Homes for sale - 724 Ocean Ave, Ocean City, NJ 08226

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Erica Wright

erica@vrarealty.com +1(215) 264-7961

$ 5,000,000

Est. payment | -/mo

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$ 5,000,000

Est. payment | -/mo

Save Virtual Tour

Key Details

Property Type Multi-Family

Sub Type 21 - 50 Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID 596172

Annual Tax Amount $12,396

Tax Year 2024

Property Sub-Type 21 - 50 Units

Property Description

RARE ACQUISITION OPPORTUNITY - HEART OF OCEAN CITY'S HOSPITALITY DISTRICT! Securing a hotel operation in Ocean City NJ is like winning a lottery ticket – it rarely happens! First and due to super low hotel-room supply and incredibly high demand, there are only a handful of coveted hospitality assets available in Ocean City, which happens to continuously fuel investors upside. Second, it's only once every few decades that a turn-key hotel hits the market on this high disposable income beach island resort. This brand newly remodeled hotel is modernly appointed with today's fashion forward designs, high ceilings, wide hallways, generous common area spaces and a coveted wrap-around porch like no other! It boasts 29 fabulous hotel suites (including three 2-bedroom suites); a bonus income hotel section that includes 10additional rooms which can house up to 29 staff and/or island employees requiring seasonal accommodation; 25 parking spaces in an adjacent parking lot; and an in-ground swimming pool at the back of the hotel. Ideally situated just a short 1 ½ block from Ocean City's white soft sandy beaches and world-famous boardwalk, its superb “walk-to-everything” location makes it the perfect spot for vacationers. Property wascompletely renovated, yet intentionally retained some of its architectural exterior and interior details to preserve the old school Ocean City allureand still left room for a new owner to incorporate their own touches making this unique hospitality property a truly “one-of-a kind” gem. The hotel opened its doors in late Summer 2024, enjoyed an impressive opening start-up season (whose late seasonal start income generates approx.7% cap rate) with nothing but upside and opportunity tied to its ongoing and future operation. Winter Rentals could quickly add an instant $100Kto the bottom line. Income generating investment opportunities like this come around rarely in Ocean City. This is a perfect asset for any existing short-term rental investor or hotelier looking to scale up and add to their portfolio. Pre-Qual & NDA are required for financially qualified buyers only. For more property details, obtain an NDA to review financials and schedule a private showing, please call us directly now.

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, Storage Attic, Workshop

Basement Slab

Interior

Heating Space/Wall/Floor

Exterior

Exterior Feature Shingle

Parking Features None

Building

Sewer Public Sewer

Water Public

Others

Senior Community No

Virtual Tour https://youtu.be/SqEJJa2XWl8?si=PxT0gnC_5wr47He_

South Jersey Shore Regional MLS (SJSRMLS)

Listed by eXp Realty - Ocean City O382L

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(215) 264-7961

erica@vrarealty.com

1244 West Chester Pike, Suite 409, West Chester, Pennsylvania, 19382, USA

724 Ocean Ave Ocean City, NJ 08226