The value is in the land with the sought after location and awesome ocean views. A keen eye will notice the orientation of the house is towards the ocean which will allow you to build rooms that face the ocean not balconies that you must turn sideways to view, it is a subtle but important detail. Tear down and build your dream home 5 houses to Ove's or Brighton Place beach. Not many ocean and/or boardwalk view lots come on the market. New construction would clear the power lines on top floor and rear decks / rooms on first and second floors would have views of ocean and boardwalk as well! Currently, this building is a triplex consisting of first floor 3bd/2ba, second floor 3b/2a and third floor 2bd/1ba. It does have a new roof and good bones but I expect someone with intentions of building new construction would be most benefited from this location. On the other hand, someone that wanted to develop it could put some money in it and totally transform it into 3 very desirable condos.
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