1000 John F Kennedy Beach Dr, Wildwood, NJ 08260

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Building Details:

Property Summary:
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. The building is 23,000 square feet, not including any common areas such as balconies, sun decks, pool area, etc. The square footage of the units being sold is 10,895 square feet. This newly renovated oceanfront resort is a popular vacation destination for those seeking ocean views, a relaxing family environment and lasting memories. 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. Amenities include: large heated pool, kiddie pool, color cable TV (with free HBO), kitchenettes, daily courteous maid service, full size refrigerators in all rooms, elevator, full air conditioning, laundry facilities, free ice and gas barbecue, spacious oceanfront sundeck, pool cabanas, lounge chairs and patio tables, crib rental, free parking and proximity to tennis courts and golf range. The property operates May 1st through October 15th.

Investment Opportunity:
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.

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