4001 LANDIS AVE Sea Isle City, NJ 08243
4,082 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID NJCM2005212
Originating Board BRIGHT
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 Mixed Use
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.
Location
State NJ
County Cape May
Area Sea Isle City City (20509)
Zoning COM
Interior
Hot Water Natural Gas
Heating Central
Cooling Central A/C
Heat Source Natural Gas
Exterior
Garage Spaces 6.0
Water Access N
Roof Type Other,Shingle
Accessibility None
Total Parking Spaces 6
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Sea Isle City
Others
Tax ID 09-00040 02-00008 03
Ownership Fee Simple
SqFt Source Assessor
Acceptable Financing Cash, Conventional, Other
Listing Terms Cash, Conventional, Other
Financing Cash,Conventional,Other
Special Listing Condition Standard
