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1125 Ocean Ave

Ocean City, NJ 08226
  • $13,500,000
  • STATUS: Active
  • ON SITE: 5 Days
  • MLS #: 564239
New On Site 5 Days Ago
UPDATED: 66 min ago
$13,500,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

Ocean City NJ's FAMOUS LANDMARK Properties Are For Sale! This very RARE "Once-In-A-Lifetime" AQUISTION OPPORTUNITY sale is for 3 properties & business consisting of 57 (various) units operating as Tahiti Inn Motel & Apartments+3 developable lots, currently operating as two parking lots, all whichtotal approx ONE (1) ACRE of Prime Coveted BEACHBLOCK/OFF-BOARDWALK OCNJ real estate. Just a few steps to beach & boardwalk, these 3 large parcels include:1125 Ocean Ave: Huge 210 x 130 CORNER property consists of Motel building; Apt building; main lobby w/public bath; large heated Swimming Pool & Sundeck Area; on-site laundry facility; hotel on-site under cover parking garage (1 spot p/rm); & operation features 57 keys (69 beds/65 baths). These include: 42 Motel Rooms/Suites & some w/kitchenettes; 12 Apts (22 beds/20 baths & all w/full kitchens); 1 Owners Apt (2 bed/1 bath);1 Managers Apt (1 bed/1 bath); 1 Employee Rm (Multiple beds for J-1s & small kitchenette). Sellers P&Ls represent 7-8% asking cap rate on NOI + the 3 lots. 1115 Ocean Ave: PARKING LOT#1, next door to motel, is a combined double 90x130 lot, est value: $4+million. 1116 Ocean Ave: PARKING LOT#2: 50x135 lot across the street, est value: $2.5million & can build a triplex. All 3 parcels are located in Hospitality Zone, which boasts variety of impressive by-right development opportunities. A huge piece of Off Beach/Boardwalk land is exceptionally rare to find on any island beach resort, especially OCNJ! Call Now!

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© 2022 South Jersey Shore Regional MLS. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or The Oceanside Realty Team | Keller Williams Jersey Shore. Properties marked with the Broker Reciprocity icon or thumbnail icon (a small house) are provided courtesy of the South Jersey Shore Regional MLS Broker Reciprocity Database. Data last updated 2022-06-26T17:50:10.727.
www.theoceansiderealtyteam.com/homes/130029012
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1125 Ocean Ave Ocean City, NJ 08226

  • Price: $13,500,000
  • Status: Active
  • On Site: 5 Days
  • Updated: 66 min ago
  • MLS #: 564239
0
Beds
0
Baths
0
½ Baths
N/A
Acres
Neighborhood:
Ocean City/Central
County:
Cape May
Area:
Ocean City/Central
Property Description
Ocean City NJ's FAMOUS LANDMARK Properties Are For Sale! This very RARE "Once-In-A-Lifetime" AQUISTION OPPORTUNITY sale is for 3 properties & business consisting of 57 (various) units operating as Tahiti Inn Motel & Apartments+3 developable lots, currently operating as two parking lots, all whichtotal approx ONE (1) ACRE of Prime Coveted BEACHBLOCK/OFF-BOARDWALK OCNJ real estate. Just a few steps to beach & boardwalk, these 3 large parcels include:1125 Ocean Ave: Huge 210 x 130 CORNER property consists of Motel building; Apt building; main lobby w/public bath; large heated Swimming Pool & Sundeck Area; on-site laundry facility; hotel on-site under cover parking garage (1 spot p/rm); & operation features 57 keys (69 beds/65 baths). These include: 42 Motel Rooms/Suites & some w/kitchenettes; 12 Apts (22 beds/20 baths & all w/full kitchens); 1 Owners Apt (2 bed/1 bath);1 Managers Apt (1 bed/1 bath); 1 Employee Rm (Multiple beds for J-1s & small kitchenette). Sellers P&Ls represent 7-8% asking cap rate on NOI + the 3 lots. 1115 Ocean Ave: PARKING LOT#1, next door to motel, is a combined double 90x130 lot, est value: $4+million. 1116 Ocean Ave: PARKING LOT#2: 50x135 lot across the street, est value: $2.5million & can build a triplex. All 3 parcels are located in Hospitality Zone, which boasts variety of impressive by-right development opportunities. A huge piece of Off Beach/Boardwalk land is exceptionally rare to find on any island beach resort, especially OCNJ! Call Now!
Exterior Features

Driveway BlacktopConcrete Garage Three Or More Cars Location Beach BlockSee RemarksBoardwalk Area Lot Dimensions @ 1 Acre Outside Features In Ground PoolDeckPorchSidewalks Parking Three Or More CarsAssignedParking Pad Siding Exterior ConcreteStucco Storms Screens Insulated Glass

Interior Features

Air Conditioning CentralElectricGasWall Units Also Includes BlindsCurtainsDrapesFurnishedSecurity SystemShadesSee Remarks Appliances DisposalDishwasherDryerElectric StoveMicrowaveRefrigeratorWasher Heating Forced AirSpace/Wall/FloorSee Remarks Water Heater Gas

Property Features

Age Range 25+ Years Approved Short Sale N/A Auction YN No Bank Owned Foreclosure No May Be Subject To Third Party Approval Short Sale No Multifamily Type 51 - 100 Units New Construction No Rental Information SeasonalSee Remarks Sale Or Rent For Sale Sewer Public Sewer Suitable For Multi Family + RoomsOther (See Remarks) Tax Year 2021 Taxes 55860 Water Public

South Jersey Shore Regional MLS logo Listing information © 2022 South Jersey Shore Regional MLS.
Listing provided courtesy of Keller Williams Realty Jersey Shore-Ocean City.


© 2022 South Jersey Shore Regional MLS. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or The Oceanside Realty Team | Keller Williams Jersey Shore. Properties marked with the Broker Reciprocity icon or thumbnail icon (a small house) are provided courtesy of the South Jersey Shore Regional MLS Broker Reciprocity Database. Data last updated 2022-06-26T17:50:10.727.
 
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