5,184 SqFt
5,184 SqFt
Key Details
Property Type Multi-Family
Sub Type Detached
Listing Status Active
Purchase Type For Sale
Square Footage 5,184 sqft
Price per Sqft $925
MLS Listing ID NJCM2005614
Style Other
Abv Grd Liv Area 5,184
Year Built 1949
Annual Tax Amount $8,818
Tax Year 2024
Lot Size 4,082 Sqft
Acres 0.09
Lot Dimensions 48.00 x 85.00
Property Sub-Type Detached
Source BRIGHT
Property Description
Current Project Approval:
The first floor must remain commercial. The second and third floors will consist of 5 condos (for residential use). Each unit is approx. 1260 Sq Ft. The sixth unit must also remain commercial, potentially for managing the property (e.g., HOA or similar). Pricing & Financials:
Asking Price: $4.8 million.
Anticipated Resale of Upper Units: Between $1.3M - $1.5M each for the condos. They do have ocean views. ROI $6.5 - $7.5M just in the resale condo's. Commercial Space: The seller is offering to buy back the commercial space (restaurants and 6 walk-up windows) as a shell, But there is also the option for the seller to complete their own build-outs, and sell the units or use and rentals. Anticipated rentals of the 6 approved walk up window food spots at between $60,000 to $75,000 each per season and the sit down restaurant about $200,000 a season or you could explore different other plans more suitable to the buyers desirers. Obviously as an investor please do your own due diligence the figures we use are only estimates of rentals and would differ substantially especially if investors finish the units differently than the current plans project. This truly is a high-potential investment with a mix of commercial and residential use, and the location will certainly drive high interest.
Both Properties 4001 Landis Ave and 28 40th St will only be sold together as 1 sale. The listed value is for both properties and the transfer of the Municipality approved plans. Plans and Survey are in documents section. Property is being sold in combination with MLS #NJCM2005614 and NJCM2005212 and NJCM2005616
Location
State NJ
County Cape May
Area Sea Isle City City (20509)
Zoning MULTI FAMILY MIXED USE
Interior
Hot Water Natural Gas
Heating Central
Cooling Central A/C, Ceiling Fan(s)
Fireplace N
Heat Source Natural Gas
Exterior
Water Access N
Roof Type Flat,Asbestos Shingle
Accessibility None
Garage N
Building
Lot Description Private
Foundation Block
Sewer Public Sewer
Water Public
Architectural Style Other
Additional Building Above Grade, Below Grade
New Construction N
Schools
School District Sea Isle City
Others
Tax ID 09-00040 02-00008 03
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Standard
