Address
916 Wesley Ave Ocean City, NJ
Price
$ 2,000,000
Property Attributes
  • MLS#539892
  • TypeMulti-Family
  • CountyCAPE MAY
  • CityOcean City
  • AreaOcean City-Central
  • Zip08226
  • Style21 - 50 Units
  • Price$ 2,000,000
  • Bedrooms5
  • Full Bathrooms0
  • Half Bathrooms0
Listing Provided Courtesy Of:
Keller Williams Realty Jersey Shore-Ocean City
Property Description

BACK ON MARKET-Come See This CASH GENERATING property in person & BRING AN OFFER! Sellers motivated to close quickly. Over $300K in gross rents, 90-100% occupancy w/increasing income & waiting list, this CASH FLOWING asset is being sold at 10%+cap rate. Yr-Round Apt/Rooming-House Operation is most incredible CASH STREAM investment opportunity on market! The “Wave Beach House” consists of TWO income-producing buildings w/33 units (mostly rooms & some apts) on huge 50x120 Tri-Plex lot. 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. This CASH MACHINE is located in heart of Ocean City, just 2 blocks to Beach/Boardwalk & is perfect for savvy investor looking to buy a very rare income generating property w/spectacular ROI--w/ongoing upside! Accommodations for local contractors, church volunteers & yr-round resort employees are extraordinarily difficult to find & yet exceptionally in high demand, which keeps building fully occupied. Being Sold AS IS w/no contingencies. Cash offers only. P&L financials w/rent roll & property site visit available to serious qualified buyers w/receipt of a signed NDA. Call Now!

Price History
7/29/2020 Listed $2,000,000

General Features

Appliances Dishwasher, Dryer, Gas Stove, Microwave, Refrigerator, Self Cleaning Oven, Washer
Class MULTI-FAMILY
Garage None
Heating Baseboard, Hot Water, Radiator
Listing Area Ocean City/Central
Sewer Public Sewer
Status Active
Status Back on Market
Status Detail 1
Type 21 - 50 Units
Water Public
Water Heater Gas

Interior Features

# of 1 Bedroom Units 1
# of 2 Bedroom Units 2
# of Units 33
Air Conditioning Ceiling Fan(s), Window Units
Basement Crawl Space
Efficiency Units 7
Other Rooms Laundry/Utility Rm, Storage Attic

Exterior Features

Driveway Gravel
Exterior Asbestos, Brick, Wood
Lot Dimensions 50 x 120
Outside Features Curbs, Sidewalks
Separate Meters Electric, Gas
Storms/Screens Partial, Screens

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult
  • 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 $1.32M
$2M
Visits
AVG 17
24
Walkscore
AVG 63
77
Data Provided by Walkscore ® not using MLS data

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