$5 Million Parking Lot Sale Paves Way For Development

first_imgBy Maddy VitaleA prime piece of real estate adjacent to the Ocean City Boardwalk at Eighth Street is being offered for sale at nearly $5 million.The property, at 821 E. Eighth Street and the rear section of 748 Boardwalk, is actually a 140-space operating parking lot owned by Central Boardwalk Parking LLC of Farmington, Conn.The one-acre site went on the market over Easter weekend, said Gina Farruggio, the realtor handling the property sale.Farruggio, of Berkshire Hathaway HomeServices Fox & Roach in New Hope, Pa., who is licensed in both Pennsylvania and New Jersey, said the current owners purchased the land in 2017.“At the time, there was some talk of redeveloping it,” she explained Tuesday. “They are ready to move the property. They decided to let someone else build on it.”There are several reasons why she believes it is a great investment. The main allure is its location within the city’s Hospitality Zone.“The possibilities are endless. There is so much being torn down and rebuilt in Ocean City and surrounding towns,” Farruggio said. “I think this is a once-in-a-lifetime Monopoly game piece where you land on Boardwalk. It is a piece many people want.”Priced at $4.95 million, Farruggio said the property is a good investment with guaranteed returns.“I think we are priced very well for the location and the potential building opportunities,” she stressed.The property, as she described it, is a rare opportunity to purchase an acre of land on the beach block.Specifically, the site is located adjacent to the Boardwalk behind the Promenade Food Court and a block from the Ocean City Music Pier.The parcel is just a block from the popular Music Pier.“It is in the Hospitality Zone, so there’s a ton of opportunities. You could do a luxury hotel there. You could do condos. You could do a triplex or duplex,” Farruggio said, adding that she has an engineer looking into the specifics.Farruggio said a buyer could also have it as a mixed-use property.“You could have retail on the bottom and condos on the top,” she said.The purchaser could also still run it as a parking lot.“Keep it as a parking lot and continue to generate income with little expenses or overhead or develop the property,” Farruggio said. “This is all about location.”The buyers, she noted, could continue to make money while obtaining city construction approvals by operating it as a parking lot.“It could take a year for approvals,” she said.An added bonus to the project is there is nothing to tear down, she said.For more information about the property, call or text Berkshire Hathaway HomeServices realtor Gina Farruggio at 215-668-7471 or email her at [email protected] parking lot could be turned into a hotel or condominiums, among other possibilities. (Photo courtesy Gina Farruggio, Berkshire Hathaway HomeServices) This property currently being used as a parking lot at Eighth Street and the Boardwalk is on the market. (Photo courtesy Gina Farruggio, Berkshire Hathaway HomeServices) last_img

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