|Type: Multi-Family||Style: Multiple Units|
|City: Ocean City||Area:|
|Sq ft: 0||Dimensions: 50 x 120|
JAW DROPPING CASH COW!
CASH COW – CASH COW!
This Multi-Family Rental Investment Opportunity Is An Unbelievable
EYE POPPING, JAW DROPPING
…a RARE FIND indeed!
Ideally located on the island of Ocean City, just two blocks from the beach and boardwalk and on a HUGE highly desirable 50 x 120 lot, this year-round rooming house is a CASH MACHINE! It features 33 units; runs 80-100% occupancy; and it’s intentionally being offered at a 12%+ cap rate to facilitate a very quick sale! Incredible cash investment opportunities like this one is a nearly impossible to come by and most definitely a very RARE find… especially at this cap rate.
This multi-family investment rooming house property consists of TWO RENTAL BUILDINGS: One large 4-story main front building, and the second rental income building is located in the rear, off the alley. Property includes a full time reliable on-site manager. Front building has 4 floors with one 2-bed/1-bath apartment occupied by the property manager; 6 efficiency units; 11 rooms with private baths; 12 rooms that share 2 baths; coin-operated laundry; furnace room with new very high-efficiency gas boilers installed in 2015; and a large storage attic.
And it doesn’t stop there… 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 associated with this fabulous acquisition is a by-right TRI-PLEX DEVELOPMENT option (Two 5-bed/4-bath units & a third unit with 3 Bed/3 Baths). Build the building, keep one and sell/rent the others out.
Qualified CASH ONLY BUYERS please….Financials available to investors/buyers with a signed NDA/confidentiality agreement & proof of funds.
PLEASE CALL ASAP to submit your offer now, before someone else steals it from under you! All showing requests are agent accompanied with advance appointment for site visit as a last step is required.
Call Us: (609) 412-5547
Request More Information
Kristina Doliszny, Ocean City Real Estate Group @ Keller Williams Realty - Jersey Shore