Lofty 2208 Murray Ave

Vacation Rental in Atlantic City, New Jersey

Offering Details

• Ryan Goldfarb and John Errico are transferring their property's deed to a new LLC and selling a portion of the LLC on the Lofty Marketplace. This property is the only asset owned by the LLC.
• Tokens represent direct ownership in the LLC that owns the property. Ryan & John will maintain at least 10% ownership in the LLC indefinitely.
• View proof of Ryan & John's ownership prior to the title transfer here. View the LLC documents here

Property Details

• Short-term Rental managed by the co-owner, Ryan, a Superhost on Airbnb with 117 reviews and a 4.85/5 star rating. View Superhost Profile.
• The property has generated $71,000 in gross Airbnb revenue in 2024 through October, primarily from May to September. Demand slows from October to April, with occasional spikes around holidays.
• View 2024 Year-to-date P&L Statement
• View P&L Statements from 2022 and 2023
• The co-owner and Property Manager, Ryan, advised the following:
  • Both ADR and occupancy are lower in the off-peak months, but we still get bookings. Unlike most other Jersey Shore locations which really shut down in the offseason, Atlantic City is still a destination because of all of the nightlife, entertainment, and casinos. Average LoS is ~3 nights. We maintain a 3 night minimum for weekends in the peak season, but scale it down to 2 nights closer to check-in if we have unsold nights. We also have a 2-night minimum throughout most of the offseason. The property maintains a Short-Term Rental license with the City of Atlantic City. There's a pretty well established licensing regime to legitimize STRs in Atlantic City.
• Wake up to stunning waterfront sunrises in your private backyard, with breathtaking views to enjoy all day.
• This newly renovated 5-bedroom home (plus a sixth sleeping area) is designed for entertainment, featuring darts, arcade games, ping pong, and a spacious, modern kitchen.
• A stylish living room welcomes you with mid-century modern decor, a cozy gas fireplace, and a sleek West Elm sofa.
• The kitchen boasts white shaker cabinets, quartz countertops, and stainless steel appliances, including a 36" fridge with a filtered water dispenser.
• Two dining areas with seating for six each and additional bar stools at the kitchen island offer plenty of space for group meals.
• Relax in the great room overlooking the water, with a comfy sectional and a 55" Roku TV for streaming your favorite shows.
• The garage doubles as a recreation hub, complete with a custom retro arcade machine, ping pong table, darts, basketball game, and a bar for endless fun.

More About the Sellers

• Since joining forces as business partners in 2018, Ryan and John have purchased and renovated over 40 properties in New Jersey. The duo is particularly passionate about contributing to the revitalization of Atlantic City and enjoys creating unique stays for their guests to experience the city in a new light. Ryan resides in Hoboken with his wife, and John resides in Rutherford with his wife, three children, dog, and cat.

Property Management and Insurance

• Managed by the co-owner, Ryan, a Superhost on Airbnb with 117 reviews and a 4.85/5 star rating. View Superhost Profile
• Property Management Agreement
• The management fee shall be 10% of the monthly gross rent collected from October 2024 through April 2025, and 20% of the monthly gross rent collected from May 2025 through September 2025.
• After the first year, the management fee shall be 15% of the monthly gross rent collected from October through April, and 20% of the monthly gross rent collected from May through September.
• A monthly rent credit of $700 shall be applied in addition to the monthly gross rent through May 2025.
• Insurance Policy from National Real Estate Insurance Group, LLC.

Property Leverage

• This property has a loan balance of $301,100 View the loan documents here.
• As the sellers, Ryan Goldfarb and John Errico pay down 100% of the loan payments, their equity percentage in the property will increase and the levered rental yield of investors will decrease over time. Investors have the ability to change this structure via a governance vote.
• The lender did not give permission for the property to be transferred to the Wyoming LLC. If the lender activates the due on sale clause associated with the referenced loan, the Parties shall initiate the refinancing process within seven (7) calendar days of the clause's activation. View Signed Agreement

Occupancy Status

• Short-term rental on Airbnb
• Short-term rental License
• Airbnb listing
• Airbnb Reservation & Booking Data

Location Data

• "C+" Rating for Zip Code on Niche

Due Diligence Documents

• Title Report
• Appraisal
• Inspection Report
• Operating Agreement
• View All Documents