|Type: Multi-Family||Style: Multiple Units|
|City: Ocean City||Area:|
|Sq ft: 0||Dimensions: 50 x 120|
Incredible Investment Opportunity
Offered at insanely great
12.5% CAP RATE!
HIGH CASH FLOW ASSET! Offered at over a 12% CAP RATE, this Year-Round Rooming House operation is the most incredible CASH STREAM acquisition opportunity on the market.
Locally known as “The Wave Beach House”, this cash machine features 33 units consisting of mostly rooms and a few apartments; runs 90-100% occupancy; generates approx $320K in gross rents and nets over $190K; and is perfect for any savvy investor looking to purchase an incredible CASH FLOW INVESTMENT like this one, which we all know is a very RARE FIND and absolutely impossible to come by … especially at a 12.5% cap rate.
Located on one of the most desirable resort islands at the Jersey Shore, property is ideally situated in Ocean City NJ, just two blocks from the Beach and Boardwalk on a HUGE highly desirable 50 x 120 hospitality zoned lot. Accommodations for local contractors and year round resort employees are extraordinarily difficult to find and is in exceptionally high demand, which keeps this building nearly 100% occupied.
Property consists of TWO RENTAL INCOME BUILDINGS: The first is a large 4-story main Rooming House building located in front of property; and the second is a small Apartment Building located in the rear, off the alley. Operation includes a full time reliable on-site manager who is willing to stay, if needed.
Main front building has 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. The 2nd rear cottage building consists of one 2-bedroom apartment, one 1-bedroom, and one efficiency unit. Off street parking is available for two cars.
Future upside in proforma rent increases provides additional income; plus the property also includes a by-right TRI-PLEX DEVELOPMENT as a future option for any buyer (Two 5-bed/4-bath units & a third unit with 3 Bed/3 Baths).
Due to high cap rate offering, property is being Sold AS IS with no contingencies to facilitate a quick sale & closing.
Rent Roll with financials are available to interested buyers with a signed NDA/ Confidentiality Agreement. Upon your review of property docs/financials and confirmation of interest to purchase, PLEASE CALL US DIRECTLY TO SUBMIT YOUR OFFER ASAP, before someone else steals this cash machine from under you! Cash buyers & quick closing preferred, but not required.
Property is fully occupied and agent accompanied property showings must be scheduled in advance by appointment, and coordinated with property manager’s schedule. Therefore, seller asks that all site visit request be honored for serious qualified buyers only following the submission of an offer with proof of funds/funding. Offer shall be accepted by the Seller once buyer satisfies site visit inspection & executes a contract with seller.
Don’t miss out! This high cash flow income producing asset offered at insanely high 12.5% CAP RATE won’t last long because it’s the most incredible CASH STREAM acquisition opportunity on the market right now!
Call us now at (609) 412-5547.
Call Us: (609) 412-5547
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Kristina Doliszny, Ocean City Real Estate Group @ Keller Williams Realty - Jersey Shore