Passport Inn Somers Point
22 Room Hotel | Somers Point, NJ 08244 | $2,899,999 ($131,818/Room) | 17.24% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $2,899,999
- Property Type
-
Hospitality
- Square Feet
- 8,698 SF
Listing Contacts
Kayla Noll
Verified Profile
Eric Booth
Verified Profile
- Property Info
Property Overview
Welcome to "The Passport Inn" (6 MacArthur Blvd) a rare and exceptional opportunity to own a prime piece of real estate in the highly sought after area of Somers Point, NJ. This unique property features an impressive 8698 square feet of space made up of a 22-unit motel and an additional 3-bed 2-bath apartment, perfect for owner's quarters or additional rental/ABNB income. The apartment has always been utilized by the owners who have owned and operated the property for over 30 years. The property boasts a sizable lot measuring 150 x 190 square feet,providing ample space for guests to enjoy. With impressive cash flow over the past 30 years and a desirable location across the street from the renowned Crab Trap restaurant and right over the 9th St bridge leading into Ocean City, this property presents an unparalleled opportunity to capture the shore rental market. The motel consistently operates at 100% capacity during the summertime and maintains a strong 70% bookingrate in the offseason, ensuring a steady income stream with a loyal repeat customer base all year round. In 2011 the property underwent upgrades and renovations including new electric, plumbing, stucco, roof, pool, heating/air system, and much more. Don't miss out on this one-of-a-kind location and the chance to own a thriving business in the desirable Somers Point area.
Financials provided upon a successful walk through of the property. proof of funds and/or pre approval required from all prospective buyers.
Financials provided upon a successful walk through of the property. proof of funds and/or pre approval required from all prospective buyers.
Property Details
- Class
- C
- Year Built/Renovated
- 1959/2011
- Stories
- 2
- Property Subtype
- Hotel
- Lot Size (sq. ft)
- 22,216 SF
- Units
- 22
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