|Type: Multi-Family||Style: Apartment Building|
|City: Ocean City||Area: Boardwalk Area|
|Sq ft: 0||Dimensions: 100 x75|
BACK ON MARKET
PAVILION HOTEL’S MOORLYN APT BUILDING
This offering is for the purchase of a seasonally operated apartment building consisting of
8 (two-bed) units+ onsite parking spaces in the back of the building. These apartment units include: full bathroom, living room, dining room, fully equipped kitchen, TV, Free WiFi, AC, ceiling fans & huge outdoor front porches. Kitchens & back bedrooms face the Pavilion hotel pool, and guests enjoy privileges to all Pavilion Hotel amenities. All apartments sleep 8 (3 queen beds + queen sofa sleeper). Seasonal apartment rentals generate an average of approx $220,000 in seasonal revenues and profit at a reasonable cap rate.
Located in center heart of Ocean City NJ – America’s Greatest Family Resort, this property sits on large 100 x 75 lot located right on the BEACH BLOCK & OFF-BOARDWALK!! The desirable central location of this property is indisputably positioned within Ocean City’s highest traffic volume for beach, boardwalk, and all its hospitality & tourist destination spots.
Please note that this apartment building is associated with an APPROVED DEVELOPMENT PROJECT and also a part of a larger operational hotel/apartment complex producing income under one consolidated hospitality P&L operation (commonly known as “Pavilion Motor Lodge, Pool and Restaurant”, or “Pavilion Hotel & Apartments”). This landmark complex has been in operation for almost 70 yrs & has a coveted & unbelievable repeat (multi-generational) guest/customer following. Existing complex consists of THREE seasonal-only properties: two hotels and one apartment building, altogether generating approximately $1.3 million in gross seasonal revenues and profit at a reasonable cap rate.
ALL PARTS OF THE COMPLEX ARE FOR SALE
Depending on contract terms, sale of this property may be contingent on the sale/closing of all three properties associated with the complex simultaneously***. As such, four purchase opportunities (for a total of $8,500,000) are each independently listed as:
1) 801 Atlantis Ave, also known as the PAVILION MOTOR LODGE & RESTAURANT** Click Here For More Details. This sale is for both real estate property and operating hotel business consisting of a 58 unit hotel; onsite restaurant; reception; swimming pool, outdoor patios & onsite parking.
Asking $6,500,000 REDUCED TO: $6,000,000
2) 811 Atlantic Ave, also known as the FOUNTAIN VIEW MOTEL**, Click Here For More Details. This sale is for both real estate property and an operating 19-unit motel.
Asking $2,500,000 REDUCED TO: $2,000,000
3) 819 Moorlyn Terrace, also known as the MOORLYN POOL APARTMENTS**, (Subject Property Listing) This sale is for both real estate and an operating apartment building consisting of eight 2-bedroom units, plus onsite parking.
Asking $2,500,000 REDUCED TO: $2,000,000
(**All Three Properties Are Currently Operating Altogether Under One P&L Commercial Entity)
4) All 3 above commercial properties (84 units/keys) offered at a reasonable cap rate, altogether with Development Project Approvals: Click Here For Complete Details.
Asking $11,500,000 REDUCED TO: $8,500,000 for all 3 properties & related assets purchased altogether
*** As a prospective buyer of this property, you are welcome and encouraged to contact us directly and submit an offer for your purchase contingent upon the Seller’s sale of the other two hotel properties. We will be coordinating the sale of all three properties together. In addition, many investors will see this as a fabulous opportunity to bring in additional buyers/investors to collaborate on acquiring all three parcels together. All existing properties are operational; all assets associated with existing approvals shall be included (provided a joint partnership agreement exists among all buyers); and/or the buyers still have the freedom to develop another project on this 1 acre site, as per the allowable uses of Ocean City’s hospitality zone (see below).
RARE ACQUISITION OPPORTUNITY:
Other Development Options For This Site:
*PRINCIPAL APPROVED USES ON ANY LOT IN THE HOSPITALITY ZONE INCLUDES SOME OF THE FOLLOWING:
HOSPITALITY DEVELOPMENT: Hotels**; Motels**; Satellite Hotel**; Rooming & Guest Houses; Best & Breakfast Inns; Restaurants; Retail Sales; Retail Services; Commercial Parking Lots; Essential Services; Rental Management Services (**Kitchen facilities shall be permitted in all hotel, motel and satellite motel units.)
RESIDENTIAL DEVELOPMENT: Multi-Family (5 or more dwelling units) buildings; Quadruplex; TriPlex; One Family & Two Family Dwellings (existing lots, subject to bulk requirements; development on lots subsequent to ordinance require a use variance). Mixed Use Buildings.
Signed NDA/Confidentiality Agreement from qualified buyers required.
If you have serious interest & require more information, please call Kristina Doliszny directly now at (609) 412-5547
Kristina Doliszny, Ocean City Real Estate Group
Keller Williams Realty – Jersey Shore
1 Atlantic Ave,Ocean City NJ 08226
Call Us: (609) 412-5547
Request More Information
Kristina Doliszny & Robert Doliszny, Ocean City Real Estate Group, Keller Williams Realty