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801 Atlantic Ave

Ocean City, NJ 08226
  • $16,000,000
  • STATUS: Active
  • ON SITE: 83 Days
  • MLS #: 566971
UPDATED: 63 min ago
$16,000,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

This is a SUPER RARE & absolutely incredible WEALTH CREATION OPPORTUNITY for your hard asset portfolio that you must explore in detail! Fabulous multi-facet acquisition features: TWO income producing hotels @ 10% CAP RATE w/significant value added upside (easily increase cash flows together with asset values); several expansion/renovation or condo conversion opportunities; fully renovated income producing apartment building @ 8-9% CAP RATE w/upside; plus the inclusion of APPROVED PLANS for future redevelopment and/or condo conversion opportunity. Boasting a whoppingONE (1) ACRE OFVERY RARE and highly covetedPRIME BEACH BLOCK / OFF-BOARDWALK real estate,these incredible income producing properties are ideally situated on the island resort of Ocean City NJ ("Americas Greatest Family Resort at the South Jersey Shore). Just steps to its white soft sandy beaches & world famous Ocean City Boardwalk, they are indisputably positioned within the island's highest traffic volume for beach, boardwalk, hospitality & tourist destination spots right in the heart of the Hospitality Zone, with generous by-right approved usages. This 85-Key multiple building commercial /multi-family property consists of: 801 Atlantic Ave, Ocean City NJ 08226, commonly known as the Pavilion Motel (consist of 58 keys (57 Rooms + a managers apt); swimming pool, parking lot, main reception area & onsite small leased restaurant; 811 Atlantic Ave, Ocean City NJ 08226, commonly known as the Fountain View Motel (adjacent value added motel next door w/19 keys); 819 Moorlyn Terrace, Ocean City NJ 08226, commonly known as the Beach House Apartment Building (Brand newly renovated apartment building w/8 keys, all three (3) bedroom one (1) bath apartment units- all which can also be easily condoed). Apartments have their own designated parking lot in back of building. Sale of all three parcels to same buyer would automatically include Sellers existing Preliminary Site Plan and NJ CAFRA permit approvals for development of 35 (three bedroom-three bathroom) lock out units with hotel and mixed use. Or, you may opt to later redesign the approved project, as per your own specification, subject to the by rights of hospitality zone. Given the historically high level of interest in the Jersey Shore island markets for such an incredibly rare opportunity, coupled with the current high demand for impressive cash flow opportunity (w/lots of upside) and so few hospitality properties currently servicing this market, time is of the essence! We invite you to explore this unique WEALTH CREATION OPPORTUNITY in further detail. This is your chance to secure an immediate acquisition of income producing assets at an IMPRESSIVE CASH FLOW AT HIGHLY COMPETITIVE CAP RATE, value added upside, optional condo conversion opportunity, plus approvals pertaining to prospective future development opportunity. This offering is listed 3 ways: $10 million for hotels (801-811 Atlantic Ave) only; $6 million for apartment building (819 Moorlyn Terrace) only; and $16 million for all three parcels altogether comprising 1 ACRE OF BEACH BLOCK / OFF-BOARDWALK property (801 Atlantic Ave). Contact listing agent for Confidentiality/NDA, which is available to financially qualified buyers - Don't hesitate another minute - you must act on this today!

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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 2022-12-05T07:49:51.377.
www.theoceansiderealtyteam.com/homes/133005831
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801 Atlantic Ave Ocean City, NJ 08226

  • Price: $16,000,000
  • Status: Active
  • On Site: 83 Days
  • Updated: 63 min ago
  • MLS #: 566971
0
Beds
0
Baths
0
½ Baths
N/A
Acres
Neighborhood:
Ocean City/Central
County:
Cape May
Area:
Ocean City/Central
Property Description
This is a SUPER RARE & absolutely incredible WEALTH CREATION OPPORTUNITY for your hard asset portfolio that you must explore in detail! Fabulous multi-facet acquisition features: TWO income producing hotels @ 10% CAP RATE w/significant value added upside (easily increase cash flows together with asset values); several expansion/renovation or condo conversion opportunities; fully renovated income producing apartment building @ 8-9% CAP RATE w/upside; plus the inclusion of APPROVED PLANS for future redevelopment and/or condo conversion opportunity. Boasting a whoppingONE (1) ACRE OFVERY RARE and highly covetedPRIME BEACH BLOCK / OFF-BOARDWALK real estate,these incredible income producing properties are ideally situated on the island resort of Ocean City NJ ("Americas Greatest Family Resort at the South Jersey Shore). Just steps to its white soft sandy beaches & world famous Ocean City Boardwalk, they are indisputably positioned within the island's highest traffic volume for beach, boardwalk, hospitality & tourist destination spots right in the heart of the Hospitality Zone, with generous by-right approved usages. This 85-Key multiple building commercial /multi-family property consists of: 801 Atlantic Ave, Ocean City NJ 08226, commonly known as the Pavilion Motel (consist of 58 keys (57 Rooms + a managers apt); swimming pool, parking lot, main reception area & onsite small leased restaurant; 811 Atlantic Ave, Ocean City NJ 08226, commonly known as the Fountain View Motel (adjacent value added motel next door w/19 keys); 819 Moorlyn Terrace, Ocean City NJ 08226, commonly known as the Beach House Apartment Building (Brand newly renovated apartment building w/8 keys, all three (3) bedroom one (1) bath apartment units- all which can also be easily condoed). Apartments have their own designated parking lot in back of building. Sale of all three parcels to same buyer would automatically include Sellers existing Preliminary Site Plan and NJ CAFRA permit approvals for development of 35 (three bedroom-three bathroom) lock out units with hotel and mixed use. Or, you may opt to later redesign the approved project, as per your own specification, subject to the by rights of hospitality zone. Given the historically high level of interest in the Jersey Shore island markets for such an incredibly rare opportunity, coupled with the current high demand for impressive cash flow opportunity (w/lots of upside) and so few hospitality properties currently servicing this market, time is of the essence! We invite you to explore this unique WEALTH CREATION OPPORTUNITY in further detail. This is your chance to secure an immediate acquisition of income producing assets at an IMPRESSIVE CASH FLOW AT HIGHLY COMPETITIVE CAP RATE, value added upside, optional condo conversion opportunity, plus approvals pertaining to prospective future development opportunity. This offering is listed 3 ways: $10 million for hotels (801-811 Atlantic Ave) only; $6 million for apartment building (819 Moorlyn Terrace) only; and $16 million for all three parcels altogether comprising 1 ACRE OF BEACH BLOCK / OFF-BOARDWALK property (801 Atlantic Ave). Contact listing agent for Confidentiality/NDA, which is available to financially qualified buyers - Don't hesitate another minute - you must act on this today!
Exterior Features

Driveway Blacktop Garage None Location Beach BlockBoardwalk AreaCornerSee Remarks Lot Dimensions 300X100+100X90 Outside Features CurbsHandicap AccessIn Ground PoolOcean ViewPatioSidewalks Parking Assigned Siding Exterior ConcreteMasonry/Block

Interior Features

Air Conditioning Wall UnitsWindow Units Also Includes BlindsCurtainsDrapesFurnishedResident ManagerSecurity SystemSee RemarksShades Basement 6 Ft. Or More Head RoomSlab Heating See Remarks Other Rooms Laundry/Utility RmWorkshop Water Heater Gas

Property Features

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 Separate Meters Cable TvCoolingElectricGasSewerWater Sewer Public Sewer Suitable For Condo ConversionExpansionMulti Family + RoomsOther (See Remarks) Tax Year 2022 Taxes 66139 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 2022-12-05T07:49:51.377.
 
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