Ocean City’s Famous The Painted Lady is for Sale
Let's take a photo tour through a very special home that is for sale in Ocean City. The Painted Lady.
What is The Painted Lady?
It's a unique property built in 1893 by Civil War veteran Thomas S Simmons. The Lady, at 816 Wesley Avenue, is now a multi-family home. This Victorian beauty is definitely a must-see.
Why is the Painted Lady Historic?
A little research into the oldest homes in Ocean City, NJ shows that in 1880 Ocean City began to develop as a religious resort founded by eight Methodist ministers.
According to Wikipedia, in 1880, buyers "built 35 houses, along with a hotel, two bathhouses, and ten private stables" beginning a neighborhood of homes on a grid of streets between what is now the 300 and 600 blocks of Central Avenue.
By the early 1890s, what is now Ocean City's Historic District had expanded to the 300 to 800 blocks of Central, Wesley, and Ocean avenues.
What Does the Painted Lady Have to Offer?
The main home offers six bedrooms and five full baths. The home is distinguished by its expansive and airy front wrap-around porch. The beautiful formal entry reflects the home's vintage character in the extensive woodwork, fixtures, staircase, and hardwood floors.
The past meets the present in the tastefully designed interiors with glass doorknobs, new vintage switch plates, classic furniture pieces and stainless steel appliances, and full baths with custom tile, granite, and glass-enclosed bathing areas.
How much Value Does the Painted Lady Have as an Investment Property?
This is a fantastic multi-family home. You have the 6-bedroom primary residence plus five additional rental apartments on one lot.
Total square footage is over 8000sqft, Around 6000 sqft in the main house with an additional 2000 sqft in the cottage and more within the 3 apartments.
In total the property includes 2 apartments in the rear cottage (about 2000 sqft), 3 apartments on the ground floor of the main building rented yearly and the main residence on the top 3 floors sporting 6 bedrooms and 3 1/2 baths rented weekly to bring in over $80,000 in summer rentals.
Gross yearly rent is in excess of $150,000 per year.
The Painted Lady is listed for $2,500,000
Let's take a look at a photo gallery of this unique property.