|Type: Mixed Use||Style: Commercial Development|
|City: Ocean City||Area: Southend 35th-55th St|
|Sq ft: 0||Dimensions: 115 x 80|
Fantastic MIXED USE / MULTI-FAMILY Development OR Renovation Opportunity
Large Ocean City NJ Southend
Double CORNER 80 x 115 lot
Property is approved for “Mixed Use” in the Neighborhood Business Zone. As a prospective development, choose to either:
1) Subdivide and build TWO 3-Unit buildings
2) Build ONE large 7-Unit mixed use building
Here is a similar conceptual rendition of a large 7-Unit Mixed Use Building located at 601 Asbury Ave, Ocean City NJ
However, the property pictured above is situated on a
small 50×70 lot size, vs the Subject Property’s large 80x 115 lot site, leaving generous space for garages and plenty of parking.
The proposed Seven (7) Unit development is based on the concept pictured above, and it would include Four (4) extra large five to six bedroom luxury residential units (approx 2200 sq ft each)
+ Three (3) commercial units (approx 3,800 sq ft: consisting of either three 1,260 sq ft units; or two 1,000 sq ft units and one large 1,800 sq ft unit). Current conservative market comps support approx $7.5 to 8 million in out sales (An average of $1.5-1.6 million for each of the four residential units + $1.5-1.8 million in total commercial outsales (avg $500-600K p/unit, varying depending on final size & fit out)
PURCHASE AS IS to operate your own Restaurant or Neighborhood Food Service Business(s), plus renovate and/or expand/enlarge the existing 2nd Fl residential unit for your family to reside in, renovate/expand and/or rent out.
The current Subject Property use is a Landmark famous Ocean City restaurant, known as “Captain Bob’s Restaurant” that is approved for private membership BYOB dinners. Operational restaurant boats fantastic INDOOR-OUTDOOR Dining, Take Out Window & Tons of Parking.
The inside of the existing restaurant has 12 tables/ seating for 52, but is zone approved for seating up to a 100 customers. Restaurant has two restrooms. The outdoor seating provides an addition 12 tables /seating for 24. Parking lot has 14 designated parking spaces, plus space for an additional 16 spaces if double-stacked/valet.
The building also consists of a Seller’s large private residential unit on the 2nd floor, consisting of 3 bedrooms and 1.5 baths; large eat in kitchen; living room; sitting room/den with fireplace; hardwood floors throughout; large standup storage attic; and garage. And if opting for an AS IS purchase, the whole property offers fantastic “value-add” upside potential if fully renovated/expanded.
Purchase AS IS with a renovation/expansion upside, or future new development opportunity, or both. Live at the beach and run your dream business! Lots of options here.
Depending on terms & closing date, seller may be interested in leasing the property back for a short -term period.
If you know the market here, opportunities in Ocean City NJ like this one do not come around often at all. So if you, your family, business partners, or someone you know has interest in this property listing and the investment and income producing opportunities associated with it, please act quickly and CALL KRISTINA DIRECTLY right now at (609) 412-5547
Call Us: (609) 412-5547
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