|Type: Multi-Family||Style: Multiple Units|
|City: Ocean City||Area:|
|Sq ft: 0||Dimensions: 50 x 120|
Incredible Investment Opportunity
Generates over $300K in gross rents
Offered at insanely great
10-12%+ CAP RATE!
With over $300,00 in gross rents, 90-100% consistent occupancy, and located on a high disposable income island resort, this HIGH CASH FLOW ASSET is being sold at an impressive 10%-12%+ 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 boasts CASH on CASH returns for any owner.
These CASH COW buildings are ideally located in heart of Ocean City NJ, one of the most desirable resort islands 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.
CASH MACHINE property is locally known as “The Wave Beach House”; features 33-units (mostly rooms & few apartments); runs 90-100% occupancy year-round (And NO MISSED RENTS thru Covid-19 time frame); and it is perfect for any savvy investor looking to purchase very rare CASH FLOW property with spectacular ROI–with upside –which is absolutely impossible to come by! 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 and 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 and 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.
Current owners purchased property virtually vacant and intended to originally develop property into a TriPlex. Instead, they hired a property manager, stabilized it, and turned it into a fully occupied reliable CASH FLOWING MACHINE, one which consistently operates at 90-100% occupancy. This is now 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).
Owners have decided to sell the property ONLY because they have an immediate 1031 exchange opportunity, so time if of the essence.
– BRING OFFERS –
Sellers are looking to close quickly!
Interior Photos will be posted online
On or before August 14th
Due to the high cap rate offering, property is being sold AS IS with no contingencies to facilitate a quick sale & closing. Cash offers only. Interested serious buyers need to be pre-qualified and provide a proof of funds when requesting NDA/ Confidentiality Agreement to sign. Detailed rent roll with current P&L financials are available only with receipt of a signed NDA and verifiable proof of funds.
Property is fully 100% occupied, therefore scheduling property showings are understandably difficult due to a need to coordinate with listing agent, tenants and property manager’s schedules (especially due to Covid-19 restrictions). Showing appointments can only be scheduled and confirmed with qualified buyers AFTER they have received, reviewed and satisfied the Seller’s financials for the property; confirmed interest; and submitted an acceptable contract offer, which may be contingent on a site visit and any subsequent buyer required property inspections.
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