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!
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Property Sales & Tax
Tax History
YEAR
PROP. TAX
ASSESSMENT
2020
$11,604
$1,200,000
2019
$11,496
$1,200,000
2018
$11,496
$1,200,000
2017
$11,316
$1,200,000
History based on county public records data.
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
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Nearby Schools
5
/10
Ocean City Primary School
550 West Ave
Distance between this listing and this school0.35 miles
Public District Grades PK-3
2
/10
Dawes Avenue Elementary School
22 W Dawes Ave
Distance between this listing and this school3.29 miles
Public District Grades KG-3
6
/10
Seaview Elementary School
2013 Wabash Ave
Distance between this listing and this school3.95 miles
Public District Grades PK-4
Nearby Schools
6
/10
Ocean City Intermediate School
1901 Bay Avenue
Distance between this listing and this school1.22 miles
Public District Grades 4-8
4
/10
Jordan Road Middle School
129 Jordan Rd
Distance between this listing and this school3.39 miles
Public District Grades 4-8
7
/10
Belhaven Middle School
51 Belhaven Ave
Distance between this listing and this school4.37 miles
Public District Grades 5-8
Nearby Schools
5
/10
Ocean City High School
501 Atlantic Ave
Distance between this listing and this school0.28 miles
Public District Grades 9-12
2
/10
Chartertech High School for the Performing Arts
413 New Rd
Distance between this listing and this school3.69 miles
Public Charter Grades 9-12
5
/10
Mainland Regional High School
1301 Oak Ave
Distance between this listing and this school4.67 miles
The neighbors living near this home have an average income of $49,423. The most common annual income of people living in Ocean City, NJ is between $35k-100k. The majority of families are single, no kids. The most common level of education of people living in this area is post secondary degree.
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This home is located at 617 E 8th St in Ocean City, NJ and zip code 08226. It has been listed on Rocket Homes since October 21, 2024 and is currently priced at $3,900,000.
In November 2024 more than 5 listings in Ocean City, NJ were sold above the asking price. During the same period more than 4 listings were sold at asking price, while more than 20 were sold below. The number of listings in Ocean City, NJ decreased by 9.3% between October 2024 and November 2024. In November 2024, listings were on the market for 74 days. During the same period, the median list price in this real estate market was $915,800.
From Rocket Homes Real Estate and based on county public records data.
Disclaimer: The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the South Jersey Shore Regional (SJSR) MLS. Real estate listings held by brokerage firms are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. © 2024 SJSR MLS. All rights reserved. 
Hiking/backpacking
Hiking/backpacking
Horse Races
Figure Skating
Nordstrom Rack
Stein Mart
Chico's
Chipotle
LongHorn Steakhouse
Bob Evans
Mazda
Buick
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Rock
Contemporary Inspirational
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