501 Beach Avenue $225,000

Welcome to 501 Beach Avenue, The Marquis de Lafayette Condo- Hotel, Unit 400 is located on the fourth floor just off a quiet lobby with amazing views and features a king bed and sofa bed with kitchenette. The Marquis de Lafayette is on the beachfront with amazing water views. Your room has a relaxing private balcony overlooking the ocean with breath taking unobstructed views of the beautiful Cape May beaches and the Atlantic Ocean. The property offers resort style amenities: pool and hot tub with water fall feature, updated restaurant, pool bar, maid service, meeting rooms, fitness room, wireless internet, laundry room, parking and none of the maintenance usually associated with property ownership. The Marquis de Lafayette is a Condo-Tel, you own it as a condominium, but your condo is managed and operated as a hotel by your board of directors, manager, and in-house staff. All owners are required to rent their units, there is an owners usage policy for those wishing to enjoy some time at the shore. This is a very popular hotel, an appointment at least 72 hours in advance is required and can be shown during changeovers. Most changeovers are not ion the weekends as there generally is a 3-night minimum in season. On approved days the unit can be shown between noon and 2 pm during changeover. Room 400 is a Marquis Suite with a king bed and sofa bed in the living room. You cannot move into and live in this like a traditional condo, you do not get to furnish it, you do not get a key. This is a condo hotel unit. Traditional lenders do not loan on these only portfolio lenders who offer condo-tel financing. Locally, Crest Saving Bank and Sturdy Savings Bank lend on this building. Generally, approved lenders are looking for at least 30% down and the rate is a tad higher. Buyers and agents should review the documents in associated docs before calling to set up an appointment. There is a usage policy in associated docs. In season weeknight rates $539, weekend nightly rate $569. Off season weeknight rates $249 a night in Season $279 a night. this information is deemed accurate but not guaranteed. Agents use showingtime app to book a showing. Booked this weekend.

This listing is provided courtesy of COASTLINE REALTY, LLC