Updated Jul 13, 2026
HABcore Inc. Acquires Former Pelican Motel In Toms River For $7 Million With Brokers John Sica And Michael DeGeorge
3324 Route 37 East
$7,000,000
Building Size
—
Asset Type
Hotel
Closing
Jul 13, 2026
About this deal
AI
The asset involved in the transaction is a hotel located at 3324 Route 37 East in Toms River, NJ. The sale price for the property was $7,000,000. The property was previously operated as the Pelican Motel, and it is intended for conversion into transitional housing for homeless individuals and families.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $7,000,000
- Buyer: HABcore Inc.
- Buyer's Representative: Michael DeGeorge - DeGeorge Realty
- Seller's Representative: John Sica - Newmark Associates CRE
- Date of Transaction: 07/13/2026
The transaction involved HABcore Inc., which plans to transform the property into housing solutions. The deal's negotiation process included discussions on financing, valuation, and investment terms, demonstrating the complexity and considerations involved in finalizing the agreement with all parties engaged.
On the Map
$7,000,000
Hotel
View full map
Players
Toms River Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
Loading comparables…
Deal FAQ
Browse Toms River hotel sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93