617 East 8th Street

Ocean City, NJ 08226

$3,900,000
Price
Beds
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

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!
  1. Listed by KRISTINA DOLISZNY • eXp Realty - Montclair
  2. Listed by ROBERT DOLISZNY • eXp Realty - Montclair

Property Details for 617 East 8th Street

City/Community
Ocean City
Class
MULTI-FAMILY
Parking - Exterior
Three or More Cars
Waterfront (Y/N)
No
LISTING UPDATED: 11/03/2024 07:54 PM

Property Details for 617 East 8th Street

StatusActive
MLS #590176
Days on Market28
Taxes$12,348 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMULTI-FAMILY / 21 - 50 Units
Year Built-
Lot Size0.29 AC / 12,555 SF
CountyCape 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

Summary
Location and General Information
  • Address: 617 E 8th Street
  • Address 2: Blue Water Inn (Hotel ,Commercial &Parking)
  • Address Direction: E
  • Address Number: 617
  • Address Search Number: 617
  • Address Street: 8th Street
  • Area: Ocean City/Central
  • County: Cape May
  • Directions: 9th St Bridge to Bay Ave, left on Bay, right on 8th & to Ocean (corner of Ocean & 8thst)
  • Fips Code: 34009
  • Location: Corner, See Remarks, Boardwalk Area
  • State: NJ
  • Zip: 08226
Parking
  • Garage: None
Taxes and HOA Information
  • LVT Date: 10-20-2024
  • Tax Year: 2023
  • Taxes: 12348
Property
Lot Information
  • Approved Short Sale?: N/A
  • Block #: 705
  • Lot #: 17
  • Lot Dimensions: 135x93
Property and Assessments
  • Age: 25+ Years
  • Also Includes: Blinds, Curtains, Drapes, Furnished, Rugs, Shades
  • Associated Document Count: 0
  • New Construction: No
  • Total Assessment: 1
  • Water: Public
  • Adult Community/55+: No
Utilities
  • Sewer: Public Sewer
  • Water Heater: Gas
Interior and Exterior Features
Exterior Features
  • Driveway: Blacktop
  • Outside Features: Porch
  • Siding/Exterior: Vinyl
  • Storms/Screens: Screens
Interior Features
  • Air Conditioning: Ceiling Fan(s), Window Units
  • Appliances: Dryer, Microwave, Refrigerator, Washer
  • Basement: Crawl Space
  • Heating: None
  • Other Rooms: Laundry/Utility Rm, Living Room, Workshop
Multi Family
Multi-Family Information
  • Annual Taxes: 12,348
  • Limited Service (Y/N): No
  • Number Of Units: 40
  • Rental Information: Seasonal, See Remarks, Yearly
  • Suitable For: Multi Family + Rooms, Other (See Remarks)

Property History for 617 East 8th Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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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617 East 8th Street is a multi-family home for sale in Ocean City, NJ 08226. This property was listed for sale on October 10, 2024 by eXp Realty - Montclair, it's currently listed at $3,900,000. It has been on the market for a total of 28 days and was last sold on November 14, 2022. This listing's school district is Ocean City School District. Nearby schools include Ocean City Primary School, Ocean City Intermediate School and Ocean City High School. 617 East 8th Street is a 0-bed, 0-bath, multi-family home.

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Listing Courtesy of eXp Realty - Montclair

Based on information from one of the following Multiple Listing Services: BRIGHT, Greator Scranton Board of REALTORS®. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by BRIGHT, Greator Scranton Board of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.