Four-Unit
New
For Sale
$749,900
238--240 W WILDWOOD AVE, Wildwood, NJ 08260
Income-producing multifamily property with four separate units and near-term tenant turnover supporting lease-up flexibility.
Property Size3,408 SF
Price / SF$220.04
Days on Market4
Property Features for 238--240 W WILDWOOD AVE
General Information
Standard status
Active
Size
3,408 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
4
Building Details
Tenancy
Multi
Listing Agency:
HOF Realty
(609) 682-2874
Listed By:
Francesco L Pullella
(609) 682-2874
Source:
Imanirealtors
Added: Aug 26
Changed: Aug 27
Last Checked: Aug 28 at 1:02PM
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 HOF Realty
Investment Insights
Based on property information with market context.
This 3,408-square-foot quadplex contains four separate residential units and is currently occupied by two tenants. Both tenants are scheduled to vacate September 1st, creating an upcoming transition point for new leasing or property improvements.
The property is located in Wildwood near the community’s beaches, boardwalk, dining, shopping, and year-round attractions. Its four-unit configuration and planned tenant turnover provide a clear framework for repositioning the existing multifamily asset while maintaining its residential income use.
The property is located in Wildwood near the community’s beaches, boardwalk, dining, shopping, and year-round attractions. Its four-unit configuration and planned tenant turnover provide a clear framework for repositioning the existing multifamily asset while maintaining its residential income use.
Key Highlights
- 3,408‑square‑foot quadplex
- Four separate residential units
- Currently occupied by two tenants
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
$50,445
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
6.73%
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%
$1,008,900
$1.0M
Cap Rate 7%
$720,643
$720.6K
Cap Rate 9%
$560,500
$560.5K
Market Conditions
NOI Build-Up for 3,408 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
$75.7K $22.20/SF
− Vacancy
−$3.6K −$1.05/SF
EGI
$72.1K $21.15/SF
− OpEx
−$21.6K −$6.34/SF
NOI
$50.4K $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%
$1,008,900
Cap Rate 7%
$720,643
Cap Rate 9%
$560,500
Alternative Uses
Best Use
Multifamily LT 5
$720.6K
$630.6K – $840.8K
NOI $50,445 @ 7.0% cap · market cap 6.73%
Second Best
Apartment 5plus
$662.4K
$579.6K – $772.8K
NOI $46,369 @ 7.0% cap · market cap 6.18%
Theoretical Best
Office A
$1.04M
$912.8K – $1.22M
NOI $73,024 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,203
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?
Quadplex - Income-producing multifamily property with four separate units and near-term tenant turnover supporting lease-up flexibility.
Where is this quadplex located?
The property is located at 238--240 W WILDWOOD AVE Wildwood, NJ.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: 3,408‑square‑foot quadplex; Four separate residential units; Currently occupied by two tenants
