Victorian Multi-Unit Hospitality
For Sale
$1,499,900
300 East 10th Street, Ocean City, NJ 08226
Versatile 13-bedroom Victorian home with newly remodeled first-floor kitchen and indoor/outdoor gathering spaces.
Property Size3,571 SF
Price / SF$420.02
Days on Market208
Property Features for 300 East 10th Street
General Information
Standard status
Active
Size
3,571 SF
Property subtype
MULTI-FAMILY / Duplex
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$5,313
Amenities
wrap around front porch
back deck
laundry room
game room
outside shower
living room
Gas-Natural, Radiator
Disposal, Dishwasher, Dryer, Gas Stove, Microwave, Refrigerator, Self Cleaning Oven, Washer
Dining Area, Dining Room, Eat In Kitchen, Kitchen, Laundry/Utility Rm, Living Room, Storage Attic
Window Units
Boardwalk Access, Deck, Fenced Yard, Needs Work, Outside Shower, Patio, Porch, Sidewalks
Building Details
Year Built
1953
Stories
3
Units
2
Construction
Victorian
Listing Agency:
BHHS FOX and ROACH-Simpson OC
Listed By:
ROBERT IDELL · License #1538279
(856) 207-1670
Source:
Compass
Added: Feb 12
Changed: Aug 15
Last Checked: Aug 14 at 8:06AM
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 BHHS FOX and ROACH-Simpson OC
Investment Insights
Based on property information with market context.
This Victorian-style home offers hospitality-ready flexibility with a total of 13 bedrooms and multiple bathroom configurations. The first floor is set up as a 3-bedroom, 1-bath unit, and features a newly remodeled kitchen with a stainless appliance package, Shaker-style cabinets, quartz countertops, and luxury vinyl plank flooring throughout. The second and third floors include 9 bedrooms and 2 full baths, along with shared amenities including a full kitchen, laundry room, game room, and living room.
The property is currently operated as a bed-and-breakfast style Airbnb setup with 9 private rooms and common area spaces. Outdoor living includes an oversized wraparound front porch and a back deck, plus an outside shower. Architectural details are preserved while modern updates have been made throughout.
In addition to the current hospitality use, the home’s layout supports conversion possibilities including a single-family configuration, a duplex structure with the first-floor and upper-floor arrangements, or a mixed-use approach with commercial use on the first floor and residential use above.
The property is currently operated as a bed-and-breakfast style Airbnb setup with 9 private rooms and common area spaces. Outdoor living includes an oversized wraparound front porch and a back deck, plus an outside shower. Architectural details are preserved while modern updates have been made throughout.
In addition to the current hospitality use, the home’s layout supports conversion possibilities including a single-family configuration, a duplex structure with the first-floor and upper-floor arrangements, or a mixed-use approach with commercial use on the first floor and residential use above.
Key Highlights
- 13‑bedroom Victorian home built in 1953 with 3 full baths total (3‑bedroom unit with 1 full bath plus 9 bedrooms with 2 full baths)
- First‑floor 3‑bedroom, 1 full bath unit with newly remodeled kitchen featuring stainless appliances, shaker cabinets, and quartz countertops
- Property currently set up as a bed‑and‑breakfast style AIRBNB with 9 private rooms plus full kitchen, 2 full baths, and common areas
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
$48,587
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
3.24%
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%
$971,740
$971.7K
Cap Rate 7%
$694,100
$694.1K
Cap Rate 9%
$539,856
$539.9K
Market Conditions
NOI Build-Up for 3,571 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
$93.0K $26.04/SF
− Vacancy
−$4.6K −$1.30/SF
EGI
$88.3K $24.74/SF
− OpEx
−$39.8K −$11.13/SF
NOI
$48.6K $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%
$971,740
Cap Rate 7%
$694,100
Cap Rate 9%
$539,856
Alternative Uses
Best Use
Apartment 5plus
$694.1K
$607.3K – $809.8K
NOI $48,587 @ 7.0% cap · market cap 3.24%
Second Best
Hotel Hospitality
$392.6K
$343.5K – $458.0K
NOI $27,479 @ 7.0% cap · market cap 1.83%
Theoretical Best
Office A
$1.09M
$956.5K – $1.28M
NOI $76,517 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,612
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 08226, NJ
11,229
Population
20,905
Households
0.5
Avg Household Size
57
Median Age
55%
College-Educated
97%
High-School Grad
6.8 sq mi
ZIP Area
1,651
Density / Sq Mi
$101,782
Median Household Income
$54,323
Median Earnings
$1,670
Median Rent
$719,100
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?
Bed & breakfast - Versatile 13-bedroom Victorian home with newly remodeled first-floor kitchen and indoor/outdoor gathering spaces.
Where is this bed & breakfast located?
The property is located at 300 East 10th Street Ocean City, NJ.
What is the asking price?
The asking price for this property is $1,499,900.
What are key features of this property?
This property features: 13‑bedroom Victorian home built in 1953 with 3 full baths total (3‑bedroom unit with 1 full bath plus 9 bedrooms with 2 full baths); First‑floor 3‑bedroom, 1 full bath unit with newly remodeled kitchen featuring stainless appliances, shaker cabinets, and quartz countertops; Property currently set up as a bed‑and‑breakfast style AIRBNB with 9 private rooms plus full kitchen, 2 full baths, and common areas
