Earl Alger - REMAX Distinctive
19 Macarthur Blvd
SOMERS POINT, NJ 08244

$3,555,000

Description

PRIME INVESTMENT OPPORTUNITY -- SHOVEL READY-- 114 ROOMS-- HOME 2 SUITES by HILTON--Expected to Return NEARLY $19M on a 7 year exit plan!INCLUDED IN PRICE: Free and Clear Land Ownership Transfer; All Zoning and Planning Boards and CAFRA Approvals; Approved Preliminary Architectural Plans and Assistance With Final Ready to Build Plans and Permitting; Executed Hilton Franchise Agreement Transfer; Site Work and Preparation Completed, Ready for Foundation; Introduction to Modular Unit Builder for floors 2 through 5; And, Full Cooperation and Assistance from Seller throughout the transition of ownership and construction period.PROJECT DESCRIPTION: A fully-approved, to-be-built five-story, 114-room extended-stay lodging facility situated on a 2.61 acre site in Somers Point, Ocean County, New Jersey. Amenities will include a breakfast dining area, an indoor swimming pool, a lobby work station, a market pantry, a guest laundry room, and a vending area. Paved parking spaces for 125 automobiles will surround the hotel. The gross building area is 69,029 square feet. The site is cleared and ready for construction. The first floor will be standard construction while floors 2 through 5 will be modular construction.The construction period is estimated at Ten to Twelve Months.PROPERTY TAX MAP ID: Block 1715, Lots 1 and 8; and, Block 1815, Lots 3 and 8ZONING DESIGNATION: HC-2: Highway Commercial

Details

MLS#NJAC102974
StyleIndustrial
Sub-TypeResale
StatusActive
Year0
Days On Site11

Features

Story(s)0
ZoningHC-2

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Area Information

StateNJ
CitySOMERS POINT
Zip Code08244
AreaSomers Point City (20121)
Listing VS Median (in 08244)
Price:
$3,555,000
low | high
Med:
$3,555,000
50% of Average
On Site:
11
low | high
Med:
11
100% of Average
Listing Updated: 01/20/2019
MLS Number: NJAC102974
Listing Provided By:
William Kilrain  of  American Heritage Realty

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