617 E 8th St Ocean City, NJ 08226
Estimated payment $21,706/month
Highlights
- Corner Lot
- Furnished
- Shades
- Ocean City Primary School Rated A
- Workshop
- 2-minute walk to North Street Playground
About This Home
This is the very BEST VALUE-ADD ON THE JERSEY SHORE ISLAND RESORT MARKET! Current Cash Flow Valuations are at a 9%+ CAPRATE which makes this fabulous buy an INVESTOR'S DREAM INCOME AQUISTION OPPORTUNITY & WITH TONS OF UPSIDE! The Blue Water Inn Hotel is a 40-Unit Mixed Use commercial investment property, with parking! This income producing gem is centrally located on a HIGH TRAFFIC CORNER of 8th & Ocean Ave in the very HEART OF THE HOTEL/ HOSPITALITY DISTRICT & situated on a whopping 135' x93.05 lot just a couple blocks from Ocean City's white sand beaches and bustling World Famous Boardwalk. The property features a total of40units which consists of: 32 hotel rooms (with 32 baths); 5 renovated apartments (3-1BR/1BA, 1-2BR/1BA, 1-3BR/1BA & 1-Manager'sefficiency apartment w/1BA); and 3 leased commercial stores on the street level of the building. The three commercial storefronts currently include a full-service restaurant and two additional food & beverage service retail stores. In addition, the building includes an additional 1/2 bath in Guest Check-In Lobby; 3 courtesy dayrooms with showers; laundry facility; and a total of 28 parking spaces in the parking lot adjacent to & in back of the hotel. Property recently started to undergo upgrades & renovations inclusive of the apartments; new front porch; and windows are relatively new. For the experienced developer/investor, this incredible acquisition opportunity comes with tremendous upside potential associated with property stabilization and income growth tied to increased seasonal rents to become in line with market rates, plus expanding business to include Winter Rental which could quickly add an instant $100K to the bottom line. Income generating investment opportunities like this come around rarely in Ocean City. Pre-Qual & NDA required for financially qualified buyers only. Call Now!
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $12,348
Lot Details
- Lot Dimensions are 135x93
- Corner Lot
Parking
- 3 Parking Spaces
Home Design
- Vinyl Siding
Interior Spaces
- Furnished
- Ceiling Fan
- Shades
- Drapes & Rods
- Blinds
- Living Room
- Workshop
- Crawl Space
- Storm Screens
- Microwave
Laundry
- Laundry Room
- Dryer
- Washer
Outdoor Features
- Porch
Utilities
- Window Unit Cooling System
- Gas Water Heater
Listing and Financial Details
- Legal Lot and Block 17 / 705
Community Details
Overview
- 40 Units
Recreation
- Community Boardwalk
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $13,464 | $1,200,000 | $701,800 | $498,200 |
| 2024 | $13,464 | $1,200,000 | $701,800 | $498,200 |
| 2023 | $12,852 | $1,200,000 | $701,800 | $498,200 |
| 2022 | $12,348 | $1,200,000 | $701,800 | $498,200 |
| 2021 | $12,060 | $1,200,000 | $701,800 | $498,200 |
| 2020 | $11,736 | $1,200,000 | $701,800 | $498,200 |
| 2019 | $11,604 | $1,200,000 | $701,800 | $498,200 |
| 2018 | $11,496 | $1,200,000 | $701,800 | $498,200 |
| 2017 | $11,316 | $1,200,000 | $701,800 | $498,200 |
| 2016 | $10,884 | $1,200,000 | $701,800 | $498,200 |
| 2015 | $10,740 | $1,200,000 | $701,800 | $498,200 |
| 2014 | $10,584 | $1,200,000 | $701,800 | $498,200 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 08/11/2025 08/11/25 | Pending | -- | -- | -- |
| 10/10/2024 10/10/24 | For Sale | $3,900,000 | -- | -- |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Bargain Sale Deed | $3,250,000 | -- | |
| Bargain Sale Deed | $3,250,000 | None Listed On Document | |
| Deed | $1,575,000 | Surety Title | |
| Bargain Sale Deed | $1,400,000 | None Available |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $4,680,000 | New Conventional | |
| Closed | $4,680,000 | New Conventional | |
| Previous Owner | $1,393,000 | Credit Line Revolving | |
| Previous Owner | $1,400,000 | Commercial |
Source: South Jersey Shore Regional MLS
MLS Number: 590176
APN: 08-00705-0000-00017
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