Property Description

HIGH CASH FLOW ASSET! Offered at over 12.5% CAP RATE, this Year-Round Rooming-House Operation is the most incredible CASH STREAM investment acquisition opportunity on the market! Located in heart of Ocean City on huge 50×120 Tri-Plex development lot, just 2 blocks from Beach/Boardwalk & locally known as “The Wave Beach House”, this CASH MACHINE features 33-units (mostly rooms & few apartments); runs 90-100% occupancy; & perfect for any savvy investor looking to purchase very rare CASH FLOW property w/spectacular ROI–which is absolutely impossible to come by–especially at this cap rate w/upside! Accommodations for local contractors, church volunteers & yr-round resort employees are extraordinarily difficult to find & is in exceptionally high demand, which keeps building nearly 100% occupied. Property features TWO RENTAL INCOME BUILDINGS: #1: Large 4-story main Rooming House building, consists of 4 floors w/one 2-bed/1-bath apt; 6 efficiency units; 11 rooms w/private baths; 12 rooms that share 2 baths; coin-operated laundry; HUGE under-utilized attic; & impressive furnace room w/new high-efficiency unit. #2: Small Apartment-Cottage Building in rear, consists of one 2-bedroom apartment, one 1-bedroom & one efficiency unit. Off street parking for 2 cars. Operation includes full time reliable manager who is willing to stay, if needed. Due to high cap rate offering, property is Being Sold AS IS w/no contingencies. NDA required prior to confirming site visit. See agent remarks.

Features
: Hot Water, Radiator, Baseboard
: Crawl Space
: 1 To 5 Spaces
: Brick, Frame/wood, Asbestos
: Asphalt
: Hardwood, Carpet-wall To Wall, Linoleum/vinyl
Address Map
US
NJ
Cape May
Ocean City
08226
Wesley Ave
916
0
W75° 25' 28.2''
N39° 16' 38.5''
33
MLS Addon
534997
Active
Additional Information
13/03/2020
4
$0
$0
: Public
: Public Sewer
: State

For Sale

916 Wesley Ave, Ocean City, New Jersey 08226

0 Bedrooms
23 Bathrooms
0 Sqft
$1,500,000
Listing ID #14163
Basic Details
Property Type :
Listing Type : For Sale
Listing ID : 14163
Price : $1,500,000
Bedrooms : 0
Bathrooms : 23
Half Bathrooms : 0
Square Footage : 0 Sqft
Year Built : 0
Lot Area : 0 Acre
Lot Dimensions : 50 x 120
Contact Agent