Internet Auction Planned For WOC Property

WEST OCEAN CITY — A vast West Ocean City multi-family rental complex and associated restaurant site known for decades as the Villanova community will be put up for sale next month with an Internet-only auction.

The somewhat historic mixed-use, income generating property will be sold via a one-day Internet-based auction by the Max Spann Real Estate and Auction Company beginning Wednesday, June 19 at 1 p.m. and concluding at the same time on the next day, Thursday, June 20. The entire auction will be conducted online and there will previews to provide potential buyers with a tour held on May 29, June 7 and June 14.

The property includes 27 year-round cottages along with eight apartment units and the large restaurant facility currently home to the Station 7 Bar and Grill. For decades, the site housed the old Villanova bar and for years hosted the 707 Bar and Grill. The new ownership opened Station 7 on the site last fall. The 27 year-round cottages, eight additional apartments and the restaurant were all completely renovated in recent years.

Max Spann officials said the property has a remarkable occupancy rate of 98 percent and there is space on the site for the construction of additional units. According to analysis, the annual net operating income for the entire property is in excess of $300,000 and its close proximity to all West Ocean City has to offer and Ocean City and the beaches and Boardwalk less than a mile away add to the property’s value.

“For investors, the West Ocean City property is the definition of a rare opportunity,” said Max Spann, Jr., president of the auction firm of the same name. “It’s a proven income producer, in immaculate condition and a little more than a stone’s throw away from one of the world’s most beloved boardwalks. A complex like this one doesn’t become available very often.”

Also offered for sale by Max Spann during the same on-line auction on the same two days in June will be a retail pad along the ever-growing Route 50 commercial corridor in West Ocean City. The retail pad is located immediately adjacent to the Applebee’s and Chick-Fil-A restaurants along the north side of Route 50 just across the bridge from Ocean City.

Additional information, including a property information package complete with rental rolls, leases and income and expense reports is available by calling 888-299-1438, or by visiting www.maxspann.com.

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