Skip To Content

    916 Wesley Ave

    Ocean City, NJ 08226
    • $2,000,000
    • STATUS: Active Under Contract
    • ON SITE: 39 days
    • MLS #: 548175
    Under Contract
    UPDATED: 59 min ago
    $2,000,000
    • 0
      BEDS
    • N/A
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    County:

    School Ratings & Info

    Description

    This year-round Rooming-House Operation is the most incredible CASH STREAM investment property on market boasting consistent CASH ON CASH returns for its owners. Income producing asset generated over $250K gross rents in 2020; maintained 90-100% occupancy throughout year;projected to do $320K gross rents in 2021, plus has a waiting list to get in!The "Wave Beach House is located in heart of OCNJ, just 2 blocks to pristine Beaches & Boardwalk. It's perfect for any savvy investor looking to buy a rare income generating ROI property w/upside! Property consists of TWO income-producing buildings w/33 units (mostly rooms & some apts) on huge 50x120 by rights Tri-Plex development lot in heart of hospitality zone. Property includes: Large 4-story main Rooming House building consisting of: one 2-bed/1-bath apt; 6 efficiency units; 11 rooms w/private baths; 12 rooms that share 2 baths; coin-operated laundry; HUGE under-utilized attic; & impressive furnace room w/new high-efficiency unit; & Small Apartment-Cottage Building in rear consisting of one 2-bed apartment, one 1-bedroom & 1 efficiency unit. Accommodations for local contractors, church volunteers & yr-round resort employees are very difficult to find & yet in high demand, which keeps building fully occupied. Cash contract offers only. Being sold AS IS w/no contingencies. Financials w/rent roll & property site visit available to serious qualified buyers w/receipt of a signed NDA & POF. Call Now!

    Monthly Payment Calculator



    © 2021 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 2021-04-20T16:50:06.037.
    www.oceancitynewjerseyhomes.com/homes/115008206
    Print Image

    916 Wesley Ave Ocean City, NJ 08226

    • Price: $2,000,000
    • Status: Active Under Contract
    • Updated: 59 min ago
    • MLS #: 548175
    0
    Beds
    0
    Baths
    0
    ½ Baths
    N/A
    Acres
    Neighborhood:
    Ocean City/Central
    County:
    Cape May
    Area:
    Ocean City/Central
    Property Description
    This year-round Rooming-House Operation is the most incredible CASH STREAM investment property on market boasting consistent CASH ON CASH returns for its owners. Income producing asset generated over $250K gross rents in 2020; maintained 90-100% occupancy throughout year;projected to do $320K gross rents in 2021, plus has a waiting list to get in!The "Wave Beach House is located in heart of OCNJ, just 2 blocks to pristine Beaches & Boardwalk. It's perfect for any savvy investor looking to buy a rare income generating ROI property w/upside! Property consists of TWO income-producing buildings w/33 units (mostly rooms & some apts) on huge 50x120 by rights Tri-Plex development lot in heart of hospitality zone. Property includes: Large 4-story main Rooming House building consisting of: one 2-bed/1-bath apt; 6 efficiency units; 11 rooms w/private baths; 12 rooms that share 2 baths; coin-operated laundry; HUGE under-utilized attic; & impressive furnace room w/new high-efficiency unit; & Small Apartment-Cottage Building in rear consisting of one 2-bed apartment, one 1-bedroom & 1 efficiency unit. Accommodations for local contractors, church volunteers & yr-round resort employees are very difficult to find & yet in high demand, which keeps building fully occupied. Cash contract offers only. Being sold AS IS w/no contingencies. Financials w/rent roll & property site visit available to serious qualified buyers w/receipt of a signed NDA & POF. Call Now!
    Exterior Features

    Driveway Gravel Garage None Location See RemarksBoardwalk Area Lot Dimensions 50 X 120 Outside Features CurbsSidewalks Parking Two Car Siding Exterior AsbestosBrickWood Storms Screens PartialScreens

    Interior Features

    Air Conditioning Ceiling Fan(S)Window Units Also Includes BlindsFurnished Appliances DishwasherDryerGas StoveMicrowaveRefrigeratorSelf Cleaning OvenWasher Basement Crawl Space Heating BaseboardHot WaterRadiator Other Rooms Laundry/Utility RmStorage Attic Water Heater Gas

    Property Features

    Age Range 25+ Years Approved Short Sale N/A Bank Owned Foreclosure No May Be Subject To Third Party Approval Short Sale No Multifamily Type 21 - 50 Units New Construction No Number Of Efficiency Units 7 Number Of1 Bedroom Units 1 Number Of2 Bedroom Units 2 Rental Information 100 Percent OccupancyMonthlySee RemarksWeekly Sale Or Rent For Sale Separate Meters ElectricGas Sewer Public Sewer Suitable For Multi Family + RoomsRooming House Tax Year 2020 Taxes 7686 Water Public

    Listing information © 2021 South Jersey Shore Regional MLS.
    Listing provided courtesy of Keller Williams Realty Jersey Shore-Ocean City.


    © 2021 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 2021-04-20T16:50:06.037.
     
    https://bt-photos.global.ssl.fastly.net/sjersey/orig_boomver_1_548175-2.jpg https://bt-photos.global.ssl.fastly.net/sjersey/orig_boomver_1_548175-2.jpg https://bt-photos.global.ssl.fastly.net/sjersey/orig_boomver_1_548175-2.jpg
    Logo
    The Cheryl Huber Team
    109 34th St
    Ocean City NJ, 08226