617 E 8th Street
Ocean City, NJ 08226
- – beds
- – baths
- – sqft
- 12,555 sqft lot
This is the very BEST VALUE-ADD ON THE JERSEY SHORE ISLAND RESORT MARKET! Current Cash Flow Valuations are at a 9%+ CAPRATE which makes this fabulous buy an INVESTOR'S DREAM INCOME AQUISTION OPPORTUNITY & WITH TONS OF UPSIDE! The Blue Water Inn Hotel is a 40-Unit Mixed Use commercial investment property, with parking! This income producing gem is centrally located on a HIGH TRAFFIC CORNER of 8th & Ocean Ave in the very HEART OF THE HOTEL/ HOSPITALITY DISTRICT & situated on a whopping 135' x93.05 lot just a couple blocks from Ocean City's white sand beaches and bustling World Famous Boardwalk. The property features a total of40units which consists of: 32 hotel rooms (with 32 baths); 5 renovated apartments (3-1BR/1BA, 1-2BR/1BA, 1-3BR/1BA & 1-Manager'sefficiency apartment w/1BA); and 3 leased commercial stores on the street level of the building. The three commercial storefronts currently include a full-service restaurant and two additional food & beverage service retail stores. In addition, the building includes an additional 1/2 bath in Guest Check-In Lobby; 3 courtesy dayrooms with showers; laundry facility; and a total of 28 parking spaces in the parking lot adjacent to & in back of the hotel. Property recently started to undergo upgrades & renovations inclusive of the apartments; new front porch; and windows are relatively new. For the experienced developer/investor, this incredible acquisition opportunity comes with tremendous upside potential associated with property stabilization and income growth tied to increased seasonal rents to become in line with market rates, plus expanding business to include Winter Rental which could quickly add an instant $100K to the bottom line. Income generating investment opportunities like this come around rarely in Ocean City. Pre-Qual & NDA required for financially qualified buyers only. Call Now!
Last checked:
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Last updated Nov 15, 2024
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MLS# 590176 —
The Building
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New Construction:No
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Exterior:Vinyl
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Storms/Screens:Screens
Interior
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Other Rooms:Laundry/Utility Rm, Living Room, Workshop
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Basement:Crawl Space
Location
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Latitude:39.278452
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Longitude:-74.572582
The Property
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Location:Corner, See Remarks, Boardwalk Area
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Block #:705
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Lot #:17
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Lot Dimensions:135x93
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Outside Features:Porch
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Driveway:Blacktop
Listing Agent
- Contact info:
- Office phone:
- (866) 201-6210
Heating & Cooling
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Heating:None
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Air Conditioning:Ceiling Fan(s), Window Units
Utilities
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Water:Public
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Water Heater:Gas
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Sewer:Public Sewer
Appliances
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Appliances:Dryer, Microwave, Refrigerator, Washer
The Community
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Adult Community/55+:No
Parking
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Parking:Three or More Cars
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Garage:None
Extra Units
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# of Units:40
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
10/20/24
Oct 20, 2024
|
Listed / Active | SJSRMLS | $3,900,000 | |
|
8/20/24
Aug 20, 2024
|
Price Changed | SJSRMLS | ||
|
8/20/24
Aug 20, 2024
|
Listed / Active | SJSRMLS |
