Unit 7 at the Morning Star Villa is in a stunning location in Historic Cape May being just across from the beach and in an iconic building. Built in 1885, the Morning Star Villas was originally a luxury hotel in the heat of Cape May City. In 1967 the building was moved approximately one mile to its current location at 1307 Beach Avenue and in 1989 was completely restored and converted into a 14-unit condominium.
Unit 7 is currently the only unit for sale at the Morning Star Villa and is located on the second floor of the property. Inside you have 12-foot ceilings, approximately 790 square feet of living space, 2 bedrooms, 1 bathroom, and an updated full kitchen + laundry. There is also a private deck which has ocean views that you can access from the living room. The kitchen has a new white quartz countertop that was installed in the past year.
The large open floor plan in the main living space includes the kitchen, dining area, laundry/utilities, and the living room 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.
Unit 7 is being sold mostly furnished less a few personal mementos the sellers may wish to take. The common areas at the Morning Star Villa are the following. A secure mailbox, elevator, ramp, outside shower, bike racks, personal storage locker area, an assigned parking, plus a few extra spaces for use by any unit’s guests. The monthly condo fee covers water, sewer, trash pickup, internet, and property management.
This unit is currently being used as a short-term vacation rental that grosses approximately $30,000/year and rents for $2,300/week in-season. Total expenses in 2020 were $17,152 and net income was $12,589. Continue to use as a short-term vacation rental property for an investment or for your own personal use. The seller is paying the special assessment of $3,600 for 2022 and there are additional yearly assessments in 2023 & 2024 that will be the buyer’s responsibility. The assessment is to build up a healthy reserve to main this historic building to the highest standards.
For a 3D Matterport Tour of this property use the following link: https://my.matterport.com/show/?m=dkhBmzstX9p
For additional information give Carol Menz, Broker of Record at Coastline Realty, a call at 609-374-0325 or email her at CarolMenz@CoastlineRealty.com. You can also reach out to our office during normal business hours at 609-884-5005.
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