801 Atlantic Ave

Ocean City, NJ, 08226

$16,000,000

$16,000,000
Active
Active
 - For Sale
property_type
Commercial
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!
MLS® ID:
566970
Updated:
10/7/22

Interior Features

Total Bedrooms
0
Total Bathrooms
0
Interior Features
Elevator Pass, Security System, Smoke/Fire Alarm, Storage
Floor Description
Carpet-Partial, Carpet-Wall to Wall, Concrete, Hardwood, Linoleum/Vinyl, Other (See Remarks)
Cooling
Ceiling Fan(s), Window Units
Heating
Baseboard, Forced Air, Gas-Natural, Hot Water, Multi-Zoned, See Remarks

Exterior/Building Features

Lot Size
1.0 acres lot
Exterior Features
Swimming Pool, Sign, Fence
Architectural Style
Commercial, Comm w/Apartments, Hotel, Motel, Other (See Remarks)
Sewer
Public Sewer

Other Property Details

Area Name
Ocean City/Central
Taxes
$74365
Tax Frequency
per YEAR
Garage
Yes
Parking
11 or More Spaces, Assigned, One per Unit Motel/Hotel, Paved, Other (See Remarks)
View
N
County
Cape May
Water Source
Public
Pool
Yes

 

Courtesy of Keller Williams Realty Jersey Shore-Ocean City

Information Deemed Reliable But Not Guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Jeffrey McCrindle shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

©2022 South Jersey Shore Regional MLS. All rights reserved.

Data last updated 3:07 PM UTC, 10/7/22

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