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"Great Investment Property!"
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Address:
403-05 Corinthian Avenue
Type: Multifamily
Style: Vintage seashore architecture
Bedrooms: 8 "3/1st, 3/2nd, 2/3rd"
Bathrooms: 5 "2/1st,2/2nd,1/3rd"
Lot Type: Rectangular
Lot Size:
32ft x 74ft
Taxes: $6,450.00 (2010)
MLS®: 334525
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Own a piece of history! This vintage triplex has been sheltering summer vacationers in Ocean City for more than 40 years! Solidly maintained and full every summer, this property has two 3BR/2BA units and a third floor 2BR/1BA unit with unobstructed ocean views! The original coffered ceilings and board-and-battern wainscoting maintain the vintage feel, while updated kitchens and baths provide the comforts today's visitors demand. The "Wave Watcher" aims to delight, and brings in over $55,000 in summer income. There is plenty of room for further improvements, as well as the potential for conversion to a two-unit or single family dwelling. Located in Ocean City's Corinthian zone, just steps from the beach and boardwalk, this property has a location that is hard to beat! Easy to see in the off-season, but appointment required once tenancy begins. Each unit has a fully equipped kitchen as well as washer/dryer. The building has electric baseboard heat and could be used year-round. Ask about availability of investor loans for up to 80% of purchase price! |
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Authentic and original detailing, including coffered ceilings and board-and-batten wainscoting on the lower two floors, and the wide porches with awnings invoke the magic of endless seashore summers.
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Fully equipped kitchens and modern baths, as well as laundry facilities, make each apartment comfortable for full time living.
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The superb location, in the beach block with views of the beach and boardwalk, make this building a vacation destination throughout the extended season.
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The location in the Corinthian zone with its maximum height allowance of 37 feet opens the possibility of obtaining a variance to raise the building to allow parking underneath.
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The structure lends itself to conversion to a two-family or single family dwelling if desired.
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The strong rental history, with over $55,000 collected in summer 2009, provides a better return against asking price than most properties in Ocean City. Many of the tenants are long-time repeaters!
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The front porches offer views of the Ferris wheel and the fireworks displays, while the rear decks on the upper floors offer ocean views across the required rear yard setbacks of other properties.
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The current owners dedicate the single parking space in front of the building for use by the first floor tenants in compensation for lack of an ocean view from this unit.
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Interior Features
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Cooling
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Exterior Finish
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Heating
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Roof
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Sewer/Water Systems
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View
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Lot Features
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▪ Corner Lot
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▪ Deck
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▪ Front Porch
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Appliances
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▪ Dryer
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▪ Microwave
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▪ Refrigerator
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▪ Stove
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▪ Washer
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Extra Features
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▪ Cable Available
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▪ Furnished
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▪ High Speed Internet Available
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