Nine-Unit Condo Portfolio with
217-221 E Burk Avenue Wildwood, NJ 08260
217-221 E Burk Avenue, Wildwood, NJ, 08260
$2,395,000
For Sale
$2,395,000
Nine individually deeded condo units plus an additional buildable lot, currently used as short-term rentals.
Property Size6,000 SF
Price / SF$399.17
Days on Market127
Property Features for 217-221 E Burk Avenue
General Information
- Standard status
- Active
- Size
- 6,000 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1960
Listing agency
Prime Realty Partners
(267) 205-1824
Listed by
John Rinick · License #1865546
(267) 205-1824
Source
Xome
Added: Mar 18 Updated: Jul 21 at 11:49PM Checked: Jul 22 at 3:44AM
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 Prime Realty Partners
Investment Insights
Based on property information with market context.
This offering includes a nine-unit condo portfolio with nine individually deeded condominium units, consisting of eight 2-bedroom, 1-bath units and one 1-bedroom, 1-bath rear cottage. An additional lot is included and is currently utilized as tenant parking. The extra lot is described as suitable for constructing one or two homes.
The property and included units have undergone extensive renovations within the past year and a half, with the full rehab and condo conversion completed, along with an elevation certificate and related work. All units are currently operating as short-term summer rentals and are taking reservations.
Located within Wildwood, the property is described as being just blocks from the beach, boardwalk, and Convention Center, and is positioned in a rental-focused area.
The property and included units have undergone extensive renovations within the past year and a half, with the full rehab and condo conversion completed, along with an elevation certificate and related work. All units are currently operating as short-term summer rentals and are taking reservations.
Located within Wildwood, the property is described as being just blocks from the beach, boardwalk, and Convention Center, and is positioned in a rental-focused area.
Key Highlights
- 9‑unit condo portfolio in Wildwood, NJ with nine individually deeded condominium units
- Unit mix: eight 2‑bedroom, 1‑bath units plus one 1‑bedroom, 1‑bath rear cottage
- Additional lot (80.00 x 100.00) currently used as tenant parking; sized to support 1–2 homes
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $156.2k | $26.04 |
| − Vacancy | −$7.8k | −$1.30 |
| EGI | $148.4k | $24.74 |
| − OpEx | −$66.8k | −$11.13 |
| NOI | $81.6k | $13.61 |
6,000 SF · lease $26.04/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.02M – $1.36M
NOI $81,635 @ 7.0% cap · market cap 3.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.84M
$1.61M – $2.14M
NOI $128,563 @ 7.0% cap · market cap 5.37%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Short term rental ...
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Nine individually deeded condo units plus an additional buildable lot, currently used as short-term rentals.
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 $2,395,000.
What are key features of this property?
This property features: 9‑unit condo portfolio in Wildwood, NJ with nine individually deeded condominium units; Unit mix: eight 2‑bedroom, 1‑bath units plus one 1‑bedroom, 1‑bath rear cottage; Additional lot (80.00 x 100.00) currently used as tenant parking; sized to support 1–2 homes
