Wildwood Condo Portfolio with Development
For Sale
$2,295,000
217-221 E BURK Avenue, Wildwood, NJ 08260
MULTI_FAMILY - Other - WILDWOOD, NJ
Property Size6,000 SF
Lot Size0.18 Acres
Price / SF$382.50
Days on Market126
Property Features for 217-221 E BURK Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street, Parking Lot
Subdivision
WILDWOOD
Elementary school district
WILDWOOD CITY SCHOOLS
Middle school district
WILDWOOD CITY SCHOOLS
High school district
WILDWOOD CITY SCHOOLS
Standard status
Active
Size
6,000 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
31149
Utilities
Cooling system
Ductless
Building Details
Year built
1960
Number of units
1
Building materials
Block, CPVC/PVC, Frame, Glass, Vinyl Siding
Architectural style
Other
Listing Agency:
Prime Realty Partners
(856) 210-3000
Listed By:
John Rinick · License #1865546
(267) 205-1824
Added: Apr 6
Changed: Jul 13
Last Checked: Aug 9 at 11:06PM
MLS# NJCM2007082
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering features a package deal including nine individually deeded condominium units and a buildable lot in Wildwood, NJ. The condo portfolio consists of eight 2-bedroom, 1-bath units and one 1-bedroom, 1-bath rear cottage. The additional lot, currently used for tenant parking, is large enough to accommodate the construction of one or two homes. The entire property has undergone extensive renovations within the past year and a half, including full rehab and condo conversion. All units are currently operating as short-term summer rentals, offering immediate income potential. Located blocks from the beach, boardwalk, and Convention Center, the property is situated in one of Wildwood's desirable rental zones. This investment opportunity combines current cash flow with future development upside. The property size is approximately 6,000 square feet and the lot size is 0.1837 acres.
Key Highlights
- 9‑unit condo portfolio with buildable lot in prime Wildwood location
- Immediate income potential from existing short‑term summer rentals
- Recently renovated with full rehab and condo conversion completed
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$81,635
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.56%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,632,700
$1.6M
Cap Rate 7%
$1,166,214
$1.2M
Cap Rate 9%
$907,056
$907.1K
Market Conditions
NOI Build-Up for 6,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$156.2K $26.04/SF
− Vacancy
−$7.8K −$1.30/SF
EGI
$148.4K $24.74/SF
− OpEx
−$66.8K −$11.13/SF
NOI
$81.6K $13.61/SF
Area
Cape May County, NJ
Vacancy
5.00%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,632,700
Cap Rate 7%
$1,166,214
Cap Rate 9%
$907,056
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.02M – $1.36M
NOI $81,635 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.84M
$1.61M – $2.14M
NOI $128,563 @ 7.0% cap · market cap 5.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,807
Businesses Nearby
Explore this area
Business Placement
Demographics for 08260, NJ
12,964
Population
23,076
Households
0.6
Avg Household Size
53
Median Age
28%
College-Educated
93%
High-School Grad
15.9 sq mi
ZIP Area
815
Density / Sq Mi
$71,549
Median Household Income
$40,361
Median Earnings
$1,182
Median Rent
$441,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Nine condos and a buildable lot near Wildwood's attractions.
Where is this apartment building located?
The property is located at 217-221 E BURK Avenue Wildwood, NJ.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: 9‑unit condo portfolio with buildable lot in prime Wildwood location; Immediate income potential from existing short‑term summer rentals; Recently renovated with full rehab and condo conversion completed
