222 W 3rd Ave #301 · North Wildwood, NJ 08260

$925,000

3 bd · 2.0 ba · 1,100 sqft · Condo public records · 2 Days on market

Built 1985

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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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the Grounds of the Exclusive BAYFRONT Homes Affectionately referred to as the Promenade. This is a uniquely situated Luxury condominium community that offers the best of the best when it comes to North Wildwood WATERFRONT living. Unlike most properties on the Bay, this property has its own boardwalk, large lush green grass grounds to stroll, large pool with a huge deck overlooking the Bay. Each owner has a private assigned boatslip, large storage room and access to some the most breathtaking Sunsets known to man. This particular unit is just one of the 4 Penthouse corner units which also have a rare private deck with panoramic WATERVIEWS. This property has been tatstefully decorated, never rented and owned by the sellers for over 25 years and has never been rented. The exterior has recently underwent a major makeover including beautiful Stone Trim, Cedar Shake Impression siding, trex stairways, new vinyl railings and decks. Cruise up, dock your Boat and toast to the good life you've earned. This Complex has a very tight nit owners association who takes great pride in maintaining the excellence you have come to expect from "The Promenade". Why would you buy anywhere else? Seriously. Breathtaking nightly Sunsets, Pool and Boatslips within walking distance of the beach and North Wildwood's great restaurants and nightlife. This Home has it All. Condo fee includes Water, Sewer, Flood and Liability insurance, trash & Maintenance including pool

Key facts

• Community pool
• Built 1985
• Listed 2 days

Property features AI

Finance

• Other: Located about 4 blocks to the beach
• HOA & community: Condo fee approximately $925; Common amenities include deck/porch, pool, storage facilities, dock/boat slip and bulkhead

Exterior

• Parking: Assigned parking; Other parking (see remarks)
• Utilities: Public/city water; Public/city sewer; Gas hot water
• Home design: Condominium unit (Unit 301); Cathedral ceiling; Fireplace; Owners allowed pets; Year-round usage
• Exterior features: Deck/Porch; Pool; Storage facilities; Dock/boat slip; Bulkhead; Pool view; Water view; Corner unit; Top floor

Interior

• Kitchen: Kitchen with center island; Includes oven, microwave, refrigerator, dishwasher, disposal
• Bedrooms: 3 bedrooms
• Flooring: Hardwood floors
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Washer, Dryer, Dishwasher, Disposal, Oven, Microwave, Refrigerator; Smoke/Fire detector; Drapes, Curtains, Shades, Blinds, Rugs, Furniture; 7 total rooms; Living room, Kitchen, Dining area, Storage space
• Laundry & utility: Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $925k.

Deal economics

• At list price, monthly cash flow is $4k ($54k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $925k).
• Cap rate 12.1% vs local median 3.7% in North Wildwood — 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 68/100 on livability (#318 in NJ) — a middle-class / working-renter tenant base. Strengths: health & safety A+; Watch: amenities C-, crime D-, commute F.
• North Wildwood School District (suburban): math 55% / reading 45% proficiency, ranked #396 of 612 in NJ (top 65%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 437 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $6k of loan paydown is wiped out by about $28k 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 $259k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $568k; list at $925k implies a 63% gain — meaningful room to come down on a strong offer.

Recommended offer $925,000

Questions for the listing agent

1. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
4. 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.
5. 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.
6. 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: 1.41% ✓
• Cap rate: 12.11%
• Cash-on-cash: 20.77%
• DSCR: 1.92
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 13.1%
• Equity multiple: 1.52×
• Total profit: $135,425
• Equity at exit: $137,921

10-year hold

• IRR: 22.0%
• Equity multiple: 2.87×
• Total profit: $484,828
• Equity at exit: $79,977

Cash invested: $259,000 (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 08260

• Home prices YoY: -30.7%
• Active inventory: 437
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $13,000 medium
• Mortgage (P&I): −$4,851
• Tax from tax record: −$551 /mo · $6,616/yr
• Insurance: −$385
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,730
• Net cashflow: $4,482

Break-even live

Break-even rent $7,326

Max offer price $925,000

Occupancy floor 61%

Sensitivity live

Price	-10% $5,006	-5% $4,744	+0% $4,482	+5% $4,221	+10% $3,959
Rent	-10% $3,455	-5% $3,969	+0% $4,482	+5% $4,996	+10% $5,509
Rate	-1.0pp $4,948	-0.5pp $4,718	base $4,482	+0.5pp $4,243	+1.0pp $3,999

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: $231,250
• Closing costs: $27,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
642 W Pine Ave #2 North Wildwood, NJ	3.0	1.0	1010	$13,000	$12.87	44d	1	0.65mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: watersewertrashlandscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-05-31
   status $925,000 Under Contract 2 DOM
2. 2026-05-31
   days on market $925,000 Active 2 DOM
3. 2026-05-29
   listed $925,000 Active
4. 2026-05-29
   listed $925,000
5. 2021-03-08
   soldstatus $568,000
6. 2017-05-16
   soldstatus $424,000 Sold In-House 1489-char remark

   Show marketing remark (1489 chars)

   Welcome to the Grounds of the Exclusive BAYFRONT Homes Affectionately referred to as the Promenade. This is a uniquely situated Luxury condominium community that offers the best of the best when it comes to North Wildwood WATERFRONT living. Unlike most properties on the Bay, this property has its own boardwalk, large lush green grass grounds to stroll, large pool with a huge deck overlooking the Bay. Each owner has a private assigned boatslip, large storage room and access to some the most breathtaking Sunsets known to man. This particular unit is just one of the 4 Penthouse corner units which also have a rare private deck with panoramic WATERVIEWS. This property has been tatstefully decorated, never rented and owned by the sellers for over 25 years and has never been rented. The exterior has recently underwent a major makeover including beautiful Stone Trim, Cedar Shake Impression siding, trex stairways, new vinyl railings and decks. Cruise up, dock your Boat and toast to the good life you've earned. This Complex has a very tight nit owners association who takes great pride in maintaining the excellence you have come to expect from "The Promenade". Why would you buy anywhere else? Seriously. Breathtaking nightly Sunsets, Pool and Boatslips within walking distance of the beach and North Wildwood's great restaurants and nightlife. This Home has it All. Condo fee includes Water, Sewer, Flood and Liability insurance, trash & Maintenance including pool

7. 2017-05-10
   soldstatus $424,000
8. 2017-03-04
   status Under Contract 1489-char remark

   Show marketing remark (1489 chars)

   Welcome to the Grounds of the Exclusive BAYFRONT Homes Affectionately referred to as the Promenade. This is a uniquely situated Luxury condominium community that offers the best of the best when it comes to North Wildwood WATERFRONT living. Unlike most properties on the Bay, this property has its own boardwalk, large lush green grass grounds to stroll, large pool with a huge deck overlooking the Bay. Each owner has a private assigned boatslip, large storage room and access to some the most breathtaking Sunsets known to man. This particular unit is just one of the 4 Penthouse corner units which also have a rare private deck with panoramic WATERVIEWS. This property has been tatstefully decorated, never rented and owned by the sellers for over 25 years and has never been rented. The exterior has recently underwent a major makeover including beautiful Stone Trim, Cedar Shake Impression siding, trex stairways, new vinyl railings and decks. Cruise up, dock your Boat and toast to the good life you've earned. This Complex has a very tight nit owners association who takes great pride in maintaining the excellence you have come to expect from "The Promenade". Why would you buy anywhere else? Seriously. Breathtaking nightly Sunsets, Pool and Boatslips within walking distance of the beach and North Wildwood's great restaurants and nightlife. This Home has it All. Condo fee includes Water, Sewer, Flood and Liability insurance, trash & Maintenance including pool

9. 2017-02-24
   listed $437,777 Active 1489-char remark

   Show marketing remark (1489 chars)

   Welcome to the Grounds of the Exclusive BAYFRONT Homes Affectionately referred to as the Promenade. This is a uniquely situated Luxury condominium community that offers the best of the best when it comes to North Wildwood WATERFRONT living. Unlike most properties on the Bay, this property has its own boardwalk, large lush green grass grounds to stroll, large pool with a huge deck overlooking the Bay. Each owner has a private assigned boatslip, large storage room and access to some the most breathtaking Sunsets known to man. This particular unit is just one of the 4 Penthouse corner units which also have a rare private deck with panoramic WATERVIEWS. This property has been tatstefully decorated, never rented and owned by the sellers for over 25 years and has never been rented. The exterior has recently underwent a major makeover including beautiful Stone Trim, Cedar Shake Impression siding, trex stairways, new vinyl railings and decks. Cruise up, dock your Boat and toast to the good life you've earned. This Complex has a very tight nit owners association who takes great pride in maintaining the excellence you have come to expect from "The Promenade". Why would you buy anywhere else? Seriously. Breathtaking nightly Sunsets, Pool and Boatslips within walking distance of the beach and North Wildwood's great restaurants and nightlife. This Home has it All. Condo fee includes Water, Sewer, Flood and Liability insurance, trash & Maintenance including pool

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

Tax reassessment forecast NJ · Partial reset (capped growth)

• Current annual tax: $6,616 · $551/mo
• Projected year-2 tax: $14,824 · $1,235/mo
• Expected delta: +$8,208/yr (+$684/mo · 124.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $156,000
• − Mortgage interest: −$51,814
• − Property taxes: −$6,616
• − Insurance: −$4,625
• − Repairs & maintenance: −$12,480
• − Management: −$12,480
• − Depreciation: −$26,909
• Taxable income: $41,076
• Est. tax owed @ 24.0%: −$9,858
• After-tax cash flow: $43,931/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.

Schools (NCES district)

• District: North Wildwood School District
• NCES district ID: 3411670
• Math proficiency: 55% ▲ 5.00%
• Reading proficiency: 45% ▬ 0.00%
• Median HH income: $45,310
• Composite: 44.38/100
• National rank: #6123
• State rank: #396 of 612 in NJ

Livability — North Wildwood

• Score: 68/100
• State rank: #318
• US rank: #9827

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Wildwood, NJ
• Population (ZIP): 12,913

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 (78%)
• Race & ethnicity: White 78% Hispanic / Latino 14% Two or more races 7% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 10% Puerto Rican 3%
• Common ancestry: Romanian 7% Slovak 2% Lithuanian 1%
• Foreign-born: 9% · Canada
• Languages at home: 84% English-only · Spanish 12% Other Indo-European 3% French/Haitian/Cajun 1%

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: ▼ -243.83%
• Current HPI: 551.3393
• 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

Price history

+111.3% since first listed

7 events — show timeline

• 2026-05-29 Listed $925,000 CMCMLS
• 2026-05-29 Listed $925,000 CMCMLS
• 2021-03-08 Sold (Public Records) $568,000 Public Records
• 2017-05-16 Sold (MLS) $424,000 CMCMLS
• 2017-05-10 Sold (Public Records) $424,000 Public Records
• 2017-03-04 Pending — CMCMLS
• 2017-02-24 Listed $437,777 CMCMLS

Property tax history

+4.9%/yr

Latest (2025): $6,616 · +2.1% YoY. Source: county tax records.