801 Asbury Ave , Ocean City NJ

$7,000,000 | $32,259 / Month*

Courtesy of Keller Williams Realty Jersey Shore-Ocean City
MLS #568723



Garage/Parking: 11 or More Spaces, Off Street, Paved
Property Location: Business District, Commercial Park, Corner, Island, Se
Foreclosure: Yes
Design: Commercial, Commercial Condo, Office Building, Off./ Prof. Condo, Retail
Rooms: Office Space Avail., Public Restroom, Utility Room
Location: Business District, Commercial Park, Corner, Island, See Remarks, Water View
Interior Features
Flooring: Carpet- Partial, Hardwood, Other ( See Remarks)
Features: 220 Volt Electricity, 440 Volt Electricity, Display Windows, Elevator Pass, Fire Sprinkler System, Restroom, Security System, Smoke/ Fire Alarm, Storage, Three Phase Electric, Other ( See Remarks)
Exterior Features
Construction: Masonry, Stone, See Remarks
Features: Sign, Security Light/ System
Roof: Other
Cooling: Central, Multi- Zoned
Heating: Forced Air, Gas- Natural, Multi- Zoned
Sewer Type: Public Sewer

COURT ORDERED BY FEDERAL CHAPTER 7 BANKRUPTCY FOR IMMEDIATE SALE! This bankruptcy approved listing is for the sale of Seven (7) individual Ocean City NJ real property parcels:  Lots 8, 9, 10, 11, 12, 13, and 14 all located on Block 806. Sale includes: 1) Parcel #1: 801 Asbury Avenue (a.k.a  Ocean City's Landmark "Crown Bank Building”), whose units #1, #2, #3, #4, #5 & #6 are each condoed by floor & sits on 66 x 100 lot (Lot 9). This large 6- Story 33,440 Sq Ft concrete building consists of 5 floors of mostly vacant professional offices for a total of 26,100 SF (5,220 SF per floor); and two desirable commercial stores on the ground floor which boasts 7,340 SF (total commercial floor area is 5,605 SF + total mezzanine area is 1,735 SF). Subject to municipal approvals, possible future uses for the building include, but are not limited to: downtown luxury hotel use; residential condoing; nursing home/senior housing use; dormitory for J-1 Visa students to support employment needs of business community; temperature controlled storage facility; professional office use; and a variety of other mixed use. Top floors have amazing Open Bay and Ocean/Beach views. 2) Parcel #2:  Vacant Asbury Avenue Lot: 805 Asbury Ave, an adjacent lot to building which sits on 34 x 100 lot (Lot 8). Mixed Use by-rights vacant lot that you can build 2 large residential units over one commercial. 3) Parcels #3,#4,#5,#6, & #7: Five (5) parking lots all located and further described as: a) 412 E. 8th Street (Lots 10); and 800 Central Avenue (Lot 11);  Corner lots off of 8th & Central Ave, combined is 130 x 100 size lot. Mixed use development opportunity. b) 812 Central Avenue (Lot 12); 816 Central Avenue (Lot 13); and 820 Central Avenue (Lot 14) – these 3 parking lots are located adjacent to City of Ocean City's municipal lots and currently support the parking needs of the Crown Bank Building. This is a Federal Court Ordered BANKRUPTCY. Trustee makes NO representations or warranties of any kind pertaining to this sales transaction. Buyer is responsible to complete their own advance due diligence. Property is being sold AS IS / WHERE IS NO CONTINGENCIES.

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