Address
916 Wesley Ave Ocean City, NJ
Price
$ 2,000,000
Property Attributes
  • MLS#548174
  • TypeCommercial
  • CountyCAPE MAY
  • CityOcean City
  • AreaOcean City-Central
  • Zip08226
  • StyleComm. w/Apartments,Commercial,Hotel
  • Taxes7686
  • Price$ 2,000,000
  • Bedrooms0
  • Full Bathrooms23
  • Half Bathrooms0
Listing Provided Courtesy Of:
Keller Williams Realty Jersey Shore-Ocean City
Data Source:
South Jersey Shore Regional MLS
Property Description

This year-round Rooming-House Operation is the most incredible CASH STREAM investment property on market boasting consistent CASH ON CASH returns for its owners. Income producing asset generated over $250K gross rents in 2020; maintained 90-100% occupancy throughout year; projected to do $320K gross rents in 2021, plus has a waiting list to get in! The “Wave Beach House” is located in heart of OCNJ, just 2 blocks to pristine Beaches & Boardwalk. It's perfect for any savvy investor looking to buy a rare income generating ROI property w/upside! Property consists of TWO income-producing buildings w/33 units (mostly rooms & some apts) on huge 50x120 by rights Tri-Plex development lot in heart of hospitality zone. Property includes: Large 4-story main Rooming House building consisting of: 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; & Small Apartment-Cottage Building in rear consisting of one 2-bed apartment, one 1-bedroom & 1 efficiency unit. Accommodations for local contractors, church volunteers & yr-round resort employees are very difficult to find & yet in high demand, which keeps building fully occupied. Cash contract offers only. Being sold AS IS w/no contingencies. Financials w/rent roll & property site visit available to serious qualified buyers w/receipt of a signed NDA & POF. Call Now!

Price History
3/12/2021 Listed $2,000,000

General Features

Class COMMERCIAL/INDUSTRIAL
Flooring Carpet-Wall to Wall, Hardwood, Linoleum/Vinyl
Heating Baseboard, Hot Water, Radiator
Listing Area Ocean City/Central
Parking 1 to 5 Spaces
Road Frontage State
Roof Asphalt
Sewer Public Sewer
Status UnderContract-Cont toShow
Status Active
Status Detail 3
Style Comm. w/Apartments, Commercial, Hotel, Other (See Remarks)
Tax Year 2020
Taxes 7686
Water Public

Interior Features

# of Units 33
Air Conditioning Ceiling Fan(s), Window Units
Basement Crawl Space
Hot Water Gas
Interior Features Fire Sprinkler System, Smoke/Fire Alarm, Storage
Specialty Rooms Laundry Room, Utility Room
Stories 4

Exterior Features

Exterior/Siding Asbestos, Brick, Frame/Wood
Lot Dimensions 50 x 120
Number of Buildings 1

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Zip Code Average in 08226

Price
AVG $1.2M
$2M
Taxes
AVG $4,854
$7,686
Visits
AVG 29
23
Walkscore
AVG 69
77
Data Provided by Walkscore ® not using MLS data

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