Active
617 E 8th St
Ocean City NJ, 08226
$3,900,000
Active
37 Baths
Commercial
9%+ CAP RATE!! INVESTOR'S INCOME AQUISTION OPPORTUNITY WITH TONS OF UPSIDE! The Blue Water Inn Hotel is a 39-Unit Mixed Use commercial investment property, with parking! This income producing gem is centrally located on a HIGH TRAFFIC CORNER of 8th & Ocean Ave in the very HEART OF THE HOTEL/ HOSPITALITY DISTRICT & situated on a whopping 135' x 93.05 lot just a couple blocks from Ocean City's white sand beaches and bustling World- Famous Boardwalk. The property features a total of 39 units which consists of: 32 hotel rooms (with 32 baths); 4 renovated apartments (2-1BR/1BA, 1-2BR/1BA, 1-3BR/1BA & 1-Manager's efficiency apartment w/1BA); and 3 leased commercial stores on the street level of the building. The three commercial storefronts currently include a full-service restaurant and two additional food & beverage service retail stores. In addition, the building includes an additional 1/2 bath in Guest Check-In Lobby; 3 courtesy dayrooms with showers; laundry facility; and a total of 28 parking spaces in the parking lot adjacent to & in back of the hotel. Property recently started to undergo upgrades & renovations inclusive of the apartments; new front porch; and windows are relatively new. For the experienced developer/investor, this incredible acquisition opportunity comes with tremendous upside potential associated with property stabilization and income growth tied to increased seasonal rents to become in line with market rates, plus expanding business to include Winter Rental which could quickly add an instant $100K to the bottom line. Income generating investment opportunities like this come around rarely in Ocean City. Pre-Qual & NDA required for financially qualified buyers only. Call Now!
578747
MLSⓇ ID
October 14, 2023
Listed
May 9, 2024
Updated
Map
617 E 8th St
Ocean City NJ, 08226
Interior Features
Total Stories
4
Total Bathrooms
37
Interior Features
Restroom, Smoke/Fire Alarm, Storage
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Exterior Features
Security Light/System, See Remarks, Sign
Lot Features
Security Light/System, See Remarks, Sign
Sewer
Public Sewer
Other Property Details
Area Name
Ocean City/Central
Taxes
$12,348
Tax Frequency
Annually
Garage
No
Parking
11 or More Spaces, Assigned
View
No
County
Cape May
Water Source
Public
Pool
No
Buyer Agency Compensation
617%
Listing History
Date | Event | Price |
---|---|---|
3/16/2024 | Price Change | $3,900,000 -9% |
Listed by KRISTINA DOLISZNY with Keller Williams Realty Jersey Shore-Ocean City
Listing Contact:
The IDX display contains information sourced from the South Jersey Shore Regional MLS as of 5/9/2024. This data is intended solely for personal, non-commercial use and is not to be utilized for any other purposes except to identify potential properties for purchase. Although the MLS data displayed is typically considered reliable, it is not guaranteed to be accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and are advised to conduct their own investigations or seek professional assistance. Other sources besides the Listing Agent may have contributed to the MLS data presented. Unless expressly specified in writing, the Broker/Agent has not confirmed any information obtained from external sources. The Broker/Agent may or may not have acted as the Listing and/or Selling Agent and cannot guarantee the accuracy of property locations displayed on any map. Any compensation offers are solely made to participants of the MLS where the listing is registered.
©2024 South Jersey Shore Regional MLS all rights reserved.
Data last updated on 5/9/2024 at 8:57 AM UTC