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$3,950,000

Beds
9
Baths
9.0
sq ft
Unknown

202 Ocean St, Cape May, NJ 08204

202 Ocean St

CAPE MAY, NJ 08204

  • 84 days on market
Don’t miss this opportunity to own a piece of Cape May history. Currently operated as the Captain Mey's Inn, this turn of the century Victorian home, circa 1890 was built by Dr. Walter Phillips. The corner location just steps to both the mall and beaches of Cape May make this the best location to enjoy all that the wonderful town has to offer. Painstakingly renovated and update while respecting its heritage and original character this 13 bedroom, 11 bath home boasts large scale rooms, elegant detailing and beautiful woodwork throughout. Step onto the front porch that wraps around onto tree lined Hughes Street. The 1st room upon entry is the Office Quarters (named for the Doctors visiting room). A large ornate hallway leads to the beautiful living room (parlor) and connects to the fabulous dining room. Down the hall is the highly desirable Captains Quarters with private bath and side entrance. Step into the hall bath and head back towards the spacious kitchen, laundry room and exit to the outside shower and parking pad. The 2nd level is home to 4 bedrooms with private baths and a 5th bedroom with a hall bath. The spacious hallway takes you to the 3rd floor landing with fire escape. The 3rd level is home to 2 large bedrooms with private baths that have whirlpool tubs. The lower level and offers both an exterior and interior entrance. Amenities include a new roof, recently stained wood siding, numerous stained-glass pieces that have been restored, oak and pine floors, new gas HWH, pecks plumbing, Shore’s security system and a State Fire Inspection. The brick sidewalk adds that last touch of beauty! Showings by appointment only due to a working business. The business and name do not transfer with the sale. The separate parking lot at 206 Ocean is not included in this sale.

Details

Property type

Single Family Residence

Lot size

3,900 sq ft

Price per sq ft

Unknown

Year built

1890

Annual property taxes

$15,635.83

HOA

No

Price History

06/24/2024
Bright

Bright #NJCM2003698

Listed
$3,950,000

Schools & Community

Elementary school: 

Unknown

Middle school: 

Unknown

High school: 

Unknown

School district: 

LOWER CAPE MAY REGIONAL SCHOOLS

Negotiation Insights

Before you make an offer, understand who you are negotiating with so you can tailor your negotiation strategy to their situation.

Seller could get up to

$3,241,504
Asking price
$3,950,000
Closing costs (~8% of asking)
-$316,000
Est. remaining loan balance
-$392,496
Cash to seller
$3,241,504

This is an estimate of how much the seller could receive at closing after paying off the outstanding mortgage.

Seller’s Loan History

Lender

Draper & Kramer Mortgage Corp

Loan start date

January 2023

Original loan amount

$400,000

Est. remaining balance

$392,496

Interest rate

6.58%

Loan type

New Conventional, 30 year

Seller

Kimberly Bernstein and Richard Holtz

Source: Public records data

If you're the owner, you can request to remove loan details. Email listingsupport@tomo.com

How insights can help you

Interest rate

If the seller has a low interest rate, they may be tempted to rent the property out if they can't get the price they have in mind.

Motivation

If the seller already got a job in a different city, they may feel pressure to sell quickly to free up cash for a new home.

Equity

If the seller stands to receive a large amount of cash when they sell the property, they might be willing to negotiate on the offer price.

Interested in learning more?

Status: Active

Tomo last checked: 09/16/2024 at 3:15 PM

Listing updated: 08/14/2024 at 6:15 AM

Listed by: Gail Wilsey-Morrison, Long & Foster Real Estate, Inc. Phone #: (609) 884-1007

MLS: Bright #NJCM2003698

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