|Style: Multiple Units
|City: Ocean City
|Sq ft: 0
|Dimensions: 50 x 120
CASH INCOME GENERATING ASSET
High CASH FLOW Rental Property
Generates over $250K in gross rents
This year-round Rooming House Operation is the most incredible CASH STREAM investment property that has hit the market boasting consistent CASH ON CASH returns for its owners, like no other.
This income producing asset generated over $250K gross rents in 2020; it successfully maintained a 90-100% occupancy throughout the year; projected to do $320K gross rents in 2021, plus has a waiting list to get in! Accommodations for local contractors, church volunteers & year-round resort employees are extraordinarily difficult to find, and yet in exception high demand, which keeps building fully occupied. You will certainly agree that cash generating value-added properties like this one are next to impossible to find in this marketplace!
Locally known as the “Wave Beach House”, these rental buildings are located in heart of Ocean City NJ, a coveted high disposable income BEACH ISLAND RESORT at the Jersey Shore; and is situated just 2 blocks away from Ocean City’s pristine beaches & world famous Boardwalk. It’s perfect for any savvy investor looking to buy a very rare income generating ROI property with upside!
Sale Property consists of TWO RENTAL INCOME BUILDINGS with 33 units (mostly rooms w/baths, efficiencies & some apartments) on huge 50 x 120 by rights Tri-Plex development lot in the heart of the hospitality zone.
#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.
As per the Seller’s directions, property’s detailed financials with rent roll & property site visit are available only to serious qualified buyers with receipt of a signed NDA/Confidentiality Agreement, and verifiable Proof of Funds.
Upon buyer’s financial review and confirmed interest, a property site visit can be scheduled.
Cash contract offers only. Being sold AS IS with no contingencies.
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or, email us now to request an NDA,
review all the property’s financial information,
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COME SEE THIS IN PERSON &
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– 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
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Kristina Doliszny, Ocean City Real Estate Group @ Keller Williams Realty - Jersey Shore