|Type: Multi-Family||Style: Multiple Units|
|City: Ocean City||Area:|
|Sq ft: 0||Dimensions: 50 x 120|
– BACK ON MARKET –
COME SEE THIS
CASH INCOME GENERATING ASSET
BRING AN OFFER
– Sellers motivated to close quickly due to 1031 Exchange need –
Incredible CASH Investment Opportunity
Generates over $300K in gross rents
Offered at insanely great
10%+ Cap Rate!
With over $300,00 in gross rents; 90-100% consistent occupancy with increasing income & waiting list (no missed rents during covid); and located on a high disposable income BEACH ISLAND RESORT, this HIGH CASH FLOW ASSET is being sold at an impressive 10%+ Cap Rate. This incredible investment property is a very rare Year-Round Apt/Rooming-House Operation, and it is the most incredible CASH STREAM acquisition opportunity on market, as it consistently boasts CASH on CASH returns for its owners.
These CASH COW buildings are ideally located in heart of Ocean City NJ, one of the most desirable 2nd home and vacation island communities at the Jersey Shore, and they are situated on a huge 50×120 Tri-Plex development lot in the heart of the hospitality zone, just 2 blocks from Ocean City’s pristine beaches and world famous Boardwalk.
Locally known as “The Wave Beach House”, this CASH MACHINE investment property features two buildings with a total of 33-units (mostly rooms & few apartments), and it is perfect for any savvy investor looking to purchase very rare CASH FLOW property with spectacular ROI–with ongoing upside –which is absolutely impossible to come by in today’s market! Suitable accommodations for local contractors, church volunteers & year-round resort employees are extraordinarily difficult to find, yet in exceptionally high demand, which keeps building fully occupied.
Sale Property consists of TWO RENTAL INCOME BUILDINGS:
#1: Large 4-story Main Rooming House Building is located in the front of property. Building consists of 4 floors with one 2-bed/1-bath apartment; 6 efficiency units; 11 rooms with private baths; 12 rooms that share 2 baths; coin-operated laundry; a HUGE under-utilized attic on top floor; and an impressive furnace room with new very high-efficiency gas boilers installed in 2015.
#2: Small Apartment-Cottage Building is located off the alley in the rear of property. Building consists of one 2-bedroom apartment, one 1-bedroom, and one efficiency unit. Off street parking is available for two cars.
Optional: Operation may also include a full time reliable on-site manager who may be willing to stay, if needed.
Historical Background: Property has been operating as a local rooming house for decades. Current owners purchased property through an estate with absentee management and intended to originally develop property into a large TriPlex unit condo property. Instead, they hired a property manager, stabilized it, and turned it into a fully occupied reliable CASH FLOWING MACHINE, one which consistently now operates at 90-100% occupancy. This is an exceptionally desirable asset to own for any savvy investor’s cash income portfolio. Future upside in proforma rent increases provides additional income; plus the property also includes a by-right Tri-Plex development opportunity as a future option for any buyer (Two 5-bed/4-bath condo units & a third condo unit with 3 Bed/3 Baths).
Call Us at (609) 412-5547 or email us now to request an NDA, review all the property information, CONFIRM YOUR INTEREST,
COME SEE THIS IN PERSON &
BRING AN OFFER!
Sellers motivated to close quickly because they have decided to sell this property ONLY because they have an immediate 1031 exchange opportunity, therefore
TIME IS OF THE ESSENCE
Detailed rent roll with current P&L financials are available for review to serious financially qualified buyers with receipt of a signed NDA/Confidentiality Agreement. Everyone can agree that CASH GENERATING value-added properties like this one are next to impossible to find in this marketplace! Investment property is being sold AS IS with no contingencies to facilitate a quick sale & closing. Cash offers only.
Please Note: Property is currently 100% occupied, therefore scheduling property showings are understandably difficult to schedule, coordinate, and confirm. However, property showing/site visits are currently being scheduled in time blocks on set dates for serious buyers who have reviewed financials and CONFIRMED INTEREST in a purchase. Please contact us directly to request a NDA & list of upcoming dates and time for site visits.
Don’t miss out! This high cash flow income producing asset offered at an insanely HIGH CAP RATE and won’t last long because it’s the most incredible CASH STREAM acquisition opportunity on the market right now!
Call us right now at
– This is an Exclusive Listing –
We are eager to work with you directly to help secure this asset for your purchase.
Call Us: (609) 412-5547
Request More Information
Kristina Doliszny, Ocean City Real Estate Group @ Keller Williams Realty - Jersey Shore