What a stunning location across the street from the beach and a very sought-after building is where you will find The Morning Star Villa, once a luxury hotel (1885) in the heart of Cape May this building was moved and totally restored to a 14-unit condominium in 1989. This unit is on the second floor with 12-foot ceilings and approximately 790 square feet with a private deck with water views. Large open floor plan in the kitchen with new white quartz countertop installed, dining and living area make this unit feel bright, cheery, and spacious. There is a large bath in the hall with jetted bathtub and shower. Two nice sized bedrooms both with full closets. King bed in the master bedroom, queen bed in the second bedroom, and a queen sleeper sofa in the living room. Stack-able washer and dryer in the utility closet in the kitchen. Being sold mostly furnished less a few personal mementos the sellers may wish to take. The common area features are secure mailbox, elevator, ramp, outside shower, bike racks, personal storage locker area, an assigned parking plus a few extra spaces. The monthly condo fee covers water, sewer, trash pickup, internet, and property management. Strong rental history- rental income approximately of $30,000. Rents for 2300 a week in season or use for personal use. 2020, Rental Income- $29,741, Total Expenses- $17,152, Net Income- $12,589. Call to book your appointment today. Easy to show. To build up a healthier reserve and maintain this lovely historic building to the highest standards, there is a special assessment over 4 years. The seller is paying the annual assessment of $3600 for 2021 and 2022. 2023 and 2024 will be new buyer responsibility. 2022 rent so far Approx. $19,000. 7-2-22 to 8-27-22 weeks booked so there are weeks for you and your family to use in season. Deck repairs this fall: The association plans to have work on the porch take place in the fall of this year. Every effort will be made to schedule the work, if possible, at a time convenient for the owner so as not to disrupt their plans to occupy their unit. The work to be done on the porch will be paid for by the Association.
This listing is provided courtesy of COASTLINE REALTY, LLC
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