Renovated Income-Producing Wildwood
For Sale
Contact for pricing
120 E Schellenger Avenue, Wildwood, NJ 08260
Fully renovated 14-room seasonal rental property near Wildwood attractions.
Property Size3,360 SF
Price / SF$409.23
Days on Market193
Property Features for 120 E Schellenger Avenue
General Information
Standard status
Active
Size
3,360 SF
Class
C
Property subtype
Hospitality, Land
Zoning
PARZ
Investment Type
Owner/User
Net Operating Income
$130,000
Building Details
Year Built
1960
Year Renovated
2021
Buildings
1
Stories
2
Units
14
Listing Agency:
Keller Williams Realty - Washington Township
(856) 218-3400
Listed By:
Jill Fluharty · License #1538790
Source:
Crexi
Added: Feb 10
Changed: Aug 15
Last Checked: Aug 21 at 2:51PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty - Washington Township
Investment Insights
Based on property information with market context.
Located in Wildwood, New Jersey, 120 E Schellenger Ave is a renovated seasonal rental property featuring 14 private rooms. Renovated in 2021, this property includes 9 full bathrooms, two full kitchens, and a common living room. The property is designed to maximize occupancy and efficiency. The seller currently nets approximately $130,000 per season. The property is also available for seasonal rent at $90,000. The property is a short walk to the beach, boardwalk, dining, and nightlife. The property is a 3,360 square foot residential income property.
Key Highlights
- Exceptional income‑producing property netting approximately $130,000 per season.
- Fully renovated in 2021**, offering a turnkey asset with immediate cash flow.
- Prime location in the heart of Wildwood**, a short walk to the beach, boardwalk, dining, and nightlife.
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
$45,716
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
3.32%
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%
$914,320
$914.3K
Cap Rate 7%
$653,086
$653.1K
Cap Rate 9%
$507,956
$508.0K
Market Conditions
NOI Build-Up for 3,360 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
$87.5K $26.04/SF
− Vacancy
−$4.4K −$1.30/SF
EGI
$83.1K $24.74/SF
− OpEx
−$37.4K −$11.13/SF
NOI
$45.7K $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%
$914,320
Cap Rate 7%
$653,086
Cap Rate 9%
$507,956
Alternative Uses
Best Use
Apartment 5plus
$653.1K
$571.5K – $761.9K
NOI $45,716 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$899.9K – $1.20M
NOI $71,995 @ 7.0% cap · market cap 5.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,758
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
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Frequently Asked Questions
What type of property is this?
Short term rental property - Fully renovated 14-room seasonal rental property near Wildwood attractions.
Where is this short term rental property located?
The property is located at 120 E Schellenger Avenue Wildwood, NJ.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Exceptional income‑producing property netting approximately $130,000 per season.; Fully renovated in 2021**, offering a turnkey asset with immediate cash flow.; Prime location in the heart of Wildwood**, a short walk to the beach, boardwalk, dining, and nightlife.
