Historic Quadplex with Wraparound
New
For Sale
$1,075,000
217 E 24th Ave, North Wildwood, NJ 08260
Victorian-era property combines a spacious primary residence with three separate rental units and substantial outdoor space.
Property Size6,000 SF
Price / SF$179.17
Days on Market3
Property Features for 217 E 24th Ave
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Multi-Family
Building Details
Year Built
1920
Listing Agency:
LEES REAL ESTATE
Listed By:
Jessica L. Lees
(609) 729-5108
Source:
Southjerseyshorehomesfinder
Added: Sep 21
Last Checked: Sep 22 at 7:50PM
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 LEES REAL ESTATE
Investment Insights
Based on property information with market context.
Built in 1920, this Victorian-era quadplex pairs a large primary residence with three separate rental units. The main home offers 7 bedrooms and 3 full baths across multiple levels, along with a living room featuring high ceilings, stained glass, a sweeping staircase, a formal dining room, an eat-in kitchen, hardwood floors, basement access, and extensive storage. A wraparound front porch, enclosed outdoor shower, storage shed, and yard add to the property’s functional outdoor amenities.
The rental component includes two ground-level apartments and a detached rear cottage. The front apartment has 1 bedroom and 1 bath, while the rear apartment includes 1 bedroom, an office or possible small second bedroom, and 1 bath. The cottage provides 1 bedroom and 1 bath. All three units have long-term occupants on month-to-month leases. The property also provides off-street parking for 6-7 cars and is located at 217 E 24th Ave in North Wildwood, near the beach and boards.
Recent improvements include a new main-house roof completed in summer 2025, vinyl tilt-in replacement windows, a vinyl-wrapped exterior, updated front-porch railings, and replacement of the main sewer line approximately two years ago. The property is being conveyed as-is.
The rental component includes two ground-level apartments and a detached rear cottage. The front apartment has 1 bedroom and 1 bath, while the rear apartment includes 1 bedroom, an office or possible small second bedroom, and 1 bath. The cottage provides 1 bedroom and 1 bath. All three units have long-term occupants on month-to-month leases. The property also provides off-street parking for 6-7 cars and is located at 217 E 24th Ave in North Wildwood, near the beach and boards.
Recent improvements include a new main-house roof completed in summer 2025, vinyl tilt-in replacement windows, a vinyl-wrapped exterior, updated front-porch railings, and replacement of the main sewer line approximately two years ago. The property is being conveyed as-is.
Key Highlights
- 1920 Victorian‑era quadplex at 217 E 24th Ave, North Wildwood, NJ 08260
- Main residence includes 7 bedrooms and 3 full baths
- Three rental units: two ground‑level apartments and a 1‑bedroom rear cottage
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
$88,811
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
8.26%
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%
$1,776,220
$1.8M
Cap Rate 7%
$1,268,729
$1.3M
Cap Rate 9%
$986,789
$986.8K
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
$133.2K $22.20/SF
− Vacancy
−$6.3K −$1.05/SF
EGI
$126.9K $21.15/SF
− OpEx
−$38.1K −$6.34/SF
NOI
$88.8K $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 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%
$1,776,220
Cap Rate 7%
$1,268,729
Cap Rate 9%
$986,789
Alternative Uses
Best Use
Multifamily LT 5
$1.27M
$1.11M – $1.48M
NOI $88,811 @ 7.0% cap · market cap 8.26%
Second Best
Apartment 5plus
$1.17M
$1.02M – $1.36M
NOI $81,635 @ 7.0% cap · market cap 7.59%
Theoretical Best
Office A
$1.84M
$1.61M – $2.14M
NOI $128,563 @ 7.0% cap · market cap 11.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,389
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Victorian-era property combines a spacious primary residence with three separate rental units and substantial outdoor space.
Where is this quadplex located?
The property is located at 217 E 24th Ave North Wildwood, NJ.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: 1920 Victorian‑era quadplex at 217 E 24th Ave, North Wildwood, NJ 08260; Main residence includes 7 bedrooms and 3 full baths; Three rental units: two ground‑level apartments and a 1‑bedroom rear cottage
