303 Sumner Avenue 6,9,10,11,12, Seaside Heights, NJ 08751

$1,000,000

Property Type: Multi-Family Bedrooms: 8 Baths: 8 Lot Size (sq. ft.): 7,405 Status: Closed

Current Price: $1,000,000 List Date: 12/12/2024 Last Modified: 3/31/2025

Overview

Description

Amazing investment opportunity just 3 blocks from the ocean, boardwalk, and beaches! This offering includes 8 of the 13 units in a well-maintained building, delivering a remarkable 7.2% cap rate. Perfectly located near entertainment, shopping, and dining, this property is ideal for both seasoned and first-time investors. Four units are currently utilized as Airbnbs, while the other four are rented annually, providing diverse income streams. This prime location ensures high demand year-round, making it a smart addition to your portfolio. Don't miss this chance to own in a thriving coastal area! Call your agent today for more details and to schedule a showing.

Listing Details MLS# 22434988

Contract Info

Property Sub-Type: Multiple Buildings

Location

House Number: 303
Street Name: Sumner
Street Suffix: Avenue
Unit/Suite #: 6,9,10,11,12
County: Ocean
Municipality: Seaside Heights (SEH)
Postal City: Seaside Heights
State: NJ
Zip Code: 08751
Area/Section: Seaside Heights
Complex/Subdivision: None
Directions: Bay Blvd to Sumner property on corner of Barnegat ave

General Property Info

# Units in Bldg: 8
Full Baths: 8
Total Baths: 8
Apx Year Built: 1987
Fireplace: No
# Acres: 0.17
Lot Dimensions: 75 x 100
Garage: No
Pool: No
Waterfront: No
Waterview: No
Basement: No
# Car Garage: 0

Tax and Legal

Asmnt - Total: 102000
Deed Restricted: No
Tax Year: 2024

Status Change Info

Under Contract Date: 2025-01-29
Sold Date: 2025-03-31

Unit 1

# Bedrooms: Yes
# Full Baths: Yes
Electric Stove: Yes
Refrigerator: Yes

More Information

Unit 2

# Bedrooms: Yes
# Full Baths: Yes
Rent: 1350
Electric Stove: Yes
Refrigerator: Yes

Unit 3

# Full Baths: Yes
Other: Studio
Electric Stove: Yes
Refrigerator: Yes

Unit 4

Other: Studio
Electric Stove: Yes
Refrigerator: Yes

Unit 5

# Bedrooms: Yes
# Full Baths: Yes
Rent: 1450
Electric Stove: Yes
Refrigerator: Yes

Unit 6

# Bedrooms: Yes
# Full Baths: Yes
Rent: 1450
Electric Stove: Yes
Refrigerator: Yes

Unit 7

# Bedrooms: Yes
# Full Baths: Yes
Electric Stove: Yes
Refrigerator: Yes

Unit 8

# Bedrooms: Yes
# Full Baths: Yes
Rent: 1375
Electric Stove: Yes
Refrigerator: Yes

Income & Expenses

Insurance Expense: 7530
RE Tax Expense: 18500
Water/Sewer Expense: 6000
Other Expense: 13920
Estimated Total Expenses: 45950
Gross Income: 175000
Net Income: 129500

Showing

Showing Time: Yes

Lot Description

Corner Lot: Yes

Water/Sewer

Public Sewer: Yes
Public Water: Yes

Basement

Slab: Yes

Cooling

Multi Units: Yes

Water Heater

Electric: Yes

Heating

Electric: Yes

Parking

Assigned: Yes
Off Street: Yes

Garage

None: Yes

Assessment Status

Assessed: Yes

Siding

Vinyl: Yes

Roof

Shingle: Yes

Landlord Pays

Association Fees: Yes

Tenant Pays

Electricity: Yes

Property Features

Unit 1: Electric Stove; Refrigerator Unit 2: Electric Stove; Refrigerator Unit 3: Electric Stove; Refrigerator Unit 4: Electric Stove; Refrigerator Unit 5: Electric Stove; Refrigerator Unit 6: Electric Stove; Refrigerator Unit 7: Electric Stove; Refrigerator Unit 8: Electric Stove; Refrigerator Basement: Slab Cooling: Multi Units Heating: Electric Water Heater: Electric Siding: Vinyl Roof: Shingle Garage: None Parking: Assigned; Off Street Lot Description: Corner Lot Assessment Status: Assessed Landlord Pays: Association Fees Tenant Pays: Electricity Showing: Showing Time

Listing Office: Crossroads Realty Ocean Cty Regional Office

Listing Agent: Sondra Hurley Iannuzzi

Last Updated: March - 31 - 2025

The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of the Monmouth Ocean Regional REALTORS®, and site contains live data. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.