801 Asbury Ave

Ocean City, NJ, 08226

$7,000,000

$7,000,000
Active
Active
 - For Sale
property_type
Commercial
COURT ORDERED BY FEDERAL CHAPTER 7 BANKRUPTCY FOR IMMEDIATE SALE! This bankruptcy approved listing is for the sale of Seven (7) individual Ocean City NJ real property parcels:  Lots 8, 9, 10, 11, 12, 13, and 14 all located on Block 806. Sale includes: 1) Parcel #1: 801 Asbury Avenue (a.k.a  Ocean City's Landmark "Crown Bank Building”), whose units #1, #2, #3, #4, #5 & #6 are each condoed by floor & sits on 66 x 100 lot (Lot 9). This large 6- Story 33,440 Sq Ft concrete building consists of 5 floors of mostly vacant professional offices for a total of 26,100 SF (5,220 SF per floor); and two desirable commercial stores on the ground floor which boasts 7,340 SF (total commercial floor area is 5,605 SF + total mezzanine area is 1,735 SF). Subject to municipal approvals, possible future uses for the building include, but are not limited to: downtown luxury hotel use; residential condoing; nursing home/senior housing use; dormitory for J-1 Visa students to support employment needs of business community; temperature controlled storage facility; professional office use; and a variety of other mixed use. Top floors have amazing Open Bay and Ocean/Beach views. 2) Parcel #2:  Vacant Asbury Avenue Lot: 805 Asbury Ave, an adjacent lot to building which sits on 34 x 100 lot (Lot 8). Mixed Use by-rights vacant lot that you can build 2 large residential units over one commercial. 3) Parcels #3,#4,#5,#6, & #7: Five (5) parking lots all located and further described as: a) 412 E. 8th Street (Lots 10); and 800 Central Avenue (Lot 11);  Corner lots off of 8th & Central Ave, combined is 130 x 100 size lot. Mixed use development opportunity. b) 812 Central Avenue (Lot 12); 816 Central Avenue (Lot 13); and 820 Central Avenue (Lot 14) – these 3 parking lots are located adjacent to City of Ocean City's municipal lots and currently support the parking needs of the Crown Bank Building. This is a Federal Court Ordered BANKRUPTCY. Trustee makes NO representations or warranties of any kind pertaining to this sales transaction. Buyer is responsible to complete their own advance due diligence. Property is being sold AS IS / WHERE IS NO CONTINGENCIES.
MLS® ID:
568723
Updated:
11/28/22

Interior Features

Total Bedrooms
0
Total Bathrooms
0
Interior Features
220 Volt Electricity, 440 Volt Electricity, Display Windows, Elevator Pass, Fire Sprinkler System, Restroom, Security System, Smoke/Fire Alarm, Storage, Three Phase Electric, Other (See Remarks)
Floor Description
Carpet-Partial, Hardwood, Other (See Remarks)
Cooling
Central, Multi-Zoned
Heating
Forced Air, Gas-Natural, Multi-Zoned

Exterior/Building Features

Exterior Features
Sign, Security Light/System
Architectural Style
Commercial, Commercial Condo, Office Building, Off/Prof Condo, Retail
Roof
Other
Sewer
Public Sewer

Other Property Details

Area Name
Ocean City/Central
Taxes
$37776
Tax Frequency
per YEAR
Garage
Yes
Parking
11 or More Spaces, Off Street, Paved
View
N
County
Ocean City/Central
Water Source
Public
Pool
No

 

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 9:01 AM UTC, 11/28/22

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