Homes for sale - 28 40TH ST, Sea Isle City, NJ 08243

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Sharon Brown

sharon@luxurylivingsold.com +1(703) 472-3686

Listed by Francis Mellace • Century 21 Rauh & Johns

$ 4,800,000

Est. payment | -/mo

2 Beds

2 Baths

918 SqFt

Save

$ 4,800,000

Est. payment | -/mo

Save

2 Beds

2 Baths

918 SqFt

Key Details

Property Type Single Family Home

Sub Type Detached

Listing Status Active

Purchase Type For Sale

Square Footage 918 sqft

Price per Sqft $5,228

Subdivision Sea Isle

MLS Listing ID NJCM2005616

Style Bungalow

Bedrooms 2

Full Baths 2

HOA Y/N N

Abv Grd Liv Area 918

Year Built 1930

Annual Tax Amount $3,614

Tax Year 2024

Lot Size 1,973 Sqft

Acres 0.05

Property Sub-Type Detached

Source BRIGHT

Property Description

Location: The properties consist of building on the corner of 4001 Landis and the home behind it at 28 40th St. This is arguably noted as the busiest corner in Sea Isle City. Currently the corner building hosts the Coastal Chop House, South Jersey new and Premier Steakhouse and 2 condos above, which is located Directly across from the famous Ocean Drive Restaurant and Bar. 40 St is also the main walk-up street to the public beach access. These Properties are one of if not the most prime location in all of Sea Isle City for both residential and commercial development. Plans have been approved for the demolition of 4001 Landis and 28 4th St. to combine the 2 lots and rebuild a new building that would house a 1st floor commercial redevelopment consisting of 1 main sit down restaurant and 6 walk up food vendor windows. The 2nd floor would consist of 6 units 5 being approximately 1260 Sq foot 2 story Condos and 1 commercial unit of the same size. Obviously a potential buyer may choose other options including continuing the existing uses of the buildings but these plans are approved and add significant value. 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 desires. 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 AE

Rooms

Main Level Bedrooms 2

Interior

Hot Water Electric

Heating Central

Cooling Central A/C

Fireplace N

Heat Source Central

Exterior

Water Access N

Accessibility Other

Garage N

Building

Story 1

Foundation Brick/Mortar

Sewer Public Sewer

Water Public

Architectural Style Bungalow

Level or Stories 1

Additional Building Above Grade, Below Grade

New Construction N

Schools

School District Sea Isle City

Others

Pets Allowed N

Senior Community No

Tax ID 09-00040 02-00009 04

Ownership Fee Simple

SqFt Source Estimated

Special Listing Condition Standard

+1(703) 472-3686

sharon@luxurylivingsold.com

3 South Madison Street, PO Box 1500, Middleburg, VA, 20118, United States

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28 40TH ST Sea Isle City, NJ 08243