Offered at: $4,900,000
Property Description:
This
investment opportunity consists of 27 units (out of a total of 51)
located in the beachfront condominium resort community Roman Holiday
- one of the premier properties in North Wildwood, New Jersey. Roman
Holiday has an unparalleled beachfront location, is a 5 minute walk
to the world famous Wildwood boardwalk, 20 minute drive to historic
Cape May, 40 minute drive to Atlantic City and 1 hour and 30 minutes
drive to Philadelphia.
Investment Description:
This
property offers the investor the opportunity to: 1) purchase the
remaining units at a discount to market value and re-sell those
units individually at a profit; 2) collect management and condo fees
from the owners of the sold units and 3) collect rental income on
the unsold units. This investment should yield a cash return of
6.24% year one and an unleveraged IRR of 34.3% if the units are sold
out over the next three years at a price of ask less 10%. If units
are sold over 3 years at ask less 20% IRR is 19.6%. People who buy
the units are not allowed to sell them until the sponsor sells all
of the remaining units. They can however defray cost by renting out
their unit exclusively through the management company.
Call for financial details.
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