215 N Decatur Ave · Margate City, NJ 08402

$1,649,000

None bd · None ba · — sqft · MultiFamily · 424 Days on market

Fair condition ↓ 21% since listing

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Rent growth +4.7/5.0
• Livability +3.8/5.0
• Condition / age +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Property being sold as is with approved plans for 3 units. Rare opportunity to own and build 2 bedroom, 3 bedroom and 5 bedrooms unit running street to street Benson to Decatur Avenues.

Key facts

• Build 3 bedroom unit
• Street to street
• Build 2 bedroom unit

Tags

• APPROVED PLANS FOR 3 UNITS
• BUILD 2 BEDROOM UNIT
• BUILD 3 BEDROOM UNIT
• BUILD 5 BEDROOMS UNIT
• STREET TO STREET

What this means for you Summary

Snapshot

• This is a multifamily listed at $1.65M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $34k ($410k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($58k rent vs $1.65M).
• Recommended offer: $1.45M (12.0% below list) — sets the bar for market timing.
• Cap rate 31.1% vs local median 7.4% in Margate City — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#149 in NJ, #3,893 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• Margate City School District (suburban): math 50% / reading 58% proficiency, ranked #113 of 472 in NJ (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+8.9%/yr); 147 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).
• At $57,656/mo this rent would consume 568% of the median local household income ($122k/yr) (locally 23% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $11k of loan paydown is wiped out by about $49k of value loss. Plan a longer hold.
• Atlantic County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $462k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 424 days — a 12% lower offer ($1.45M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $250k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $1,451,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 424 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.50% ✓
• Cap rate: 31.15%
• Cash-on-cash: 88.76%
• DSCR: 4.95
• GRM: 2.4

CMA / ARV

• ARV (median comp): $894,446
• List price: $1,649,000
• Delta: 84.36%
• Verdict: OVERPRICED
• Comps: 10 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9211 Monmouth Ave	0.05mi	—/—	—	15mo	$3,200,000	—	73

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 95.0%
• Equity multiple: 5.79×
• Total profit: $2,213,542
• Equity at exit: $245,871

10-year hold

• IRR: 98.8%
• Equity multiple: 14.25×
• Total profit: $6,118,752
• Equity at exit: $142,575

Cash invested: $461,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 08402

• Rents YoY: 8.9%
• Active inventory: 147
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $57,656 high
• Mortgage (P&I): −$8,648
• Tax est. 1.5%: −$2,061 /mo · $24,735/yr
• Insurance: −$687
• HOA: −$0
• Vacancy / Maint / Mgmt: −$12,108
• Net cashflow: $34,152

Break-even live

Break-even rent $14,425

Max offer price $1,649,000

Occupancy floor 36%

Sensitivity live

Price	-10% $35,292	-5% $34,722	+0% $34,152	+5% $33,583	+10% $33,013
Rent	-10% $29,598	-5% $31,875	+0% $34,152	+5% $36,430	+10% $38,707
Rate	-1.0pp $34,983	-0.5pp $34,572	base $34,152	+0.5pp $33,725	+1.0pp $33,290

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2	1	$15,091
1× unit	3	1	$18,474
1× unit	5	1	$24,090
Total (3 units)			$57,656

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $412,250
• Closing costs: $49,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 N Decatur Ave #5 Margate City, NJ	2.0	2.0	—	$15,000	—	21d	1	0.05mi
9103 Amherst Ave Unit A Margate City, NJ	2.0	2.0	—	$18,000	—	44d	1	0.05mi
200 N Harding Ave Unit B Margate City, NJ	2.0	1.0	—	$8,500	—	44d	1	0.07mi
9200 Monmouth Ave Unit D Margate City, NJ	2.0	2.0	1250	$15,000	$12.00	44d	1	0.08mi
212 N Wilson Ave Margate City, NJ	2.0	1.0	—	$1,500	—	21d	1	0.08mi
212 N Wilson Ave Unit B Margate City, NJ	2.0	1.0	—	$2,500	—	44d	1	0.09mi
206 N Wilson Ave Unit 2 Margate City, NJ	2.0	1.0	—	$18,000	—	21d	1	0.09mi
116 N Decatur Ave Unit A Margate City, NJ	3.0	2.5	—	$10,000	—	44d	1	0.09mi
309 N Harding Ave Unit A Margate City, NJ	2.0	1.0	—	$8,500	—	14d	1	0.10mi
126 N Washington Ave Unit A Margate City, NJ	2.0	2.0	1100	$3,575	$3.25	44d	1	0.11mi
9317 Monmouth Ave Unit B Margate City, NJ	1.0	1.0	—	$7,000	—	44d	1	0.11mi
9317 Monmouth Ave Unit D Margate City, NJ	2.0	1.0	—	$12,000	—	44d	1	0.11mi
115 N Washington Ave #2 Margate City, NJ	3.0	2.0	—	$19,000	—	44d	1	0.12mi
117 N Wilson Ave Unit June-Unit A-1st Fl Margate City, NJ	2.0	1.0	—	$4,000	—	44d	1	0.13mi
117 N Wilson Ave Unit August-Unit A-1st Fl Margate City, NJ	2.0	1.0	—	$9,000	—	44d	1	0.13mi
117 N Wilson Ave Unit A-1st Fl Margate City, NJ	2.0	1.0	—	$20,000	—	21d	1	0.13mi
109 N Washington Ave Unit A Margate City, NJ	2.0	1.5	—	$10,000	—	21d	1	0.14mi
112 N Washington Ave Unit 1st Floor Margate City, NJ	3.0	1.0	—	$7,500	—	21d	1	0.14mi
112 N Washington Ave Unit 1st Floor Margate City, NJ	3.0	1.0	—	$15,000	—	44d	1	0.14mi
9411 Monmouth Ave #3 Margate City, NJ	1.0	1.0	—	$1,800	—	21d	1	0.15mi
316 N Vendome Ave Margate City, NJ	3.0	2.0	—	$16,000	—	44d	1	0.16mi
113 N Adams Ave Margate City, NJ	3.0	3.0	—	$80,000	—	44d	1	0.16mi
9208 Winchester Ave Unit 2 Margate City, NJ	3.0	1.0	—	$3,100	—	44d	1	0.18mi
9500 Amherst Ave Unit B 7 Margate City, NJ	1.0	1.0	630	$15,000	$23.81	21d	1	0.18mi
9401 Winchester Ave Unit 2nd floor Margate City, NJ	2.0	2.0	—	$12,000	—	44d	1	0.20mi
16 N Decatur Ave Unit 1st floor Margate City, NJ	3.0	2.0	—	$18,000	—	44d	1	0.20mi
9510 Amherst Ave Margate City, NJ	1.0	1.0	—	$12,250	—	21d	3	0.21mi
9510 Amherst Ave #128 Margate City, NJ	1.0	1.0	—	$10,000	—	44d	1	0.21mi
9510 Amherst Ave Unit 159 SUMMER RENTAL Margate City, NJ	1.0	1.0	—	$20,000	—	44d	1	0.21mi
9510 Amherst Ave Margate City, NJ	1.0	1.0	—	$10,600	—	14d	5	0.21mi
9417 Winchester Ave Unit A (July) Margate City, NJ	3.0	2.0	—	$22,500	—	44d	1	0.22mi
9417 Winchester Ave Unit A (September) Margate City, NJ	3.0	2.0	—	$10,000	—	44d	1	0.22mi
207 N Thurlow Ave Margate City, NJ	3.0	2.0	—	$20,000	—	44d	1	0.22mi
9410 Winchester Ave Unit B Margate City, NJ	3.0	2.5	—	$22,500	—	21d	1	0.23mi
9410 Winchester Ave Unit B Margate City, NJ	3.0	2.5	—	$25,000	—	45d	1	0.23mi
210 N Madison Ave #2 Margate City, NJ	3.0	2.5	—	$22,000	—	21d	1	0.25mi
14 N Adams Ave Margate City, NJ	2.0	1.0	—	$12,000	—	14d	1	0.25mi
10 N Adams Ave #3 Margate City, NJ	2.0	2.5	—	$10,500	—	44d	1	0.26mi
6 N Adams Ave #2 Margate City, NJ	2.0	1.0	—	$7,500	—	44d	1	0.27mi
9313 Ventnor Ave Unit FULL SUMMER Margate City, NJ	3.0	1.0	—	$28,000	—	44d	1	0.27mi

Listing history 22 events

1. 2026-06-19
   days on market $1,649,000 Under Contract 424 DOM
2. 2026-06-18
   days on market $1,649,000 Under Contract 423 DOM
3. 2026-06-17
   days on market $1,649,000 Under Contract 422 DOM
4. 2026-06-16
   days on market $1,649,000 Under Contract 421 DOM
5. 2026-06-15
   days on market $1,649,000 Under Contract 420 DOM
6. 2026-06-14
   days on market $1,649,000 Under Contract 418 DOM
7. 2026-06-13
   days on market $1,649,000 Under Contract 417 DOM
8. 2026-06-10
   days on market $1,649,000 Under Contract 415 DOM
9. 2026-06-09
   days on market $1,649,000 Under Contract 414 DOM
10. 2026-06-08
    days on market $1,649,000 Under Contract 413 DOM
11. 2026-06-07
    statusdays on market $1,649,000 Under Contract 412 DOM
12. 2026-06-05
    days on market $1,649,000 Active 409 DOM
13. 2026-06-02
    days on market $1,649,000 Active 407 DOM
14. 2026-06-01
    days on market $1,649,000 Active 406 DOM
15. 2026-05-31
    days on market $1,649,000 Active 405 DOM
16. 2026-05-30
    days on market $1,649,000 Active 404 DOM
17. 2026-03-06
    price $1,649,000 185-char remark

    Show marketing remark (185 chars)

    Property being sold as is with approved plans for 3 units. Rare opportunity to own and build 2 bedroom, 3 bedroom and 5 bedrooms unit running street to street Benson to Decatur Avenues.

18. 2025-07-30
    price $1,749,000 185-char remark

    Show marketing remark (185 chars)

    Property being sold as is with approved plans for 3 units. Rare opportunity to own and build 2 bedroom, 3 bedroom and 5 bedrooms unit running street to street Benson to Decatur Avenues.

19. 2025-04-21
    listed $1,899,000 Active 185-char remark

    Show marketing remark (185 chars)

    Property being sold as is with approved plans for 3 units. Rare opportunity to own and build 2 bedroom, 3 bedroom and 5 bedrooms unit running street to street Benson to Decatur Avenues.

20. 2025-04-21
    historical 185-char remark

    Show marketing remark (185 chars)

    Property being sold as is with approved plans for 3 units. Rare opportunity to own and build 2 bedroom, 3 bedroom and 5 bedrooms unit running street to street Benson to Decatur Avenues.

21. 2024-09-24
    price $1,950,000 185-char remark

    Show marketing remark (185 chars)

    Property being sold as is with approved plans for 3 units. Rare opportunity to own and build 2 bedroom, 3 bedroom and 5 bedrooms unit running street to street Benson to Decatur Avenues.

22. 2024-07-29
    listed $2,100,000 Active 185-char remark

    Show marketing remark (185 chars)

    Property being sold as is with approved plans for 3 units. Rare opportunity to own and build 2 bedroom, 3 bedroom and 5 bedrooms unit running street to street Benson to Decatur Avenues.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $691,872
• − Mortgage interest: −$92,370
• − Property taxes: −$24,735
• − Insurance: −$8,245
• − Repairs & maintenance: −$55,350
• − Management: −$55,350
• − Depreciation: −$47,971
• Taxable income: $407,852
• Est. tax owed @ 24.0%: −$97,884
• After-tax cash flow: $311,944/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 40/100 Extensive rehab

This property requires extensive repairs and updates to improve its condition and value. Significant work is needed on the roof, exterior, flooring, and interior, as well as HVAC upgrades. The property has potential for substantial value increase with these improvements.

Repairs flagged

• Major roof — Significant damage and wear
• Major exterior siding — Damaged and in need of replacement
• Major flooring — Worn and uneven, needs replacement
• Major interior walls/paint — Chipped and peeling, needs repainting
• Major HVAC/mechanicals — No recent maintenance, likely in need of repair

Value-add opportunities

• Both Roof replacement — Improves both resale and rental value
• Both Exterior siding replacement — Enhances curb appeal and value
• Both Flooring replacement — Improves living space and value
• Both Painting and interior updates — Enhances interior and rental appeal
• Both HVAC upgrade — Improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant damage and wear	Major	$15,000–50,000
exterior siding · Damaged and in need of replacement	Major	$15,000–50,000
flooring · Worn and uneven, needs replacement	Major	$15,000–50,000
interior walls/paint · Chipped and peeling, needs repainting	Major	$15,000–50,000
HVAC/mechanicals · No recent maintenance, likely in need of repair	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Roof replacement — Improves both resale and rental value ↑
• Both Exterior siding replacement — Enhances curb appeal and value ↑
• Both Flooring replacement — Improves living space and value ↑
• Both Painting and interior updates — Enhances interior and rental appeal ↑
• Both HVAC upgrade — Improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Margate City School District
• NCES district ID: 3409690
• Math proficiency: 50% ▼ -26.00%
• Reading proficiency: 58% ▼ -28.00%
• Median HH income: $67,112
• Composite: 47.71/100
• National rank: #2241
• State rank: #113 of 472 in NJ

Livability — Margate City

• Score: 75/100
• State rank: #149
• US rank: #3893

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing A- Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Margate City, NJ
• County: Atlantic County · 143,611 people
• City population: 5,234
• Metro: Atlantic City-Hammonton, NJ
• Population (ZIP): 5,234
• Household income: $121,800
• Rent vs Own: 10.0% rent · 90.0% own
• Severe rent burden: 23.0

Population outlook (Atlantic County) Hauer SSP2

• Today (2025): 268,948 people
• By 2030: 264,497 · -1.7%
• By 2040: 252,261 · -6.2%
• By 2050: 237,846 · -11.6%
• By 2075: 210,650 · -21.7%
• By 2100: 180,234 · -33.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Asian 2% Hispanic / Latino 2%
• Common ancestry: Scotch-Irish 9% Romanian 6% Lithuanian 2%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 92% English-only · Other Indo-European 2% Tagalog/Filipino 2% Spanish 1%

Political lean MEDSL · Atlantic

• 2024 margin: Toss-up / Even · D 47.7% · R 50.7% · Other 1.6%
• 2008→2024 swing: -18.1pp toward R · 2008: 15.1pp · 2024: -3.0pp
• All cycles: 2024: R+3.0 2020: D+6.7 2016: D+6.2 2012: D+17.2 2008: D+15.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -625.70%
• Current HPI: 475.1366
• Rent YoY: ▲ 8.91%
• Metro: Atlantic City-Hammonton, NJ
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

Industry mix (Fortune 500 HQ in NJ)

Industry	F500 HQs	Revenue
▸Consumer Goods	3	$31B
▸Pharmaceuticals	2	$153B
▸Technology	2	$21B
▸Insurance	2	$20B
▸Healthcare	2	$19B
▸Financial Services	1	$70B

Price history

-21.5% since first listed

6 events — show timeline

• 2026-03-06 Price Changed $1,649,000 SJSRMLS
• 2025-07-30 Price Changed $1,749,000 SJSRMLS
• 2025-04-21 Listing Removed — SJSRMLS
• 2025-04-21 Listed $1,899,000 SJSRMLS
• 2024-09-24 Price Changed $1,950,000 SJSRMLS
• 2024-07-29 Listed $2,100,000 SJSRMLS