Building Details

Year Built 1925

Buildings 2

Listing Agency: Keller Williams Realty Jersey Shore - Ocean City

Listed By: Ben Kruse Show Phone

Source: Choosekruse

Added: Oct 14 Changed: Oct 16 Last Checked: Oct 16 at 9:09AM

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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 Jersey Shore - Ocean City

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Investment Insights

Based on property information with market context.

Built in 1925, this four-unit property contains apartments with two bedrooms, a full bath, kitchen, living room, and dining area apiece. Three units have received differing modern improvements, while the fourth retains vintage features. Front and rear decks extend the outdoor space, and a detached building offers an additional shared area. Building systems include gas hot water and heat on multiple zones, 200 amp electric service, and public water and sewer. The roof was recoated about eight years ago, and the furnace is roughly five years old.

The property is in Wildwood Crest, close to the beaches. A neighborhood bakery is around the corner, and the Crest Pier and fishing pier are down the street.

Key Highlights

• Four apartments, each with two bedrooms and one full bath
• Front and rear decks; the longest spans about 32 feet
• Detached building provides an additional shared space

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$53,553

Cap Rate

4.87%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,071,060 $1.1M

Cap Rate 7%

$765,043 $765.0K

Cap Rate 9%

$595,033 $595.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,618 SF

Gross rent

$80.3K $22.20/SF

− Vacancy

−$3.8K −$1.05/SF

EGI

$76.5K $21.15/SF

− OpEx

−$23.0K −$6.34/SF

NOI

$53.6K $14.80/SF

Area

Cape May County, NJ

Vacancy

4.75%

Lease Rate

$22.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,071,060

Cap Rate 7%

$765,043

Cap Rate 9%

$595,033

Alternative Uses

Best Use

Multifamily LT 5

$765.0K

$669.4K – $892.6K (±1% cap)

NOI $53,553 @ 7.0% cap · market cap 4.87%

Second Best

Apartment 5plus

$703.2K

$615.3K – $820.4K (±1% cap)

NOI $49,226 @ 7.0% cap · market cap 4.48%

Theoretical Best

Office A

$1.11M

$969.1K – $1.29M (±1% cap)

NOI $77,524 @ 7.0% cap · market cap 7.05%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Dental Office Electrical Service Auto Repair Shop Locksmith Computer & Electronic Repair (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

968

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Quadplex - Four two-bedroom apartments pair varied interior updates with a detached building for shared use.

Where is this quadplex located?

The property is located at 211 E Heather Rd Wildwood Crest, NJ.

What is the asking price?

The asking price for this property is $1,100,000.

What are key features of this property?

This property features: Four apartments, each with two bedrooms and one full bath; Front and rear decks; the longest spans about 32 feet; Detached building provides an additional shared space