|Type: Commercial||Style: Hotel & Apartments|
|City: Ocean City||Area: BeachBlock Location|
|Sq ft: 0||Dimensions: 0|
Ocean City NJ’s
Properties Are For Sale!
This very RARE “Once-In-A-Lifetime” AQUISTION OPPORTUNITY sale is for 3 properties & business consisting of 57 total units (various size & amenities) operating as “Tahiti Inn Motel and Apartments”, plus three (3) vacant developable lots, currently operating as two parking lots, all which total approximately ONE (1) ACRE of Prime Coveted BEACHBLOCK / OFF-BOARDWALK Ocean City real estate. Just a few short steps to white sandy beaches and world famous boardwalk, these 3 large parcels include:
1125 Ocean Ave – This huge prime piece of CORNER property is 210 x 130 in lot size (Survey available) consists of the Tahiti Inn Motel Building; the Tahiti Inn Apartment Building; main lobby/guest reception area with one public bathroom; large heated Swimming Pool & Sundeck Area; an on-site laundry facility (2 main 50 lb washers/2 main 75lb dryers/1 combo washer/dryer unit); hotel on-site under cover parking garage pad area (one self-parking spot per room); and operation features a total of 57 keys (69 beds/65 baths). These include:
– 42 Motel Rooms & Suites, all with private baths & some with kitchenettes
– 12 Apartments (22 bedrooms & 20 bathrooms) These are described as 1-2 bedroom apartments with 1-2 baths and all with full kitchens
– 1 Owner’s Apartment (2 bedroom / 1 bath) with full kitchen– privately used year round/not in rental pool
– 1 Manager’s Apartment (1 bedroom/ 1 bath) – privately used year round/not in rental pool
– 1 Employee Room (Multiple beds for J-1s & small kitchenette)- not in rental pool
The sale includes all business operational assets, FF&E and good will. The sellers P&Ls represent a 7-8% asking cap rate of cash flow/net income + the two lots.
1115 Ocean Ave – PARKING LOT #1: (Block 1101/Lot 6 & 9 – two lots combined into one large 90 x 130 parcel). This consists of a large operational vacant cash parking lot, located next door adjacent to the motel – Estimated market value: $4+ million (Survey available)
1116 Ocean Ave – PARKING LOT #2: (Block 1102/Lot 21, 50×135 lot size) Additional vacant parking lot across the street – Estimated market value $2.5 million. This is a TriPlex By Rights lot. (Survey available)
All three parcels are located in the Hospitality Zone, which boasts a variety of impressive by-right development opportunities. Hospitality properties like this one on such a huge piece of Beach Block / Off-Boardwalk ground is exceptionally rare to find on any island beach resort community, much less than in Ocean City NJ, America’s Greatest Family Resort!
Listing Highlights Include:
– 3 Large Parcels (4 Lots) totaling approx ONE (1) ACRE of prime rare OFF BEACH/BOARDWALK resort location
– Motel & Apartment Operating Business with 57 Keys (42 Rooms/Suites + 15 Apartments offered at 7% Cap rate
– Plus Three (3) Developable Lots, currently operating as two large parking lots
– Motel + Large adjacent parking totals 300 ft of frontage (130 feet deep) – This Large parcel can be subdivided into multiple duplex or triplex lots
MEDIA, News Article Featured Sale Offering published in
Philadelphia Business Journal
Click Here for article contents:
Interest Buyers are required to sign a Seller’s Confidentiality-NDA & provide proof of financial qualification prior to receiving financials, any property documents, and scheduling a site visit.
Call Us/ Text Us Direct Right Now at
Call Us: (609) 412-5547
Request More Information
Kristina Doliszny & Robert Doliszny, Ocean City Real Estate Group, Keller Williams Realty Jersey Shore