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Blue Water Inn (Hotel, Apts & Stores) 617 E 8th St 37 Room Hotel Ocean City, NJ 08226 $3,900,000 ($105,405/Room) 9.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Centrally Located in HEART of HOTEL / HOSPITALITY ZONE
- 39-UNIT Income Producing MIXED -USE INVESTMENT Property with Parking
- Near Ocean City's DOWNTOWN Shopping District
- Near Ocean City BEACHES & BOARDWALK
- 32 Hotel Room Suites: 4 Apartments: 3 Commercial Storefronts
EXECUTIVE SUMMARY
BACK ON MARKET & REDUCED! This is the very BEST VALUE-ADD ON THE JERSEY SHORE ISLAND RESORT MARKET! Current Cash Flow Valuations are at a 9%+ CAP RATE which makes this fabulous buy an INVESTOR'S DREAM INCOME AQUISTION OPPORTUNITY & WITH TONS OF UPSIDE!
The Blue Water Inn Hotel is a 40-Unit Mixed Use commercial investment property, with parking! This income producing gem is centrally located on a HIGH TRAFFIC CORNER of 8th & Ocean Ave in the historic district in the very HEART OF THE HOTEL/ HOSPITALITY DISTRICT & situated on a whopping 135' x 93.05 lot just a couple blocks from Ocean City's white sand beaches and bustling World- Famous Boardwalk.
The property features a total of 40units which consists of: 32 hotel rooms (with 32 baths); 5 renovated apartments (3-1BR/1BA, 1-2BR/1BA, 1-3BR/1BA & 1-Manager's efficiency apartment w/1BA); and 3 leased commercial stores on the street level of the building. The three commercial storefronts currently include a full-service restaurant and two additional food & beverage service retail stores. In addition, the building includes an additional 1/2 bath in Guest Check-In Lobby; 3 courtesy dayrooms with showers; laundry facility; and a total of 28 parking spaces in the parking lot adjacent to & in back of the hotel. Property recently started to undergo upgrades & renovations inclusive of the apartments; new front porch; and windows are relatively new.
For the experienced developer/investor, this incredible acquisition opportunity comes with tremendous upside potential associated with property stabilization and income growth tied to increased seasonal rents to become in line with market rates, plus expanding business to include Winter Rental which could quickly add an instant $100K to the bottom line. Income generating investment opportunities like this come around rarely in Ocean City.
Pre-Qual or Proof of Funds & NDA are required for financially qualified buyers only, and Buyers must complete and satisfy all their own due diligence. For more property details, obtain an NDA to review financials and schedule a private showing, please call us directly now.
The Blue Water Inn Hotel is a 40-Unit Mixed Use commercial investment property, with parking! This income producing gem is centrally located on a HIGH TRAFFIC CORNER of 8th & Ocean Ave in the historic district in the very HEART OF THE HOTEL/ HOSPITALITY DISTRICT & situated on a whopping 135' x 93.05 lot just a couple blocks from Ocean City's white sand beaches and bustling World- Famous Boardwalk.
The property features a total of 40units which consists of: 32 hotel rooms (with 32 baths); 5 renovated apartments (3-1BR/1BA, 1-2BR/1BA, 1-3BR/1BA & 1-Manager's efficiency apartment w/1BA); and 3 leased commercial stores on the street level of the building. The three commercial storefronts currently include a full-service restaurant and two additional food & beverage service retail stores. In addition, the building includes an additional 1/2 bath in Guest Check-In Lobby; 3 courtesy dayrooms with showers; laundry facility; and a total of 28 parking spaces in the parking lot adjacent to & in back of the hotel. Property recently started to undergo upgrades & renovations inclusive of the apartments; new front porch; and windows are relatively new.
For the experienced developer/investor, this incredible acquisition opportunity comes with tremendous upside potential associated with property stabilization and income growth tied to increased seasonal rents to become in line with market rates, plus expanding business to include Winter Rental which could quickly add an instant $100K to the bottom line. Income generating investment opportunities like this come around rarely in Ocean City.
Pre-Qual or Proof of Funds & NDA are required for financially qualified buyers only, and Buyers must complete and satisfy all their own due diligence. For more property details, obtain an NDA to review financials and schedule a private showing, please call us directly now.
PROPERTY FACTS
AMENITIES
- Pool
- Restaurant
- High Speed Internet Access
- Patio
- Public Access Wifi
- Smoke-Free
- Fully-Equipped Kitchen
- Multi-Room Suites
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Suite | 5 | $197.00 | - |
| Guest Room | 32 | $146.00 | - |
Walk Score®
Walker's Paradise (90)
Bike Score®
Biker's Paradise (98)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,020,100 | |
| Land Assessment | $1,284,700 | Total Assessment | $2,304,800 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,284,700
Improvements Assessment
$1,020,100
Total Assessment
$2,304,800
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Blue Water Inn (Hotel, Apts & Stores) | 617 E 8th St
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