617 East 8th Street
$3,900,000
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Description
This is the very BEST VALUE-ADD ON THE JERSEY SHORE ISLAND RESORT MARKET! Current Cash Flow Valuations are at a 9%+ CAPRATE which makes this fabulous buy an INVESTOR'S DREAM INCOME AQUISTION OPPORTUNITY & WITH TONS OF UPSIDE! The Blue Water Inn Hotel is a 40-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' x93.05...This is the very BEST VALUE-ADD ON THE JERSEY SHORE ISLAND RESORT MARKET! Current Cash Flow Valuations are at a 9%+ CAPRATE which makes this fabulous buy an INVESTOR'S DREAM INCOME AQUISTION OPPORTUNITY & WITH TONS OF UPSIDE! The Blue Water Inn Hotel is a 40-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' x93.05 lot just a couple blocks from Ocean City's white sand beaches and bustling World Famous Boardwalk. The property features a total of40units which consists of: 32 hotel rooms (with 32 baths); 5 renovated apartments (3-1BR/1BA, 1-2BR/1BA, 1-3BR/1BA & 1-Manager'sefficiency 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!
- Listed by KRISTINA DOLISZNY • eXp Realty - Montclair
- Listed by ROBERT DOLISZNY • eXp Realty - Montclair
Property Details for 617 East 8th Street
City/Community
Ocean City
ClassMULTI-FAMILY
Parking - ExteriorThree or More Cars
Waterfront (Y/N)No
LISTING UPDATED: 11/03/2024 07:54 PM
Property Details for 617 East 8th Street
Status | Active |
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MLS # | 590176 |
Days on Market | 42 |
Taxes | $12,348 / year |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | MULTI-FAMILY / 21 - 50 Units |
Year Built | - |
Lot Size | 0.29 AC / 12,555 SF |
County | Cape May County |
Building Information for 617 East 8th Street
Stories-Residences40Year Built-Building Size-Lot Size0.29 AC / 12,555 SF
Property Information for 617 East 8th Street
Property History for 617 East 8th Street
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 617 East 8th Street
Taxable ValueLand$701,800Additions$498,200Total$1,200,000
Tax Record2023$12,852 ($1,071 / month)
Home Facts
Total Finished SqFt17,254 SqFtAbove Grade Finished SqFt17,254 SqFtStories4Lot Size12,563 SqFtStyleMiscellaneous CommercialYear Built1898ZoningHD3CountyCAPE MAYAPN08 00705-0000-00017
Schools near 617 East 8th Street
This home is within Ocean City School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | PK to 3 | |||
Public - | 4 to 8 | |||
Public - | 9 to 12 | |||
Private - | K to 8 |
Rating | School | Distance |
---|---|---|
Ocean City Primary School PublicPK to 3 | ||
Ocean City Intermediate School Public4 to 8 | ||
Ocean City High School Public9 to 12 | ||
St. Augustine Regional School PrivateK to 8 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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