617 E 8th St Ocean City, NJ

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E Th St, Ocean City, Home For Sale

Price: $3,900,000
Address: 617 E 8th St
City: Ocean City
State: NJ
Zip:
Amenities: Parking,Patio/Deck
Bedrooms: 3
Fee: No
Provided By: RealtyWW

Description:

This is the very BEST VALUE-ADD ON THE JERSEY SHORE ISLAND RESORT MARKET! Current Cash Flow Valuations are at a 9%+ CAP RATE which makes this fabulous buy an INVESTOR'S DREAM INCOME AQUISTION OPPORTUNITY and 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 and Ocean Ave in the very HEART OF THE HOTEL/ HOSPITALITY DISTRICT and situated on a whopping 135' x 93.05 lot just a couple blocks from Ocean City's white sand beaches and bustling World Famous Boardwalk. The property features a total of 40units which consists of: 32 hotel rooms (with 32 baths); 5 renovated apartments (3-1BR/1BA, 1-2BR/1BA, 1-3BR/1BA and 1-Manager's efficiency 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 and beverage service retail stores.

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