Property Description:

Two Existing Parking Lots

Boardwalk Parking Lot & 8th St Parking Lot

CLICK HERE TO WATCH VIDEO

SOLD

Originally Asking $4,700,000

NOW $4,275,000

TWO existing off BOARDWALK PARKING LOTS are being offered as a combined sale & consists of
146 existing parking spaces with an approx total of 44,026 Sq Ft*- over 1 ACRE of BEACHBLOCK /
OFF BOARDWALK real estate!
This very rare acquisition offers incredible and impressive cash income potential!

They include:

1)    748 Boardwalk Rear (Parking Lot)

          Approx total sq ft of parking is 36,525 sq ft.

2)   821 E 8th Street (Parking Lot)

          Approx total sq ft of parking is 7,501 sq ft.

Please Note:  SOLD Comparables:

Average Sold Comp Price: $144 p/sq ft)

Two comparable parking lot sales, both adjacent to the subject properties, were purchased by the City of Ocean City and include:

1)    Block 800, Lots #2-7 (Total 29,382 sq ft)

SOLD PRICE: $4,500,000 ($153 p/sq ft)

2)   Block 702,Lot #21.01 (Total 16,426 sq ft)

SOLD PRICE: $2,100,000 ($128 p/sq ft)

RARE ACQUISTION OPPORTUNITY:

All properties are located ON BEACHBLOCK & OFF BOARDWALK in the Heart of the Hospitality Zone* Overlooking Ocean City NJ Beaches & Boardwalk– America’s Greatest Family Resort!!! The central location of these properties are indisputably positioned within Ocean City’s highest traffic volume for beach, boardwalk, hospitality, and tourist destination spots.

In addition, these two boardwalk parking lots can be purchased along with TWO other 5 Bed-single family homes with TWO bonus apartments (Multifamily/4 units) properties on approx a 60 x 150 combined extra large lot  located right on Atlantic Ave, strategically adjacent to the existing parking lots. (*Total sq footage may increase to approx. 54,000 sq ft if buyer opts to also purchase the two existing single home properties.) (Click This Link For SF Home Listing Details Here )

Sellers also have four Hotel/Multi-Family/Hospitality income producing properties being offered for sale at an impressive 8% cap rate, mainly operating at 801 Atlantic Ave. aka as “Pavilion Hotel”.  (Click This Link For Hotel Listing Details Here )

Consequently, driven by its most desirable size and location, your very rare “once in a century” total acquisition of all EIGHT properties would equal approx. 2.3 ACRES of Rare BEACHBLOCK /OFF BOARDWALK prime real estate – ALL located & already zoned in the Hospitality Zone– which may prove to be an incredible development investment opportunity for approved uses (see below)

 (Click This Link For Listing Details Of All 8 Properties Here)

*PRINCIPAL APPROVED USES ON ANY LOT IN THE HOSPITALITY ZONE INCLUDES SOME OF THE FOLLOWING:

HOSPITALITY DEVELOPMENT:    Hotels**; Motels**; Satellite Hotel**; Rooming & Guest Houses; Best & Breakfast Inns; Restaurants; Retail Sales; Retail Services; Commercial Parking Lots; Essential Services; Rental Management Services (**Kitchen facilities shall be permitted in all hotel, motel and satellite motel units.)

RESIDENTIAL DEVELOPMENT:   Multi-Family (5 or more dwelling units) buildings; Quadruplex; TriPlex; One Family & Two Family Dwellings (existing lots, subject to bulk requirements; development on lots subsequent to ordinance require a use variance). Mixed Use Buildings.

This Exclusive Agency Listing is also posted on LoopNet. Click below to view listings:

~ Two Boardwalk Parking Lots, 146 Parking Spaces:
Located at 748 Boardwalk Rear & 821 E 8th St
Click Here For LoopNet Listing- 2 Existing Boardwalk Parking Lots
Asking $4,700,000: NOW $4,275,000

~ Hotel Properties Only:
Click Here For LoopNet Listing- 4 Hotel properties Only
Asking $8,800,000: NOW $7,900,000

~ Total Acquisition:
Click Here For LoopNet Listing- All 8 Properties
Asking $14,600,00: NOW $11,875,000

See aerial and site plan photos — Call Us Directly at (609) 412-5547 for more information and to schedule a site visit