1125 Ocean Ave

Ocean City, NJ, 08226

$13,500,000

$13,500,000
Active
Active
 - For Sale
property_type
Multi-family
Ocean City NJ's FAMOUS LANDMARK Properties Are For Sale! This very RARE "Once-In-A-Lifetime" AQUISTION OPPORTUNITY sale is for 3 properties & business consisting of 57 (various) units operating as Tahiti Inn Motel & Apartments+3 developable lots, currently operating as two parking lots, all which total approx ONE (1) ACRE of Prime Coveted BEACHBLOCK/OFF-BOARDWALK OCNJ real estate. Just a few steps to beach & boardwalk, these 3 large parcels include: 1125 Ocean Ave: Huge 210 x 130 CORNER property consists of Motel building; Apt building; main lobby w/public bath; large heated Swimming Pool & Sundeck Area; on-site laundry facility; hotel on-site under cover parking garage (1 spot p/rm); & operation features 57 keys (69 beds/65 baths). These include: 42 Motel Rooms/Suites & some w/kitchenettes; 12 Apts (22 beds/20 baths & all w/full kitchens); 1 Owner’s Apt (2 bed/1 bath);1 Manager’s Apt (1 bed/1 bath); 1 Employee Rm (Multiple beds for J-1s & small kitchenette). Sellers P&Ls represent 7-8% asking cap rate on NOI + the 3 lots. 1115 Ocean Ave: PARKING LOT#1, next door to motel, is a combined double 90x130 lot, est value: $4+million. 1116 Ocean Ave: PARKING LOT#2: 50x135 lot across the street, est value: $2.5million & can build a triplex. All 3 parcels are located in Hospitality Zone, which boasts variety of impressive by-right development opportunities. A huge piece of Off Beach/Boardwalk land is exceptionally rare to find on any island beach resort, especially OCNJ! Call Now!
MLS® ID:
564239
Updated:
6/25/22

Interior Features

Kitchen Appliances
Dishwasher, Disposal, Dryer, Electric Stove, Microwave, Refrigerator, Washer
Total Bedrooms
0
Total Bathrooms
0
Cooling
Central, Electric, Gas, Wall Units
Heating
Forced Air, See Remarks, Space/Wall/Floor

Exterior/Building Features

Exterior Features
Deck, In Ground Pool, Porch, Sidewalks, Concrete, Stucco
Sewer
Public Sewer

Other Property Details

Area Name
Ocean City/Central
Taxes
$55860
Tax Frequency
per YEAR
Attached Garage
Yes
Parking
Three or More Cars
View
N
County
Cape May
Water Source
Public
Pool
Yes

 

Courtesy of Keller Williams Realty Jersey Shore-Ocean City

Information Deemed Reliable But Not Guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Novelli Team shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

©2022 South Jersey Shore Regional MLS. All rights reserved.

Data last updated 7:46 AM UTC, 6/25/22

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