801-811 Atlantic Ave, Ocean City, New Jersey, 08226
$10,000,000
Other
Impossible to find, perhaps just SIMPLY UNHEARD OF... YET HERE IT IS!! This offering is for TWO income producing hotels @ 10% CAP RATE - both w/value added upside to increase cash flows & optional renovation/expansion and condo conversion opportunity. These incredible income producing properties are ideally situated on a highly coveted PRIME BEACH BLOCK/ OFF-BOARDWALK location, 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 77-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) & sits on HUGE very rare 300x100 corner lot; and 811 Atlantic Ave, Ocean City NJ 08226, commonly known as the Fountain View Motel (adjacent value added motel next door w/19 keys) & sits on the adjacent 90x100 CORNER lot. 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 w/ optional future condo conversion opportunity and/or renovation/expansion of existing operation. This offering is listed 3 ways: $10 million for hotels (801-811 Atlantic Ave) only; $6 million for additional affiliated 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!
Specialty Rooms : Laundry Room,Utility Room
Number of Units : 77
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)
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
Street Address: 801-811 Atlantic Ave
City: Ocean City
State: New Jersey
Postal Code: 08226
County: Cape May
MLS Number: 566972
Courtesy of Keller Williams Realty Jersey Shore-Ocean City
Courtesy of Compass New Jersey-Ocean City
