Sold
801 Asbury Ave
Ocean City NJ, 08226
$6,675,000
Sold
Commercial
COURT ORDERED BY FEDERAL CHAPTER 7 BANKRUPTCY FOR IMMEDIATE SALE! This bankruptcy approved listing is for the sale of Seven (7) individual Ocean City NJ real property parcels: Lots 8, 9, 10, 11, 12, 13, and 14 all located on Block 806. Sale includes: 1) Parcel #1: 801 Asbury Avenue (a.k.a Ocean City's Landmark "Crown Bank Building"), whose units #1, #2, #3, #4, #5 & #6 are each condoed by floor & sits on 66 x 100 lot (Lot 9). This large 6- Story 33,440 Sq Ft concrete building consists of 5 floors of mostly vacant professional offices for a total of 26,100 SF (5,220 SF per floor); and two desirable commercial stores on the ground floor which boasts 7,340 SF (total commercial floor area is 5,605 SF + total mezzanine area is 1,735 SF). Subject to municipal approvals, possible future uses for the building include, but are not limited to: downtown luxury hotel use; residential condoing; nursing home/senior housing use; dormitory for J-1 Visa students to support employment needs of business community; temperature controlled storage facility; professional office use; and a variety of other mixed use. Top floors have amazing Open Bay and Ocean/Beach views. 2) Parcel #2: Vacant Asbury Avenue Lot: 805 Asbury Ave, an adjacent lot to building which sits on 34 x 100 lot (Lot 8). Mixed Use by-rights vacant lot that you can build 2 large residential units over one commercial. 3) Parcels #3,#4,#5,#6, & #7: Five (5) parking lots all located and further described as: a) 412 E. 8th Street (Lots 10); and 800 Central Avenue (Lot 11); Corner lots off of 8th & Central Ave, combined is 130 x 100 size lot. Mixed use development opportunity. b) 812 Central Avenue (Lot 12); 816 Central Avenue (Lot 13); and 820 Central Avenue (Lot 14) - these 3 parking lots are located adjacent to City of Ocean City's municipal lots and currently support the parking needs of the Crown Bank Building. This is a Federal Court Ordered BANKRUPTCY. Trustee makes NO representations or warranties of any kind pertaining to this sales transaction. Buyer is responsible to complete their own advance due diligence. Property is being sold AS IS / WHERE IS NO CONTINGENCIES.
568723
MLSⓇ ID
October 21, 2022
Listed
February 16, 2024
Updated
Map
801 Asbury Ave
Ocean City NJ, 08226
Interior Features
Interior Features
220 Volt Electricity, 440 Volt Electricity, Display Windows, Elevator Pass, Fire Sprinkler System, Other (See Remarks), Restroom, Security System, Smoke/Fire Alarm, Storage, Three Phase Electric
Floor Description
Carpet-Partial, Hardwood, Other (See Remarks)
Fireplace
No
Cooling
Yes
Cooling Description
Central, Multi-Zoned
Heating
Yes
Heating Description
Forced Air, Gas-Natural, Multi-Zoned
Exterior/Building Features
Exterior Features
Security Light/System, Sign
Lot Features
Security Light/System, Sign
Roof
Other
Sewer
Public Sewer
Other Property Details
Area Name
Ocean City/Central
Taxes
$37,776
Tax Frequency
Annually
Garage
No
Parking
11 or More Spaces, Off Street, Paved
View
No
County
Cape May
Water Source
Public
Pool
No
Listed by with Keller Williams Realty Jersey Shore-Ocean City
Listing Contact:
The IDX display contains information sourced from the South Jersey Shore Regional MLS as of 2/16/2024. This data is intended solely for personal, non-commercial use and is not to be utilized for any other purposes except to identify potential properties for purchase. Although the MLS data displayed is typically considered reliable, it is not guaranteed to be accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and are advised to conduct their own investigations or seek professional assistance. Other sources besides the Listing Agent may have contributed to the MLS data presented. Unless expressly specified in writing, the Broker/Agent has not confirmed any information obtained from external sources. The Broker/Agent may or may not have acted as the Listing and/or Selling Agent and cannot guarantee the accuracy of property locations displayed on any map. Any compensation offers are solely made to participants of the MLS where the listing is registered.
©2024 South Jersey Shore Regional MLS all rights reserved.
Data last updated on 2/16/2024 at 2:23 AM UTC