HIGH CASH FLOW ASSET! Offered at over 12.5% CAP RATE, this Year-Round Rooming-House Operation is the most incredible CASH STREAM investment acquisition opportunity on the market! Located in heart of Ocean City on huge 50x120 Tri-Plex development lot, just 2 blocks from Beach/Boardwalk & locally known as “The Wave Beach House”, this CASH MACHINE features 33-units (mostly rooms & few apartments); runs 90-100% occupancy; & perfect for any savvy investor looking to purchase very rare CASH FLOW property w/spectacular ROI--which is absolutely impossible to come by--especially at this cap rate w/upside! Accommodations for local contractors, church volunteers & yr-round resort employees are extraordinarily difficult to find & is in exceptionally high demand, which keeps building nearly 100% occupied. Property features TWO RENTAL INCOME BUILDINGS: #1: Large 4-story main Rooming House building, consists of 4 floors w/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. #2: Small Apartment-Cottage Building in rear, consists of one 2-bedroom apartment, one 1-bedroom & one efficiency unit. Off street parking for 2 cars. Operation includes full time reliable manager who is willing to stay, if needed. Due to high cap rate offering, property is Being Sold AS IS w/no contingencies. NDA required prior to confirming site visit. See agent remarks.
Listing courtesy of: KELLER WILLIAMS REALTY JERSEY SHORE-Ocean City
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