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$ 1,369,000
Est. payment | /mo
$ 1,369,000
Est. payment | /mo
Key Details
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID 261237
Year Built 1938
Annual Tax Amount $13,101
Tax Year 2025
Lot Dimensions 5401
Property Sub-Type Mixed Use
Property Description
Exceptional workforce housing investment opportunity just one block from the beach and boardwalk in one of the Jersey Shore's most in-demand seasonal employment markets. This 14-bedroom, 11-bath property is fully configured for J1 and seasonal employee housing, offering strong existing cash flow with additional upside potential. The property currently accommodates 42 beds across multiple bunk-style rooms, with the ability to expand to 48 beds to further increase revenue. Designed for efficient high-occupancy operation, the property features secure keypad room entry, a spacious common kitchen and dining area, and a highly functional bathroom layout. The second floor includes 8 private shower stalls and 8 private toilet stalls, while the first floor offers two full bathrooms, plus an additional full bathroom within the 2-bedroom apartment. Current operations generate approximately $139,200 in gross annual income, reflecting a 7.09% cap rate based on current operations. Income is derived from seasonal workforce housing revenue averaging approximately $175 per bed, per week, over a 16-week season, in addition to rental income from the 2-bedroom, 1-bath apartment, which is currently rented for $1,800 per month. Situated on a 60x90 corner lot, the property also features 14 off-street parking spaces and large front porches on both levels, adding to the property's functionality and appeal for tenants. An outstanding opportunity for investors, operators, or employers seeking a proven income-producing asset with expansion potential in a prime shore location.
Location
State NJ
County Cape May County
Area Wildwood
Location Details Beach Block,Corner,Island
Rooms
Other Rooms Living Room, Kitchen, Eat In Kitchen, Pantry
Interior
Hot Water Electric
Heating Electric
Cooling Other
Exterior
Exterior Feature Patio, Deck
Building
Lot Description Beach Block, Corner, Island
Sewer City
Water City
New Construction No
Listed by DON MARTIN REALTY, INC
NEARBY SCHOOLS & PROPERTIES
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