Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$2,605,000
Residential income homes
724 Ocean Ave Ocean City, NJ 08226-3749
Entity Owned
3-yr Hold
Property ID
US59-0067312
Property profile
Verified
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Year built
1900
Construction
FRAME
Total area
11,844 SF
Lot
0.33 ac (14,440 SF)
Zoning code
HD3
APN
08 00705-0000-00016
UPID
US59-0067312
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
The Cove Hotel & Motel
-
Bryn Mawr Hotel Hotel & Motel
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.70M
Comparable Approach
Comparable
$1.68M
Blend (final)
Blend
$2.61M
Owner & transaction history
1st Knight Ocean Bree LLC · 3 yrs held
1st Knight Ocean Bree LLC
since 2022
Last sale
$2.6M
7 recorded transactions
Zoning & alternative use
HD3 · Ocean City, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Ocean City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Ocean City submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$2,920,000
6.5%
$2,695,000
7%
$2,505,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$3,465,000
Current use
COMMERCIAL (GENERAL)
$3,005,000
Change: -13% · Conversion: Moderate
Blend value · Realmo final
$2.61M
Range $2.34M – $2.87M · ±10% · vs last sale $2.60M (Nov 23 2022)
Last sale anchor
$2.60M
Nov 23 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$220 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$11,368
Tax year 2022
Assessed value
$1,104,800
Assessed 2023
Previous assessed
$1,104,800
+0.0% YoY
Effective rate
1.03%
On assessed value
Assessed land
$582,900
Assessed improvement
$521,900
Land market value
$582,900
Improvement market value
$521,900
Total market value
$1,104,800
Applied tax rate
8.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Status
Off-Market
Year built
1900
Construction
FRAME
Heating
NONE
Stories
4
Units
4
Total area
11,844 SF
Lot
0.33 ac (14,440 SF)
Zoning code
HD3
APN
08 00705-0000-00016
UPID
US59-0067312
Jurisdiction
CAPE MAY
Zoning & alternative use
HD3 · Ocean City, NJ
Zoning HD3 · permitted uses
HD3 · Ocean City, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Ocean City. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$3.5M
COMMERCIAL (GENERAL)
Est. value
$3.0M
APARTMENT HOUSE (5+ UNITS) Current
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1900
Construction
FRAME
Heating
NONE
Stories
4
Units
4
Lot
0.33 ac
Current owner
From public records · entity-resolved
1st Knight Ocean Bree LLC
Entity
Mailing address
3001 PACIFIC AVE, ATLANTIC CITY, NJ 08401-6207
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 23, 2022
$2,600,000
1st Knight Ocean Bree LLC
Missyann LLC
Deed
—
May 24, 2022
$1,500,000
Missyann LLC
724 Ocean LLC
Deed
$1,229,000 · Cornerstone Bank
Dec 24, 2008
—
724 Ocean LLC
Siftin Sands Of Ocean City LLC
Grant Deed
related
—
May 23, 2008
—
Sifting Sands Of Ocean City LLC
Sifting Sands Of Ocean City LLC
Quit Claim Deed
related
—
Jan 12, 2005
$1,250,000
Sifting Sands Of Ocean City Ll
Boardwalk Bank
Grant Deed
$1,250,000 · Boardwalk Bk
Jan 12, 2005
$1,685,000
Sifting Sands Of Ocean City Ll
Pachelli,james A & Michelle L
Grant Deed
—
—
—
724 Ocean LLC
—
Deed Of Trust
related
$723,403 · Oceanfirst Bk
—
—
Sifting Sands Of Ocean City
—
Loan Modification
related
$1,250,000 · Cape Bank
—
—
Sifting Sands Of Ocean City LLC
—
Deed Of Trust
related
$1,111,178 · Cape Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 724 Ocean Ave?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
