Historic Quadplex with Wraparound
217 E 24th Ave, North Wildwood, NJ 08260
For Sale
$1,075,000
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 Market50
Property Features for 217 E 24th Ave
General Information
Standard status
Size
Property subtype
Building Details
Year Built
Listing Agency:
LEES REAL ESTATE
Listed By:
Jessica L. Lees
(609) 408-4656
Source:
Southjerseyshorehomesfinder
Added: Sep 21
Changed: Oct 26
Last Checked: Oct 7 at 2:14PM
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
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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 / Yr
$88,811
Cap Rate
8.26%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
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
