Commercial Condo - Ocean City NJ - Is it worth to invest

[Steve Mcdonald]

My agent told me about ocean city NJ and said I should include it in my portfolio. I am looking to purchase a commercial condo in ocean city. 

I read that it is more family oriented but Is it really better then the others beaches or is it just hyped up? For me Newport RI, Cape cod, Cape May, Wildwoods all look nice.

Had few questions.

Is it worth investing in commercial condo in ocean city nj?

If so where is the best part to purchase and rent out?

Are they easy to rent?

I understand they are seasonal businesses. Do they actually do well or do they just close and a new guy comes in every year.

Thanks for all your help. I am still learning about NJ places.

[Steve Mcdonald]

@Mike Bonadies - The prices are much affordable in the places you mentioned. As I am looking more into Ocean City prices I am seeing the appreciations are definitly inflated and are hit a miss. I see a number of properties that sold way below what the seller bought them for. I just saw a property recently sold for 90K on Asbury Ave. Which the seller originally bought for 500k for 1600 sqft commercial store. Another property which was also on 8th st toward the beach. 7 Apt and 1 store. The seller bought it for 1.2 million and sold it for 835k. Another commercial property bought for 

One agent in OCNJ mentioned it very easy to sell Residential and rent them here but difficult to sell commercial unless it has a tenant in place and making 10% cap rate or it on the boardwalk. Since all the traffic is on the boardwalk. 

I need to look at the condo rules again as what you pointed out would be a concern.

Originally posted by @Mike Bonadies:

@Steve Mcdonald There are a couple elements you might want to check into in greater depth