$1,125,000

🚀 Wildwood NJ | 20-Unit Rooming House Investment Opportunity | 20%+ ROI Potential ✨

This 20-unit rooming house in Wildwood NJ offers a turn-key investment opportunity with a consistent cash flow. Built in 1920, the property consists of 16 single units (collecting $275 per week each), 2 double units (collecting $350-$400 per week), and a separate 2-bedroom cottage located behind the main structure that generates $1,400/month. An additional $25/week per unit is charged for AC usage, bringing in steady rental income.

💲The total estimated monthly income is approximately $22,900, and annual Income is approximately $274,800, ensuring a solid return on investment. 💲

Located in the heart of Wildwood, this property benefits from the area’s ongoing development and rising property values. The city draws a high volume of yearly visitors due to its convention and event spaces, as well as the appeal of its boardwalk and beach attractions, ensuring a strong rental demand.

The property is managed by an experienced property manager who handles tenant verification, rent collection, and overall maintenance, ensuring smooth operations. This rooming house has a reliable tenant base, generating over $5K a week in rental income, with proven management systems already in place.

🏡 Rooming House Highlights 🏡

20 Units Including Manager’s Quarter:

– 1 cottage (2 bedrooms, accommodates up to 5ppl)

– 2 units (accommodate up to 5ppl each)

– 3 units (accommodate up to 2ppl each)

13 units (accommodate 1 person)

Current rental income: $275/week (single units), $350-$400/week (double units), plus $25/week for AC usage

No major flooding issues (located safely above the intersection flooding zone)

Professionally managed, with tenant employment and ID verification in place

The property comes furnished and ready for immediate transfer of ownership

💰 Investment Potential 💰

This property stands out as a strong buy-and-hold opportunity, ideal for investors seeking long-term rental income and appreciation. With its established rental income, solid structure, and prime location, the property offers immediate cash flow while allowing for gradual enhancements over time to further increase value and appeal, ensuring steady returns on investment

🏡 Rooming House Layout 🏡

8 rooms on the ground floor, each measuring 12×12, with access to a community kitchen, 2 half baths, and a shower room.

The main floor includes 2 living rooms, 2 dining rooms, and a manager’s suite with a private bedroom, kitchen, and bath.

The third floor offers 2 large en suite bedrooms, 2 additional bedrooms, and 2 hall bathrooms.

The top floor consists of 6 bedrooms and 1 common bathroom.

A separate 2-bedroom cottage is located behind the main structure, offering additional rental income potential.

🔧 Recent Upgrades 🔧 

New roof (2013) on the main building

New windows installed throughout

Updated on-demand hot water system for the main building

Separate, brand new heating systems installed for both the main building and cottage

The entire interior has been freshly painted

All bedrooms feature new carpet, microwaves, TVs, and refrigerators

✔️ Delivered with Management in Place or Without ✔️

The existing property management can be sold with the property or excluded, providing flexibility for the new owner to choose their preferred management approach

⛽️ Utilities ⛽️

Water: Public

Sewer: Public

Heating: Natural Gas (Forced hot air)

Cooling: Window AC units