Wildwood Park
13 Unit Apartment Building | $1,576,000 ($121,231/Unit) | Cape May Court House, NJ 08210
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $1,576,000
- Property Type
-
Multifamily
- Square Feet
- 5,452 SF
Listing Contacts
David Joslin
Verified Profile
Benjamin Haberman
Verified Profile
- Property Info
Property Overview
Package deal. Located at 405 N Wildwood Blvd right off the Garden State Parkway, the property is a former hotel that was converted to multifamily apartments. The property has been fully renovated including new mechanicals and is ready with 13 Market Rate apartments (11 efficiencies, 1 - one bed, 1 - three bed). The building’s construction with all units being first floor walk-ins, having on-site laundry, and room for additional storage units will add to its appeal. This property will allow an investor to capture full market rents and add significant value through lease-up in a rental area with huge demand. N Wildwood Blvd benefits from its close proximity to North Wildwood’s beaches and extended shoulder season to bolster Airbnb models. To the west, Burleigh is aggressively developing commercial real estate which may interest investors in also purchasing 401 N Wildwood Blvd on this same parcel. Netting 222’ of frontage and 1.08 AC of dry land opens up a number of additional opportunities in a high traffic, high visibility area.
Property Details
- Class
- B
- Year Built/Renovated
- 1956/2023
- Stories
- 2
- Lot Size (sq. ft)
- 47,045 SF
- Units
- 13
Highlights
- 222 Ft of frontage in a high traffic, high visibility area
- New mechanicals, new roofs, new septic
- Huge rental demand
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