, #5 & #6 are each condoed by floor & sits on 66 x 100 lot (Lot 9). This large 6- Story 33,440 Sq Ft concrete building consists of 5 floors of mostly vacant professional offices for a total of 26,100 SF (5,220 SF per floor); and two desirable commercial stores on the ground floor which boasts 7,340 SF (total commercial floor area is 5,605 SF + total mezzanine area is 1,735 SF). Subject to municipal approvals, possible future uses for the building include, but are not limited to: downtown luxury hotel use; residential condoing; nursing home/senior housing use; dormitory for J-1 Visa students to support employment needs of business community; temperature controlled storage facility; professional office use; and a variety of other mixed use. Top floors have amazing Open Bay and Ocean/Beach views. 2) Parcel #2: Vacant Asbury Avenue Lot: 805 Asbury Ave, an adjacent lot to building which sits on 34 x 100 lot (Lot 8). Mixed Use by-rights vacant lot that you can build 2 large residential units over one commercial. 3) Parcels #3,#4,#5,#6, & #7: Five (5) parking lots all located and further described as: a) 412 E. 8th Street (Lots 10); and 800 Central Avenue (Lot 11); Corner lots off of 8th & Central Ave, combined is 130 x 100 size lot. Mixed use development opportunity. b) 812 Central Avenue (Lot 12); 816 Central Avenue (Lot 13); and 820 Central Avenue (Lot 14) these 3 parking lots are located adjacent to City of Ocean City's municipal lots and currently support the parking needs of the Crown Bank Building. This is a Federal Court Ordered BANKRUPTCY. Trustee makes NO representations or warranties of any kind pertaining to this sales transaction. Buyer is responsible to complete their own advance due diligence. Property is being sold AS IS / WHERE IS NO CONTINGENCIES.
Exterior Features

Commercial Style CommercialCommercial CondoOffice BuildingOff./Prof. CondoRetail Exterior Features SignSecurity Light/System Location Business DistrictCommercial ParkCornerIslandSee RemarksWater View Lot Dimensions Varied Parking 11 Or More SpacesOff StreetPaved Road Frontage Township Roof Other Siding Exterior MasonryStoneSee Remarks

Interior Features

Air Conditioning CentralMulti-Zoned Flooring Carpet-PartialHardwoodOther (See Remarks) Heating Forced AirGas-NaturalMulti-Zoned Hot Water ElectricGas Interior Features 220 Volt Electricity440 Volt ElectricityDisplay WindowsElevator PassFire Sprinkler SystemRestroomSecurity SystemSmoke/Fire AlarmStorageThree Phase ElectricOther (See Remarks) Specialty Rooms Office Space Avail.Public RestroomUtility Room

Property Features

Age Range 25+ Years Approved Short Sale Yes Auction YN Yes Available SurveyOther (See Remarks) Bank Owned Foreclosure Yes Buildings 1 May Be Subject To Third Party Approval Short Sale Yes Sewer Public Sewer Tax Year 2022 Taxes 37776 Water Public

South Jersey Shore Regional MLS logo Listing information © 2022 South Jersey Shore Regional MLS.
Listing provided courtesy of Keller Williams Realty Jersey Shore-Ocean City: .


© 2022 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 2022-11-28T06:50:06.333.
 
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The Cheryl Huber Team
109 34th St
Ocean City NJ, 08226