501 Beach Avenue, Unit 331

$109,900, 1 Bed 1 Bath

About This Property

501 Beach Avenue is located in the heart of Historic Cape May on the beachfront. Every condo hotel room features relaxing private balconies overlooking the ocean with breath taking unobstructed views of the beautiful Cape May beaches and Atlantic Ocean. Improvements include; new pool, newly updated restaurant, new pool bar with street access, new hot tub with waterfall feature, all with an elegant feel. Board members are actively engaged with their management team working towards a rejuvenation with all of the fantastic capital investments over the past two years being fulfilled and new ones being worked on daily. Experience the relaxing resort style amenities included in your ownership; outdoor heated pool, summer pool bar, restaurant, maid service, meeting rooms, fitness room, wireless internet, laundry room, parking and none of the maintenance usually associated with property ownership. The Washington Street Mall just two blocks away. You are surrounded by trendy restaurants, bars and shopping with plenty of off street parking. Another perk of ownership is that all room owners are members of the condo association. The association assets are the common areas, first floor restaurant with bar, liquor license, pool bar, front desk, first floor lobby, all hallways, meeting room, laundry room, fitness room, 4th, 5th and 6th floor lobby, maids room, maintenance room, 5th floor storage room and 4 parking lots. Individual units owned by your association are the 9 units built in 2009 on the 6th floor currently being rented. Since this property is run as a hotel there is an owner usage policy in place subject to change from time to time. The Marquis de Lafayette is a Condo-Tel, you own it as a condominium, but your condo is managed and operated as a hotel by your board of directors, manger and in-house staff. There is usage policy requiring owners to rent their room as a hotel room. This is an investment property you may use yourself per their usage policy but cannot furnish yourself. This is a very popular hotel, an appointment at least 72 hours in advance is required to see rooms/suites that are currently available for purchase. This is a Victoria room with two double beds. Condo fees for 2019 approximately $1943.88 front loaded for the year.

Essential Information

MLS® #185447
Price$109,900
Bedrooms1
Bathrooms1.00
Full Baths1
Year Built1935
TypeCondo/Townhouse
Sub-TypeCondo
StatusACTIVE

Community Information

Address501 Beach Avenue, Unit 331
AreaCape May
CityCape May
StateNew Jersey

Amenities

Parking1 Car, Assigned Parking
ViewWater View
Is WaterfrontYes
Has PoolYes

Interior

HeatingElectric, Space/Wall/Floor
StoriesOne

Appliances

Microwave Oven, Refrigerator, Smoke/Fire Detector

Cooling

Wall Air Conditioning, Ceiling Fan

Additional Information

Date ListedJanuary 1st, 2019
Days on Market112
ZoningC-2

Listing Details

OfficeCOASTLINE REALTY, LLC

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Chris Clemans Sotheby’s International Realty

1159 Washington Street PO Box 552
Cape May, NJ
08204

Office: 609.884.3332

Chris Clemans | Sotheby's Realty International
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