Value-add multifamily conversion opportunity. 1050 Ocean Shore Blvd is a former assisted living facility, 27,940 SF across 4 stories, with ocean views from every eastern facing window on floors 2, 3 and 4. The property includes two parcels, with total lot size of 55,250 SF or just over 1 ¼ acres. The north side of the property features a large walled garden, ideal for a pool. Building is fully fire-sprinklered. Oversized whole-building Kholer generator, approximately 2 years old. There is an elevator serving all four levels, a second unused elevator shaft and two sets of exit stairs. The building is a concrete structure with concrete block walls. The roof was last replaced in 2017. Opportunity to rezone as multifamily at 20 units per acre, yielding up to 25 units on 1.26 acres. Potential net operating income of $369,600 based on a conservative yield of only 20 units and a completed value north of $6,000,000.00 at a 6% cap.