PAVILION HOTEL & APARTMENTS. This is a "Once-In-A-Lifetime & RARE Multi Use/Multi-Family AQUISTION OPPORTUNITY! This sale is for both real estate property and business consisting of a 58 unit operating motel; onsite restaurant; reception; swimming pool & 54 onsite parking spaces. The Pavilion Building is only one of four hospitality/multifamily income producing properties associated under one operation. (Other three include: 811 Atlantic Ave; 825 Atlantic Ave; and 813 Moorlyn Terrace. Altogether, the FOUR properties consist of 91 units of various size & amenities; produce income under one consolidated hospitality operation & reported P&L; and altogether are being offered for sale at an approx. 7-8% cap rate.) All properties are located ON BEACHBLOCK & OFF BOARDWALK in the Heart of the Hospitality Zone - Overlooking Ocean City NJ Beaches & Boardwalk– America’s Greatest Family Resort!!! The central location of these properties are indisputably positioned within Ocean City’s highest traffic volume for beach, boardwalk, hospitality, and tourist destination spots. In addition, the seller is also selling two additional Boardwalk parking lots consisting of 146 existing parking spaces (listed separately: 748 Boardwalk Rear & 821 E 8th St) along w/two other single family home properties strategically located at 725-727 Atlantic Ave, adjacent to the existing parking lots. Total acquisition of all 8 properties would equal about 2.3 Acres of Prime Beachblock, Off Boardwalk property.
Listing courtesy of: KELLER WILLIAMS REALTY JERSEY SHORE oc
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