Ray S. Smith of Stafford Smith Realty as the exclusive broker of the two properties on 1.56 acres at 270-274 Route 36 East. The asking price is $1,495,000.
There has been “substantial interest” by potential buyers, said Smith. Though a new buyer could potentially seek site plan approval from Hazlet Township to establish new retail development there, “At the moment everybody looking at it has been interested in the ongoing operation,” said Smith.
The Holly Hill is a year-round 25-unit motel built in 1950 similar to the Holmdel Motor Inn and the Shore Point Motel on Route 35 – economy highway hotels originally built for families visiting local beaches, Keansburg amusements or seeing a show the PNC Arts Center in Holmdel.
The property also owns the Stewart’s building, which is rented by a tenant.
Decades ago, Don Johnson, a former airline pilot, bought the property as an investment and developed the Holly Hill mobile park behind it, Smith said. Johnson is now in “his later years” and living in a care facility, and his son is not interested in owning the motel and restaurant.
The Holly Hill is attractive to buyers because “it’s an ongoing business and has cash flow that will support it until, and when, it is redeveloped with a new retail use,” said Smith.
Under Hazlet zoning laws, the property could potentially be developed as an auto dealership, bank, child care center, community center, garden center, fitness club, car wash, office building and other uses.
“One thing that is in nice about it, it has a very substantial apartment for the manager to live on site on the second floor. It’s a pretty good size and well appointed,” said Smith.
According to Stafford Smith’s marketing materials, the property’s 2018 assessment was $1,694,600. The 2018 property tax bill was $43,579.