7201 Ocean a V E N Ue
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7201 OCEAN A V E N U E Wildwood Crest, New Jersey A Rare Full Beach Block Development Opportunity OCEAN AVENUE TABLE OF CONTENTS 01 Executive Summary 07 Site Description 15 General MarKet Overview 23 The Wildwood Crest SubmarKet 29 Residential MarKet Overview EXECUTIVE SUMMARY INVESTMENT OPPORTUNITY Regional Area Map New YorK The Oceanside Rea lty Tea m at Keller Williams Rea lty (exclusive 78 agents) are pleased to present for sale 7201 Ocean Avenue (the “Property”), a +/- 90,000 sq . ft. parcel of land in Wildwood Crest, New Jersey. Wildwood Crest, situated ju st minutes off of the 476 Garden State Parkway and Rout e 9, is cen tra lly lo cate d between Avalon/Stone Ha rbo r and Cape Ma y – two of the mo st desirable and affluent residential areas on the Je rsey Shore. Spanning an entire block between Ocean Avenue and the beach, the Property is situated directly on the beach and in close proximity to premier oceanfront re so rt s su ch as The Grand at Diamond Beach, 276 95 Seapointe Village, and Coastal Colors. 295 NEW 476 Philadelphia JERSEY PARCEL DESCRIPTION Address 7201 Ocean Avenue Wilmington City, State Wildwood Crest, NJ Municipality Wildwood Crest Parcel Number 94 Lot 1-30 Map Reference / Block 1-30 Acreage 2.07 Lot Area (SF) 90,000 SF Atlantic City Zoning Name Zone Multiple-Family M-1A Avalon 9 Stone Harbor 7201 DEL. Cape May OCEAN A V E N UE Lewes WILDWOOD CREST 2 INVESTMENT HIGHLIGHTS Outstanding Accessibility with Regional Connectivity The Property is located on the beach in Wildwood Crest, Ne w Jersey. Situated a sh o rt driving distance from the Garden State ParKway and Rou te 9, the Property features excellent accessibility for va ca tion e rs from Philadelphia, Ne w York, Ne w Je rse y and Washington DC. Desirable Parcel Dimensions and Entitlements Spanning the width of an entire block, the rectangular dimension provides for greater development functionality and flexibility with entry points from either Ocean Avenue, Ra mb le r Ro ad and Orchid Avenue. Today, the Property is entitled for a co ndo min iu m development including a pool with the option to build townhomes upon further approval from the local authority. Access to utilities for the land parcel is available and the existing infrastructure is adequatefor eitherproposed development. LOCATION ACCOLADES Premier Address with Unparalleled Beach Location and Amenities Named one of the top 50 Authentic AmericanExperiences Nestled between the Victorian charm of Cape May and the other affluent sh o re destinations of Stone Ha rbo r and Avalon, Wildwood Crest offers every beach aesthetic with restaurants and a wide “Best Beach Town In America For a Classic range of activities nearby su ch as golfing, wine tasting, biking, Experience” and “America’s Best Boardwalks” horseback riding, fishing, live entertainment, amusement piers and water sp o rts. Situated close to premier vacation resorts such as #1 Destination on the The Grand at Diamond Beach and Seapointe Village, the Rise in the U.S. for 2015 Property is located directly on the beach and directly at the entrance of theWildwood Crest walkers pathand amenities. Best of the Shore – Favorite Shore Town award Growing Residential Demand in an AfFluent and Active Tourist Community The beaches in Wildwood are host to mo re than 9 million visitors #1 Beach Boardwalk each yea r and recently received accolades from numerous travel for Families advisors as a top destination in the U.S. Housing va lue s in Wildwood Crest and the su rro un d in g area for luxury residential “Named one of the Top real estate have exceeded annual growth expectations over the Ten American Boardwalks” past several ye a rs. Pricing is forecasted to co ntinu e rising in the near future with limited developable la nd and improving tourist 3 activity. DEVELOPMENT SCENARIOS 7201 Ocean Avenue was previously approved both locally and also had full CAFRA approvals for 69 con do min iu ms. 54 3- bedroom residences, 15 2-bedroom as well as a beachfront pool, fitness ce nte r and lobby. A su mma ry of the proposed development details for eitherscenario is provided below. PROPOSED DEVELOPMENT DESCRIPTIONS Proposed Use Condominiums Full Property Zoning M-1A M-1A Units 69 @100 Acreage 1.52 2.07 Units per Acre 45.4 48.3 Parking Requirement 144 spaces 210 spaces Max Building Height 85 Feet 85 Feet *Permissable with a Use Variance from the Township Board of Adjustments 3 Cape May Avalon Golf Club Stone Harbor Sand Barrens County Golf Club Golf Club ParK South 47 Hereford Local Area Map 6 Inlet 18 Grassy Richardson Sound 17 9 Sound Cape May 8 County Airport 47 13 16 13 5 4 12 Taylor 15 12 Cape May Sound National Golf Club 6 14 1 3 7 11 5 8 10 11 9 Sunset 4 3 Lake 9 10 RESTAURANTS 12 9 1 The Blue Pig Tavern 1 7 Jarvis 2 Lucky Bones 7 Sound 3 The Washington Inn 7 9 8 4 Lobster House 162 8 1 11 7201 5 Sharky’s Feeding Frenzy 8 10 O C E A N 6 Axelsson’s Blue Crab Restaurant 4 6 19 5 6 7 Carini’s Pizza & Italian 3 7 5 8 A V E N U E 8 Crest Tavern 9 Marie Nichol’s Old Lower 4 Cape May 10 Jamaica Me Hungry 2 Harbor Thorofare 11 Barefoot Bar & Grille U.S. Coast Guard 5 12 Duffy’s On The Lake Restaurant 2 Training Area 2 13 Boathouse Restaurant & Marina Deck 1 2 14 Uncle Bill’s Pancake House 1 4 Cape May 3 Inlet 15 Magicbrain’s Cybercafe 3 Cape May 4 16 GiaRestaurant 2 5 Point State ParK 5 17 Sand Castle Breakfast Restaurant 1 9 2 3 2 6 1 3 4 6 18 Tokyo Japanese Restaurant 19 The Grand Coffee Shop BOAT/FERRY/MARINA RECREATION 1 Cape May–Lewes 1 Bay Springs Farm Alpacas FerryTerminal 2 Sunset Beach SIGHTSEEING 2 Cape May Whale Watching 3 Cape May Winery 3 South Jersey Marina ENTERTAINMENT SHOPPING ACCOMMODATIONS 4 Cape May Tennis Club 1 Cape May Bird Observatory 4 Utsch’s Marina 5 Nature Center of Cape May 2 Cape May Point Lighthouse 1 The East Lynne Theater Company 1 Victorious Antiques 1 Hotel Alcott 5 Canyon Club Resort Marina 6 Cape May Recreation Roller Skating 3 Cape May Carriage Company 2 Mid-Atlantic Center for the Arts 2 Washington Street Mall 2 Virginia Hotel 6 Harborview Marina 7 Wildwood Crest Joseph Von Savage 4 Greater Cape May Historic Society Memorial Pool 3 Sunset Cinema’s Movies on 3 Thomas Kinkade Gallery 3 Carroll B & B 7 Breezy Lee Marina 5 Southern Mansion theBeach 8 Kayak, Canoe and Water Sports 4 Wild Ocean Surf Shop 4 Inn of Cape May 8 Hinch Marina 6 Naval Air Station Wildwood 4 SeaTheater 5 Ocean Outfitters 5 Chalfonte Hotel 9 Lakeview Docks 9 Bradley’s Bikes Aviation Museum 5 Strand Movie Theater 6 Acme 6 Hotel Macomber 10 GreaterWildwood 10 Wildwood Crest Library 7 Historic Cold Springs Village 7 Bayview Inn Yacht Club 11 Old Crest Fishing Pier 8 Hereford Inlet Lighthouse 8 Hotel Icona 11 Starlight Fleet 12 BoardwalK 5 9 Congress Hall Hotel 12 Schooner Island Marina 13 Atlantic Parasail Inc. SITEDESCRIPTION SITE OVERVIEW View from Site - North 7201 Ocean Avenue (t he “Property”) is a rectangular shaped, 2.07-acre, parcel located between Beach and Ocean Av enues and Rambler and Orchid Av enues in Wildwood Crest, New Jersey. The site spans an entire blocK and features immediate, public right-of-beach access located on the entire 200 foot of beach frontage. ADDRESS 7201 Ocean Avenue Wildwood Crest, NJ 08260 SITE ACCESSIBILITY The Property is located a short distance from the Garden State ParKway and Route 9 in the affluent community of Wildwood Crest. Situated two blocKs east of Pacific Av enue, the major north-south roadway on the island. EXISTING CONDITIONS • The Property is a rect angular full square blocK lot with 200’ of frontage along the beach between Rambler road and Orchid Road. • There are ex ist ing 2 hotels each with off ic e, living quarters and pools. One is 110 unit Oceanview hotel andtheother the 57 unit Singapore hotel. • The northern portion of the Property, with entry from Rambler Road, is the biKe/walKing path entrance that leads to the boardwalK and all Wildwood Crest amenities. • The southern portion of the Property, with entry from Orchid Av enue, completes the square of thisparcel. REAL ESTATE TAXES Authority: Wildwood Crest Cumulative Rate: 1.176 per $100 of assessed value Parcel Number: 15000940003000010000 Lot Block Assessed Value 2016-2017 Taxes 1-L2- 94 $7,750,000 $95,557 4,5.01,6,8,10,12, L14,16 7-L9,11,13,15,5.02 94 $4,110,000 $50,673 15, 15.01 Total $11,860,000 $146,230 7 TOPOGRAPHY The Property slopes +/_ 450 Feet fromthe east to the west from Beach Avenue (the Beac h) to Ocean Avenue. The elevation of the Property ranges from approximately 9.0 feet at the entrance on Beac h Av enue to 10.2 feet at the entrance on Ocean Avenue. FLOODPLAIN SEAPONITE VILLGE The Property lies in Floodplain Zone A7 with a base flood elevation of 10’ ac c ording to FEMA’s Flood Insurance Rate Map. ENVIRONMENTAL A Phase I Env ironment al Site Assessment was prepared and found that there were no is s ues with the site; the Property is in conformance with the scope and limitations of ASTM Practice E1527-05.