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$ 8,750,000
Est. payment | /mo
$ 8,750,000
Est. payment | /mo
Key Details
Property Type Multi-Family
Sub Type 51 - 100 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID 596173
Annual Tax Amount $24,744
Tax Year 2024
Property Sub-Type 51 - 100 Units
Property Description
Unmatched Investment Opportunity – Dual Hotel Portfolio in the Heart of Ocean City, NJ! Now available: a rare chance to acquire TWO established hospitality properties in one of the most coveted beach destinations on the East Coast! Located just steps from the Ocean City boardwalk and beaches, 724 Ocean Avenue and 617 E 8th Street are being offered as a combined hotel package — delivering prime location, proven cash flow, and substantial upside potential. 724 Ocean Avenue (The COVE Hotel): A classic shore hotel featuring 29 guest rooms (plus 10 additional bonus room to house staff), swimming pool, on-site parking, common living room, and on-site amenities — ideal for short-term rentals, group lodging, or seasonal stays. The Cove is newly renovated making it a turnkey opportunity. 617 E 8th Street (The BLUE WATER Inn): Just around the corner, this second hotel property adds 40 additional rentable units with a parking lot, which includes 32 hotel suites, 5 apartments and 3 currently leased commercial units, perfect for expanding occupancy and revenue. This hotel is one of the last moderately priced hotels and "value add" property available in Ocean City. Key Investment Highlights: • Prime boardwalk/beach-block location • Combined high-capacity lodging potential • Strong repeat guest base • Zoned for hospitality • Turnkey operation or value-add opportunity • Perfect for boutique hotel operators, group rental hosts, or portfolio investors Opportunities like this rarely come to market — own a piece of Ocean City's thriving tourism economy with two centrally located hospitality assets that offer immediate income and long-term appreciation. Each hotel property (724 Ocean Ave & 617 E 8th St) is listed separately for sale. This offering is for your opportunity to buy as a package only while still available as a combo sale. Shown by appointment only. NDA and proof of funds required.
Location
State NJ
County Cape May
Community Ocean City
Area Ocean City/Central
Location Details See Remarks
Rooms
Other Rooms Laundry/Utility Rm, Living Room
Basement Slab
Interior
Heating No Heating, Space/Wall/Floor
Exterior
Exterior Feature Shingle, Vinyl
Parking Features None
Building
Sewer Public Sewer
Water Public
Others
Senior Community No
Listed by eXp Realty - Ocean City O382L
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