3400 Boardwalk Unit #Units 3K and 3J, Wildwood, NJ 08260

Property Description

Prime Wildwood Boardwalk investment opportunity featuring Units 3J and 3K, with a combined 47 feet of direct Boardwalk frontage in one of the Wildwoods' busiest and most visited locations, directly across from Mariner's Pier. Located in an area that could be described as the "Times Square" of the Wildwood Boardwalk, these two units offer exceptional visibility and exposure. The property was formerly home to Harry's Corner and is now occupied by Wally's Restaurant under NNN lease agreements totaling $190,000 annually, which expires in 2027 and includes a five-year extension options. Unit 3K features 30.9 feet of direct Boardwalk, an additional 54.3 feet along Cedar Avenue Boardwalk, and generates $140,000 annually under the existing NNN lease. Unit 3J offers an additional 16.1 feet of direct Boardwalk frontage and generates $50,000 annually under the same lease terms and tenant. Unit 3k also features the iconic Coca-Cola sign, a well-known Wildwood Boardwalk landmarks, which generates an additional $15,000 in annual income through a lease agreement with Coca-Cola. The owner is responsible for the sign's electricity, estimates at approximately $2,500 annually. Together, the units generate $205,000 in annual gross rental income, including the $190,000 from Wally's Restaurant and $15,000 from the Coca-Cola sign. At the combined asking price of $2,813,000, the property offers approximately a 7.27% return based on the current lease income and terms. A rare opportunity to acquire two contiguous Boardwalk units with strong frontage, established tenancy, and prominent visibility in the heart of the Wildwood Boardwalk.