Ventnor - Beach Property For Sale #4882832

OFFERED AS A RENTAL PROPERTY OR AS A REDEVELOPMENT OF Seize the opportunity to own a truly exceptional beach block property with options!! This 12-unit multifamily gem offers the perfect blend of comfort and convenience, featuring one-bedroom layouts with two distinct sizes - 6 units spanning 400 sqft and the remaining 6 boasting 600 sqft of living space. Currently, this property presents a unique investment opportunity, with only 4 units occupied out of the 12, 3 of which are under active yearly leases. The potential for growth and income is immense, offering the chance to maximize returns in a prime beach block location. Also an exceptional redevelopment opportunity with R9 zoning permitting Single family, townhomes or condos situated on a generous 62.5x60 lot in the coveted B zone. It is important to note if this property is completely redeveloped due to City ordinance already in place structure can be built 67 ft high by default and without a variance and that will make it the highest building in the entire beach block. The building is 7700 sq ft with finished basement and laundry room.The property enjoys the benefits of a high elevation, ensuring peace of mind for both residents and investors. SELLER represents that property has not been subject to flooding and no bank ever obligated seller to buy flood insurance during his 35 years ownership. During the Super Storm Sandy no water accumulated on Victoria Ave, not on the sidewalk, not on the street and not on the property itself. Heating is efficiently managed via oil, while separate electric and cooking gas meters provide added convenience and flexibility. This property presents a rare opportunity to become a part of the vibrant island life, with its burgeoning community and endless possibilities for redevelopment and enhancement. The property is sold in as is condition. Also Don't miss out on this chance to secure your slice of paradise and capitalize on the thriving beach block market - schedule your viewing today!