301 10th St · Ocean City, NJ 08226

$1,699,000

None bd · None ba · — sqft · MultiFamily · 14 Days on market

Good condition Est $1475k · 15% over

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Why this score? — see what drove the C+ 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
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• ARV discount +0.7/15.0
• 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

Mixed-use opportunity in the heart of Ocean City, NJ featuring approximately 950 SF of commercial space plus five residential units. Property consists of (2) two-bedroom/two-bath units, (1) one-bedroom/one-bath unit, (1) studio unit, and an additional owner’s studio, along with a dedicated parking space. All residential units were renovated in 2022, offering updated interiors and strong rental appeal. Ideal for an investor seeking diversified income or an owner-operator looking to combine commercial and residential use in a prime shore location. Strong income potential ($160k+) with upside in commercial tenancy and seasonal demand.

Key facts

• Residential units
• Commercial space
• Renovated interiors

Tags

• MIXED-USE OPPORTUNITY
• COMMERCIAL SPACE
• RESIDENTIAL UNITS
• DEDICATED PARKING SPACE
• RENOVATED INTERIORS
• STRONG RENTAL APPEAL

What this means for you Summary

Snapshot

• This is a multifamily listed at $1.70M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $24k ($284k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($45k rent vs $1.70M).
• Cap rate 23.0% vs local median 3.3% in Ocean 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 80/100 on livability (#72 in NJ, #1,762 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, health & safety A+; Watch: housing D+, cost of living F.
• Ocean City School District (urban): math 31% / reading 53% proficiency, ranked #212 of 472 in NJ (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 419 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 85% of comp listings sitting > 30 days — soft ceiling on asking rent; 877 units permitted in Cape May County in 2024 (35 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $12k of loan paydown is wiped out by about $51k of value loss. Plan a longer hold.
• Cape May County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $476k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $1,699,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 2.64% ✓
• Cap rate: 23.01%
• Cash-on-cash: 59.72%
• DSCR: 3.66
• GRM: 3.2

CMA / ARV

• ARV (median comp): $1,475,211
• List price: $1,699,000
• Delta: 21.95%
• Verdict: OVERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
834 asbury Ave	0.15mi	5/2.0	—	2mo	$999,000	—	79
846 Central Ave	0.14mi	—/—	2,424	9mo	$950,000	$392	74
732 Wesley Ave	0.27mi	9/3.5	3,408	8mo	$1,425,000	$418	69
611 E 7th St St	0.37mi	—/—	6,440	3mo	$1,310,000	$203	68
509 E 7th St	0.35mi	4/3.0	—	22mo	$815,000	—	53
607 Ocean Ave	0.46mi	7/3.5	2,144	18mo	$1,175,000	$548	51
321 Central Ave	0.70mi	8/5.0	2,412	5mo	$1,600,000	$663	50
620 Atlantic Ave	0.45mi	—/—	3,157	20mo	$2,800,000	$887	50
300 Wesley Ave	0.74mi	—/—	—	4mo	$1,532,500	—	49
701 E 4th St	0.68mi	5/2.5	3,052	9mo	$999,999	$328	48
421 15th St	0.54mi	—/—	—	23mo	$1,350,000	—	44
856 Brighton Pl # 858	0.70mi	10/5.0	1,908	17mo	$2,650,000	$1,389	41

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 58.4%
• Equity multiple: 3.59×
• Total profit: $1,233,143
• Equity at exit: $253,326

10-year hold

• IRR: 63.2%
• Equity multiple: 7.34×
• Total profit: $3,018,053
• Equity at exit: $146,898

Cash invested: $475,720 (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 08226

• Active inventory: 419
• Price-to-rent: 15.5×

Monthly cashflow live

• Estimated rent: $44,829 high
• Mortgage (P&I): −$8,910
• Tax est. 1.5%: −$2,124 /mo · $25,485/yr
• Insurance: −$708
• HOA: −$0
• Vacancy / Maint / Mgmt: −$9,414
• Net cashflow: $23,674

Break-even live

Break-even rent $14,863

Max offer price $1,699,000

Occupancy floor 42%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$18,298
▸ 2× units	1	1	$8,232
▸ 2× units	0	1	$18,298
Total (6 units)			$44,829

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: $424,750
• Closing costs: $50,970
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1102 Wesley Ave #1 Ocean City, NJ	3.0	2.0	—	$24,500	—	44d	1	0.17mi
1142 Simpson Ave Unit 1308992P Ocean City, NJ	3.0	2.0	1097	$7,788	$7.10	44d	1	0.26mi
935 Ocean Ave Ocean City, NJ	1.0–3.0	1.0–2.5	1112	$5,350	$4.81	44d	1	0.28mi
714 West Ave Unit 1308989P Ocean City, NJ	2.0	1.0	742	$6,384	$8.60	44d	1	0.30mi
617 Ocean Ave Unit 1st floor Ocean City, NJ	2.0	2.0	—	$2,750	—	44d	1	0.44mi
616 Pleasure Ave Ocean City, NJ	2.0	2.0	—	$2,995	—	44d	1	0.46mi
509 E 4th St Unit 3 Ocean City, NJ	1.0	1.0	—	$1,400	—	44d	1	0.66mi
605 3rd St Unit B Ocean City, NJ	2.0	1.0	—	$2,500	—	44d	1	0.78mi
133 Central Ave Ocean City, NJ	3.0	1.0	—	$7,400	—	44d	1	0.89mi
133 Central Ave Ocean City, NJ	3.0	1.0	—	$4,500	—	21d	1	0.89mi
200 Bay Ave Unit 200 Ocean City, NJ	1.0	1.0	425	$7,800	$18.35	21d	1	0.94mi
101 West Ave Unit 1309011P Ocean City, NJ	3.0	1.0	990	$5,019	$5.07	44d	1	0.94mi
710 Battersea Rd Unit 1309016P Ocean City, NJ	3.0	2.0	1291	$8,042	$6.23	44d	1	1.15mi

Listing history 9 events

1. 2026-06-15
   days on market $1,699,000 Active 14 DOM
2. 2026-06-13
   days on market $1,699,000 Active 12 DOM
3. 2026-06-12
   days on market $1,699,000 Active 11 DOM
4. 2026-06-09
   days on market $1,699,000 Active 8 DOM
5. 2026-06-08
   days on market $1,699,000 Active 7 DOM
6. 2026-06-07
   days on market $1,699,000 Active 6 DOM
7. 2026-06-07
   days on market $1,699,000 Active 5 DOM
8. 2026-06-04
   days on market $1,699,000 Active 2 DOM
9. 2026-06-01
   pricestatusdays on marketlisting id $1,699,000 Active 1 DOM

ⓘ 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: $537,948
• − Mortgage interest: −$95,170
• − Property taxes: −$25,485
• − Insurance: −$8,495
• − Repairs & maintenance: −$43,036
• − Management: −$43,036
• − Depreciation: −$49,425
• Taxable income: $273,300
• Est. tax owed @ 24.0%: −$65,592
• After-tax cash flow: $218,490/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 · 6 photos

Good 80/100 Cosmetic rehab

This multi-family property in Ocean City, NJ is in good condition with recent renovations. It offers strong rental potential and is ideal for investors seeking diversified income.

Value-add opportunities

• Both Painting exterior and interior — Fresh paint enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Rental HVAC system maintenance — Ensures comfort and reduces utility costs

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Rental HVAC system maintenance — Ensures comfort and reduces utility costs ↑

ⓘ 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: Ocean City School District
• NCES district ID: 3411970
• Math proficiency: 31% ▼ -12.00%
• Reading proficiency: 53% ▼ -9.00%
• Median HH income: $60,444
• Composite: 37.07/100
• National rank: #4506
• State rank: #212 of 472 in NJ

Livability — Ocean City

• Score: 80/100
• State rank: #72
• US rank: #1762

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ocean City, NJ
• City population: 11,260
• Population (ZIP): 11,260

Population outlook (Cape May County) Hauer SSP2

• Today (2025): 88,234 people
• By 2030: 84,144 · -4.6%
• By 2040: 75,146 · -14.8%
• By 2050: 67,389 · -23.6%
• By 2075: 55,732 · -36.8%
• By 2100: 44,972 · -49.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 9% Black 2% Two or more races 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Romanian 6% Slovak 2% Scotch-Irish 1%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 8% Russian/Polish/Slavic 2% Other Indo-European 2%

Political lean MEDSL · Cape May

• 2024 margin: R (+19.2) · D 39.7% · R 58.9% · Other 1.4%
• 2008→2024 swing: -10.6pp toward R · 2008: -8.7pp · 2024: -19.2pp
• All cycles: 2024: R+19.2 2020: R+15.9 2016: R+19.9 2012: R+8.9 2008: R+8.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -381.90%
• Current HPI: 389.3687
• Rent YoY: —
• Metro: —
• 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