By Maddy Vitale
The owner of a prime piece of oceanfront commercial property in Sea Isle City has lowered the price by $100,000 as an added incentive to prospective buyers.
The Promenade Shops located in the heart of the Promenade walkway at 11 43rd Street features unobstructed views of the beach and the ocean, six retail shops and two large, residential units.
About a month ago, the owner slashed the price to $2.595 million, explained Rich Baehrle, a commercial real estate agent with Berkshire Hathaway HomeServices Fox and Roach Realtors in Northfield who is handling the sale.
“It is a fantastic, unique opportunity,” Baehrle noted. “The views are spectacular.”
An open house a couple of weeks ago brought some interest to the property, Baehrle said.
“We did have an offer recently. It wasn’t accepted,” he said without divulging the offer. “We are working on another one. There is definitely activity.”
The property has been owned by the same person for 25 years, whom Baehrle said prefers to be out of the limelight.
The Promenade Shops includes the Touch of Paradise resort wear and beach supplies store, the Big Dipper ice cream parlor, the Juice Pod juice and salad bar and Auntie Anne’s pretzels. There are two vacant storefronts, but Baehrle said one lease is close to being signed.
Baehrle said there is one important aspect to the property that should not be overlooked by investors.
The property includes two, four-bedroom, 2½ bath residential units on top of the retail outlets. The units are so large, they are like individual homes.
“It is a good, unique property,” he said. “You could live above it and rent the other unit out or live in one part of the time. Either way, the property carries itself.”
He added that the building has a great rental history.
“The units are rented from the end of May through September. Winter rentals are also available. If someone wanted to, you could live there very inexpensively, and you would be in walking distance to all of the activity,” he said.
Despite the relatively narrow width of the property, there is still enough land to give a buyer the option of redeveloping the site, Baehrle explained. The property also includes off-street, secluded parking.
Above all, the panoramic view is the main selling point.
“The distinct advantage of this property is the view right out over the ocean,” Baehrle said.
There was an offer on the Promenade Shops earlier this year, but the deal fell through and it went back on the market. Baehrle told Seaislenews.com in July that a recent offer was a little less than the $2.675 million asking price.
For more information about the property, call Rich Baehrle at (609) 266-6680 or visit www.berkshirehathawayhs.com