The Address: 822 E 9th St Unit 3
The Price: $2,300,000
The Gist: New 5B, 4BR construction. Second floor. Close to beach and Boardwalk. Luxury features.
The Rub: In maybe the most congested part of town. Right next to a parking lot at 9th and the Boardwalk. Nonstop activity.
You can also buy all 3 units for $5.8 million.
Agent Hot Take 🔥: “This 3rd floor property is asking top dollar for a location like this. You’re in the heart of town a few blocks from the 9th street bridge.. however, the rental potential here is pretty good. You’re looking somewhere around 120k per summer in today’s market. If you’re looking for rental income or don’t mind the craziness of downtown this could be a decent 5 bedroom for you. I’d rather have the single family in the Gardens for less than 2.5.”
This is the 2nd floor unit of a stately luxury triplex just steps from the boardwalk and beach. This new construction is in the heart of America’s Greatest Family Resort…less than a half block to the Jersey shore’s award-winning attractions and ocean. Center city shops and restaurants are just a few- minute walk away. The ground floor boasts a 1634 square foot three bedroom, 2 bath unit, with a private entrance, engineered hardwood floors in the living spaces and carpeted bedrooms. The kitchen and baths have Medallion Silverline cabinets and quartz countertops. A beautiful center island seats four, and a large dining area supports a table of 10. There is parking for two (one inside and one out). The second and third floors are huge 2420 square foot masterpieces with views of the ocean. There are 5 bedrooms, three of which are suites, 4 1/2 baths, quartz kitchens with center island seating for 5, Medallion Silverline cabinets and spacious living rooms and dining areas. Engineered hardwood throughout the living area. Private elevators service each of the upper floors. The second and third floors each have three parking spaces (one inside and two out). For the investor, given the size, location and amenities, the larger units will easily command $150, 000 or more a season. Estimated delivery early 2024. There is time to ;pick colors, etc. Seaview on 9th will be the talk of the island. Call for more details.
Our Take
I wouldn’t exactly call this “stately luxury,” backing up to a $4,000 per hour parking lot and the Manco’s delivery runway… unless, of course, a plain cheese pie delivered in under 2 minutes is “stately luxury” for you.
But for real, this feels bubble-ish. The condo itself looks great, and convenience is a 10. Surfside Construction and Duncan Homes do a good job. But this is not a desirable spot to live or even rest your head for a week. Wouldn’t advise pursuing this one if you plan to spend time there. If it’s for a short-term rental investment, then you probably get enough people looking to be “close to the action” to earn six figures per year.
Still, if you were to pay cash, after taxes, maintenance, realtor commissions, you’re winding up at 3%-4% CoC, and you can do better with a savings account.
Want a personal video tour of this house? Just select a time from the calendar here and we’ll have a local agent give you a no BS FaceTime tour. Even better, they have agreed with ShoreCribs to not contact you after the tour unless you give them permission to do so.
