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$ 899,900
Est. payment /mo
Active
820 Ocean Ave. #115 Ocean City, NJ 08226
2 Beds
2 Baths
740 SqFt
UPDATED:
Key Details
Property Type Condo
Sub Type Condo
Listing Status Active
Purchase Type For Sale
Square Footage 740 sqft
Price per Sqft $1,216
MLS Listing ID 601138
Bedrooms 2
Full Baths 2
HOA Fees $603/mo
Annual Tax Amount $2,082
Tax Year 2025
Lot Size 740 Sqft
Property Sub-Type Condo
Property Description
DO THE MATH! This money-maker generated a 5.17% Cap Rate in 2025 and averages over $75,000 annually in gross income! Net income 2025 after all expenses was $46,540. The "Presidential Suite" at Biscayne Suites is the crown jewel of this 64-unit condo/hotel complex. It's the ONLY 2-bedroom, 2-bathroom unit, and is the most sought after and advanced-reserved unit in the building (over 95% booked already for 2026). Capable of accommodating up to 8 guests with 2 roll-away beds (the 1BR units sleep 4 to 5 people). It is by far the top rental performer in the building - all the 1BR units average @$28,000+/- annually. The fully remodeled interior boasts a full kitchen with full-sized appliances, as well as being the ONLY unit with its own washer and dryer (others use coin-operated facilities). Features include extensive woodworking, recessed lighting with crown moldings, textured acrylic walls, ceiling fans, and a padded dining booth. Offered fully furnished. It's outfitted with 3 TVs, a stereo/DVD player, an electric fireplace, a king bed, a queen bed, and a queen sleeper sofa. Biscayne Suites offers Ocean City's only rooftop pool with a stunning sun deck and breathtaking ocean and bay views. The on-site front desk and year-round staff and housekeeping ensure seamless operations, making this one of Ocean City's premier condo/hotels. Loyal guests return year after year. This unique property is ideal for investor-owners looking to benefit from high demand and desirability. The required front desk's summer rental program provides consistent, hassle-free income, yet allows generous personal owner use in-season, and unrestricted personal use off-season. The Condominium Association is stable, well-managed, well-funded, and financially secure—details are available from the listing agent.
Location
State NJ
County Cape May
Community Ocean City
Area Ocean City/Central
Location Details Boardwalk Area
Rooms
Other Rooms Dining Area, Laundry/Utility Room
Interior
Heating Electric, Forced Air
Exterior
Exterior Feature Masonry/Block, Steel, Stucco
Parking Features None
Building
Story Three to Five
Sewer Public Sewer
Water Public Water
Others
Senior Community No
Listed by Fox Real Estate-Ocean