Log In/Sign Up
Your email has been sent.
The Cove 724 Ocean Ave 29 Room Hotel Ocean City, NJ 08226 $6,979,600 CAD ($240,676 CAD/Room) 7.70% Cap Rate
INVESTMENT HIGHLIGHTS
- Located just a block and a half to pristine beaches and World Famous boardwalk
EXECUTIVE SUMMARY
RARE ACQUISITION OPPORTUNITY - HEART OF OCEAN CITY’S HOSPITALITY DISTRICT! Securing a hotel operation in Ocean City NJ is like winning a lottery ticket – it rarely happens! First and due to super low hotel-room supply and incredibly high demand, there are only a handful of coveted hospitality assets available in Ocean City, which happens to continuously fuel investors upside. Second, it’s only once every few decades that a turn-key hotel hits the market on this high disposable income beach island resort. Located in the historic district, this brand newly remodeled hotel is modernly appointed with today’s fashion forward designs, high ceilings, wide hallways, generous common area spaces and a coveted wrap-around porch like no other! It boasts 29 fabulous hotel suites (including three 2-bedroom suites); a bonus income hotel section that includes 10 additional rooms which can house up to 29 staff and/or island employees requiring seasonal accommodation; 25 parking spaces in an adjacent parking lot; and an in-ground swimming pool at the back of the hotel. Ideally situated just a short 1 ½ block from Ocean City’s white soft sandy beaches and world-famous boardwalk, its superb “walk-to-everything” location makes it the perfect spot for vacationers. Property was completely renovated, yet intentionally retained some of its architectural exterior and interior details to preserve the old school Ocean City allure and still left room for a new owner to incorporate their own touches making this unique hospitality property a truly “one-of-a kind” gem. The hotel opened its doors in late Summer 2024, enjoyed an impressive opening start-up season (whose late seasonal start income generates approx. 7% cap rate) with nothing but upside and opportunity tied to its ongoing and future operation. Winter Rentals could quickly add an instant $100K to the bottom line. Income generating investment opportunities like this come around rarely in Ocean City. This is a perfect asset for any existing short-term rental investor or hotelier looking to scale up and add to their portfolio. 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
- High Speed Internet Access
- Patio
- Public Access Wifi
- Smoke-Free
- Multi-Room Suites
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Suite | 3 | $864.07 CAD | - |
| Guest Room | 26 | $390.86 CAD | - |
Walk Score®
Walker's Paradise (90)
Bike Score®
Biker's Paradise (98)
PROPERTY TAXES
| Parcel Number | 08-00705-0000-00016 | Improvements Assessment | $729,882 CAD |
| Land Assessment | $815,191 CAD | Total Assessment | $1,545,074 CAD |
PROPERTY TAXES
Parcel Number
08-00705-0000-00016
Land Assessment
$815,191 CAD
Improvements Assessment
$729,882 CAD
Total Assessment
$1,545,074 CAD
1 of 67
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Presented by
The Cove | 724 Ocean Ave
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.