230 E Burk Avenue $475,000

Terrific value-add 9-unit complex with tremendous upside on one of the largest lots in this price range. Ideal location just 2 blocks to the beach, boardwalk and Convention Center. Complex consists of: (1) 3-bedroom unit, (1) 2-bedroom 2 story bungalow, (1) 2-bedroom unit, (2) Studio units and (4) rooms. All 9 units are currently occupied on a year-round basis generating a whopping $6931 in monthly gross rents. The 2-bedroom bungalow unit is occupied by the resident on-site property manager at a reduced rent. Plentiful off-street parking for your tenants which is rare this close to the beach. The upside is this complex includes a bonus adjacent 44 X 100 vacant lot where 2 Townhomes can potentially be built on (verify with local Zoning office) or creating the opportunity for Condo Conversion providing additional off-street parking from the vacant lot. Despite all units in need of repair, the property does provide an impressive healthy cash flow with room for improvement once units are renovated as current rents are under market value especially with the strong rental demand locally. It would be quite the challenge finding a similar income producing Shore property with this much long-term upside! Conveyed "as is". Seller MOTIVATED and will entertain reasonable offer.

This listing is provided courtesy of Rio Realty