801-811 Atlantic Ave

Ocean City, NJ, 08226

$10,000,000

$10,000,000
Active
Active
 - For Sale
property_type
Multi-family
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!
MLS® ID:
566973
Updated:
10/7/22

Interior Features

Total Bedrooms
0
Total Bathrooms
0
Cooling
Wall Units, Window Units
Heating
See Remarks

Exterior/Building Features

Exterior Features
In Ground Pool, Curbs, Ocean View, Patio, Sidewalks, Concrete, Masonry/Block
Sewer
Public Sewer

Other Property Details

Area Name
Ocean City/Central
Taxes
$66109
Tax Frequency
per YEAR
Garage
No
Parking
None
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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