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This is a SUPER RARE & absolutely incredible WEALTH CREATION OPPORTUNITY for your hard asset portfolio that you must explore in detail! Fabulous multi-facet acquisition features: TWO income producing hotels @ 10% CAP RATE w/significant value added upside (easily increase cash flows together with asset values); several expansion/renovation or condo conversion opportunities; fully renovated income producing apartment building @ 8-9% CAP RATE w/upside; plus the inclusion of APPROVED PLANS for future redevelopment and/or condo conversion opportunity. Boasting a whopping ONE (1) ACRE OF VERY RARE and highly coveted PRIME BEACH BLOCK / OFF-BOARDWALK real estate, these incredible income producing properties are ideally situated on the island resort of Ocean City NJ (“America’s Greatest Family Resort†at the South Jersey Shore). Just steps to its white soft sandy beaches & world famous Ocean City Boardwalk, they are indisputably positioned within the island's highest traffic volume for beach, boardwalk, hospitality & tourist destination spots right in the heart of the Hospitality Zone, with generous by-right approved usages. This 85-Key multiple building commercial /multi-family property consists of: 801 Atlantic Ave, Ocean City NJ 08226, commonly known as the Pavilion Motel (consist of 58 keys (57 Rooms + a manager’s apt); swimming pool, parking lot, main reception area & onsite small leased restaurant; 811 Atlantic Ave, Ocean City NJ 08226, commonly known as the Fountain View Motel (adjacent value added motel next door w/19 keys); 819 Moorlyn Terrace, Ocean City NJ 08226, commonly known as the Beach House Apartment Building (Brand newly renovated apartment building w/8 keys, all three (3) bedroom one (1) bath apartment units- all which can also be easily condoed). Apartments have their own designated parking lot in back of building. Sale of all three parcels to same buyer would automatically include Seller’s existing Preliminary Site Plan and NJ CAFRA permit approvals for development of 35 (three bedroom-three bathroom) lock out units with hotel and mixed use. Or, you may opt to later redesign the approved project, as per your own specification, subject to the by rights of hospitality zone. Given the historically high level of interest in the Jersey Shore island markets for such an incredibly rare opportunity, coupled with the current high demand for impressive cash flow opportunity (w/lots of upside) and so few hospitality properties currently servicing this market, time is of the essence! We invite you to explore this unique WEALTH CREATION OPPORTUNITY in further detail. This is your chance to secure an immediate acquisition of income producing assets at an IMPRESSIVE CASH FLOW AT HIGHLY COMPETITIVE CAP RATE, value added upside, optional condo conversion opportunity, plus approvals pertaining to prospective future development opportunity. This offering is listed 3 ways: $10 million for hotels (801-811 Atlantic Ave) only; $6 million for apartment building (819 Moorlyn Terrace) only; and $16 million for all three parcels altogether comprising 1 ACRE OF BEACH BLOCK / OFF-BOARDWALK property (801 Atlantic Ave). Contact listing agent for Confidentiality/NDA, which is available to financially qualified buyers - Don't hesitate another minute - you must act on this today!PROPERTY FEATURES
Specialty Rooms : Laundry Room,Utility Room
Number of Units : 85
Available : Equipment,Fixtures,Furnishings,Income Expense Info.,Inventory,Lease Information,Living Space,Refrigeration/Freezer,State Housing Certificate,Utility Information,Other (See Remarks)
Water : Public
Sewer : Public Sewer
Parking : 11 or More Spaces,Assigned,One per Unit Motel/Hotel,Other (See Remarks),Paved
Exterior Features : Swimming Pool,Sign,Fence
Road Frontage : Township
Style : Commercial,Comm. w/Apartments,Hotel,Motel,Other (See Remarks)
Property Age : 25+ Years
Location : Beach Block,Business District,Commercial Park,Corner,Island,Shopping Center,See Remarks,Boardwalk Area
Air Conditioning : Ceiling Fan(s),Window Units
Heating : Baseboard,Forced Air,Gas-Natural,Hot Water,Multi-Zoned,See Remarks
Hot Water : Gas
Flooring : Carpet-Partial,Carpet-Wall to Wall,Concrete,Hardwood,Linoleum/Vinyl,Other (See Remarks)
Interior Features : Elevator Pass,Security System,Smoke/Fire Alarm,Storage
PROPERTY DETAILS
Street Address: 801 Atlantic Ave
City: Ocean City
State: New Jersey
Postal Code: 08226
County: Cape May
MLS Number: 566970
Courtesy of Keller Williams Realty Jersey Shore-Ocean City
City: Ocean City
State: New Jersey
Postal Code: 08226
County: Cape May
MLS Number: 566970
Courtesy of Keller Williams Realty Jersey Shore-Ocean City
Courtesy of BHHS FOX and ROACH-109 34th OC