Three Downtown Ocean City, NJ, Businesses For Sale For $16M
Three adjacent Ocean City properties, making up an acre of land in the the heart of downtown Ocean City, have gone on sale this month for $16 million.
The businesses involved are the Pavilion Motor Lodge, the Fountain View Motel, and the Moorlyn Terrace Apartments.
The two hotels and the apartment building at 8th and Atlantic avenues are being offered together for $16M, or, according to the real estate ad, you can buy the two motels separately for $10 million or the Marilyn Terrace for $6M.
The properties are owned by Raj and Yogi Khatiwala, who purchased them in 2019 from the Capizzi family, who had run the businesses since the 1960's, according to Philadelphia Business Journal.
Here's where this potential sale gets really interesting.
The Khatiwala brothers have already received approval from the Ocean City Zoning Board for the demolition and redevelopment of this combined one-acre site.
If the $16M sale is made for the entire 3-unit property, the approved plans call for 35 three-bedroom, 3-bath condo units.
The listing agent for Keller Williams Realty, Kristina Doliszny, told the PBJ that Ocean City is 'very interested in redevelopment of the 8th Street corridor' and that the space is 'teed up and shovel ready' for a developer or a hotelier's own plans.
This 8th Street property sits in Ocean City's hospitality zone, which prioritizes hotels, motels restaurants, and multi-family development.
The 19-room Fountain View Motel dates back to 1955 and the 58-room Pavilion Motor Lodge was built in 1963. Moorlyn Terrace, built in 1926, features eight one-bed, one-bath apartments.
Ocean City has seen multiple changes in ownership and several high-profile business closures in 2022, including the recent departure of Voltaco's Takeout after 68 years, and the announcements that Ward's Pastry, a staple at 730 Asbury Avenue for 98 years, and OC Surf Café plan to close this weekend.
The Tahiti Inn, 1125 Ocean Ave in Ocean City, a longtime family-owned motel and apartment building that comes with three additional parcels of land in the heart of Ocean City went up for sale in June.