9-Unit Condo Rental
For Sale
$2,295,000
217-221 E Burk Avenue, Wildwood, NJ 08260
Nine individually deeded condo units are operating as short-term summer rentals, with an additional buildable lot included in the package.
Property Size6,000 SF
Price / SF$382.50
Days on Market185
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
Listed By:
John Rinick
(800) 299-2129
Source:
Actionplusrealty
Added: Feb 7
Changed: Aug 10
Last Checked: Aug 10 at 3:52AM
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 package offers a 9-unit condo portfolio comprising nine individually deeded condominium units. Eight units are configured as 2-bedroom, 1-bath, and one rear cottage provides a 1-bedroom, 1-bath layout. The property has undergone extensive renovations within the past year and a half, including full rehab, condo conversion, and elevation certificate work.
A separate additional lot is included and is currently used as tenant parking. The lot has room to accommodate the construction of one or two homes, similar to neighboring properties at 223 and 225.
All units are currently operating as short-term summer rentals and are taking reservations, with the property positioned just blocks from the beach, boardwalk, and Convention Center.
A separate additional lot is included and is currently used as tenant parking. The lot has room to accommodate the construction of one or two homes, similar to neighboring properties at 223 and 225.
All units are currently operating as short-term summer rentals and are taking reservations, with the property positioned just blocks from the beach, boardwalk, and Convention Center.
Key Highlights
- 9 individually deeded condominium units in Wildwood, NJ, offered as a package deal with an additional buildable lot
- Unit mix: eight 2‑bedroom, 1‑bath condos plus one rear cottage with 1 bedroom and 1 bath
- All units are operating as short‑term summer rentals and are currently taking reservations
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
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Nine individually deeded condo units are operating as short-term summer rentals, with an additional buildable lot included in the package.
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 individually deeded condominium units in Wildwood, NJ, offered as a package deal with an additional buildable lot; Unit mix: eight 2‑bedroom, 1‑bath condos plus one rear cottage with 1 bedroom and 1 bath; All units are operating as short‑term summer rentals and are currently taking reservations
