REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 2,099,000
Est. payment /mo
Price Dropped by $200K
3400 Boardwalk #Unit 3K Wildwood, NJ 08260
3,846 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
Square Footage 3,846 sqft
Price per Sqft $545
MLS Listing ID 253062
Annual Tax Amount $27,034
Tax Year 2024
Lot Dimensions 48800
Property Sub-Type Retail
Property Description
3400 Boardwalk is located in an area that could be described as the Times Square of the Wildwood Boardwalk, directly across from Mariner's Pier. The property offers exceptional exposure with 30.9 feet of direct boardwalk frontage and an additional 54.3 feet along Cedar Avenue Boardwalk. The main draw to this investment is the $140,000 NNN lease, which expires in 2027 and includes a five-year extension option. The property was formerly home to Harry's Corner and is now occupied by Wally's Restaurant. It also features the iconic Coca-Cola sign, a well-known boardwalk landmark that generates an additional $15,000 in annual income through a lease agreement with Coca-Cola. The owner covers the electricity for the sign, which is estimated at approximately $2,500 per year. At the asking price, under the current lease terms with both the tenant and Coca-Cola, the property offers an investor a 7.27% return. Additionally, Unit 3J is available for $714,000 and generates $50,000 in annual rental income under the same lease terms with the same tenant, resulting in a 7% cap rate.
Location
State NJ
County Cape May County
Area Wildwood
Zoning BA-1
Location Details Business District,Boardwalk
Interior
Heating No Heating
Cooling Central Air Conditioning, Wall Air Conditioning
Exterior
Parking Features 1 To 5 Spaces
Building
Lot Description Business District, Boardwalk
Story 2
Sewer City
Water City
Listed by DON MARTIN REALTY, INC
Nearby Locations
GET MORE INFORMATION
