$699,900
$699,900
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1,850 SqFt
SOLD DATE : 01/03/2023
Key Details
Sold Price $699,900
Property Type Commercial
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Square Footage 1,850 sqft
Price per Sqft $378
MLS Listing ID NJCM2000696
Sold Date 01/03/23
Originating Board BRIGHT
Year Built 1905
Annual Tax Amount $2,963
Tax Year 2021
Lot Size 2,075 Sqft
Acres 0.05
Lot Dimensions 40.5X50
Property Description
ATTENTION INVESTORS AND RESTAURANT OWNERS!! A great opportunity to own one of the most successful Ocean City Restaurants, TheVarsity Inn!! This restaurant is an established, year-round, turn-key eatery, which has been a profitable business since 1969. This property has a history of guaranteed income netting an average of $146k annually. The restaurant is being sold with a full staff, full inventory, and the owner is willing to assist the new owner by staying employed during a transition phase after the sale. This spacious restaurant/property has interior seating for 84 and a total of 100 seats including exterior, when weather permits. In 2016 the Varsity Inn was reconstructed from the ground up. This corner property has been professionally outfitted from top to bottom with the best commercial grade kitchen equipment, display cases, beverage coolers, display racks, & shelving! It also features a built in audio/video system, dishwashing station, ADA accessible, alarm system, 2 bathrooms with a child changing area, private office area, and an outdoor storage shed. Take advantage of this opportunity to own a prime real estate location only 3blocks from the beach/boards. Take advantage now to be ready for the anticipated 2022 Summer Season! This building and business are absolutely ready to run your dream business! ** THIS PURCHASE INCLUDES THE REAL ESTATE, BUSINESS, AND ALL EQUIPMENT. POSSIBLE SELLER FINANCING IS AVAILABLE.**
Location
State NJ
County Cape May
Area Ocean City City (20508)
Zoning COMMERCIAL
Interior
Hot Water Natural Gas
Heating Forced Air
Cooling Multi Units
Heat Source Electric
Exterior
Utilities Available Electric Available, Cable TV, Natural Gas Available, Phone, Sewer Available, Water Available
Waterfront N
Water Access N
Accessibility No Stairs
Parking Type None
Garage N
Building
Lot Description Other
Sewer Public Sewer
Water Community
New Construction N
Schools
Elementary Schools Ocean City
Middle Schools Ocean City Intermediate M.S.
High Schools Ocean City H.S.
School District Ocean City Schools
Others
Tax ID NO TAX RECORD
Ownership Fee Simple
SqFt Source Estimated
Security Features Fire Detection System,Sprinkler System - Indoor,Smoke Detector,Security System
Acceptable Financing Conventional, Cash, Other
Listing Terms Conventional, Cash, Other
Financing Conventional,Cash,Other
Special Listing Condition Standard
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Bought with Dorothy G Phillips • BHHS Fox & Roach Wayne-Devon
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "