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    The Largest CRE Database in the US with Over 1 Million Listings

    238 E Leaming Ave Wildwood, NJ 08260

    Sponsored
    For Sale
    $1,097,777

    Other - Wildwood, NJ

    Days on Market:
    1
    Last Refresh:
    Jan 31 at 3:06 pm

    Property Features for 238 E Leaming Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Basement, Kitchen, Laundry, Living Room, Utility Room
    Parking
    3
    Parking features
    Driveway
    Patio and Porch features
    Patio, Porch, Deck
    Exterior features
    Patio, Deck, Enclosed/Cov. Patio, Porch, Storage Building, Cable TV, Sidewalks, Outside Shower
    Basement Y/N
    1

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Wall Unit(s)

    Building Details

    Year built
    1920
    Number of units
    6
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Brian Reed

    LONG & FOSTER REAL ESTATE INC 9673001

    Listing agent Brian Reed (609) 770-8848 License #0569168

    Listing date Jan 31, 2026

    MLS# 260215 Listing URL

    Copyright © 2026 Cape May County Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Wildwood Multifamily Near Beaches

    This six-unit complex is located just a couple blocks from the beaches and boardwalk in Wildwood, New Jersey, and a few blocks from Wildwood Crest. The complex consists of two buildings. The front building contains four units, with two units on the upper floor that enjoy ocean views and two on the first floor. The apartments are bright and airy, each featuring two bedrooms and are tastefully decorated. The units are being sold fully furnished. One unit has its own private patio area and may also take advantage of the common picnic area between the two houses. Luxury vinyl plank flooring is installed for convenient cleanup and to protect against sand and water. An outdoor shower is available. The property is conveniently located near the convention center, allowing access to events in the shoulder seasons. The owners have all of the condo documents, surveys, and exemptions needed should you decide to convert these to condominiums. In 2024, the property grossed $133,000 with very little effort or marketing. Properly run, this property should see north of $200k/year.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Law Firm Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Skin Care Clinic Restaurant Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wildwood
    County
    Cape May
    State
    New Jersey
    Longitude
    -74.8234774
    Latitude
    38.9808364

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    FAQs

    What type of property is this?
    Apartment building - Six-unit complex near beaches and boardwalk in Wildwood, New Jersey.
    Where is this apartment building located?
    The property is located at 238 E Leaming Ave Wildwood, NJ.
    What is the asking price?
    The asking price for this property is $1,097,777.
    What are key features of this property?
    This property features: - Prime location: Just a couple blocks from Wildwood beaches and boardwalk, and close to Wildwood Crest.; - Strong income potential: Grossed $133,000 in 2024 with minimal marketing, with potential to exceed $200,000 annually.; - Fully furnished units: Each of the 6 units features 2 bedrooms and is tastefully decorated and sold fully furnished.
    (609) 770-8848
    Request Owner's contact information
    238 E Leaming Ave Wildwood, NJ 08260
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    Wildwood, NJ 08260
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    238 E Leaming Ave Wildwood, NJ 08260
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    We can help!
    Listing Contact
    Brian Reed
    Real Estate License ID: 0569168
    (609) 770-8848
    Learn more
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