33-35-37 West Boardwalk W Unit GRASSY SOUND AREA · North Wildwood, NJ 08260

$899,971

2 bd · 1.0 ba · 1,492 sqft · Land · 135 Days on market

Built 1888 0.38 ac lot ↓ 10% 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 +27.5/30.0
• DSCR +9.7/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• 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 Historic Grassy Sound! WOW !! Condo out the 2 homes if needed both homes are on one lot, Price for the 2 Homes only is $749,000 and for Boat house , on seperate lot is $169,000. This property has a North Wildwood Address and Zip code. Located Waterfront right outside of North Wildwood, Anglesea , Stone Harbor and short ride to Cape May. Grassy Sound is a perfect fit of peaceful, tranquil and great outdoor Adventures. Catch stripers, weakies. crabbing right off your own dock! Sunbathe with decks North, South, East and West!! WOW Keep your Boats and or Water toys, wave runners at your own dock with Bulkhead. The property has approx. more than a Half Acre of waterfront with 110' frontage on the Intercoastal waterway. Has 2 separate homes and a one room bunk house on property. #33 Home is Waterfront with 2 separate bedrooms, spacious living room with views of the Intercoastal, with wrap around decks! Watch the start of a Beautiful Day with a sunrise and cup of coffee. Has spacious Eat in Kitchen and Family room also. Home has baseboard hot water heat, owner lives there all year round. #35 is a 2 Bedroom Chalet style open floor plan home with vaulted ceilings and one bath. Great views of intercoastal and Nature at its Best!! decks for sunbathing also! Has baseboard hot water heat and is currently rented all year round for $2000.00 monthly. #37 is a small one room cottage, bunkhouse used for overflow!!Owner is member of the Grassy Sound Civic Assoc. which serves to provide sewer to more than 40 Homes in the Area. There is a monthly charge for sewer installation repayment and disposal also. Sale is subject to a Tidelands lease which seller is in the process of obtaining. More information on it will be available soon. House and Chalet are on one Deed and Bunkhouse is on Another, both properties are included in Sale.

Key facts

• Wrap around decks
• Own dock
• Bulkhead

Tags

• WATERFRONT
• OWN DOCK
• BULKHEAD
• INTERCOASTAL WATERWAY
• WRAP AROUND DECKS
• EAT IN KITCHEN

Property features AI

Finance

• Other: Fee simple ownership; Pets allowed with no pet restrictions

Exterior

• Parking: Off-site parking
• Utilities: Grinder pump sewer; Water via private sources and well; lateral not installed/must tap off main
• Home design: Detached structure; Estimated year built
• Construction: Cedar siding; Frame construction; Copper plumbing; CPVC/PVC plumbing; Pilings foundation
• Exterior features: Lot approximately 110 x 146; Federal flood zone; Above-grade other structures

Interior

• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level; 1 full bathroom total
• Heating & cooling: 90% forced air heating; Natural gas heating fuel; Ceiling fan(s); Wall unit cooling; Electric cooling fuel; Electric hot water
• Interior features: Estimated living area; No basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath land listed at $900k.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $900k).
• Recommended offer: $792k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.8% 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.
• Market conditions: 437 active listings in the ZIP; 2 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 $27k 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 $252k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($792k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1888 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $791,974 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1888 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.25% ✓
• Cap rate: 9.85%
• Cash-on-cash: 12.70%
• DSCR: 1.57
• GRM: 6.7

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: 2.5%
• Equity multiple: 1.10×
• Total profit: $24,228
• Equity at exit: $134,189

10-year hold

• IRR: 12.1%
• Equity multiple: 1.95×
• Total profit: $240,550
• Equity at exit: $77,813

Cash invested: $251,992 (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: 6.7×

Monthly cashflow live

• Estimated rent: $11,249 medium
• Mortgage (P&I): −$4,720
• Tax est. 1.5%: −$1,125 /mo · $13,500/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,362
• Net cashflow: $2,667

Break-even live

Break-even rent $7,873

Max offer price $899,971

Occupancy floor 71%

Sensitivity live

Price	-10% $3,289	-5% $2,978	+0% $2,667	+5% $2,356	+10% $2,046
Rent	-10% $1,779	-5% $2,223	+0% $2,667	+5% $3,112	+10% $3,556
Rate	-1.0pp $3,121	-0.5pp $2,896	base $2,667	+0.5pp $2,434	+1.0pp $2,197

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: $224,993
• Closing costs: $26,999
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	1.14mi
96 Seaspray Ct Wildwood, NJ	3.0	2.5	1650	$9,900	$6.00	44d	1	1.17mi

Listing history 18 events

1. 2026-06-21
   days on market $899,971 Active 135 DOM
2. 2026-06-18
   days on market $899,971 Active 133 DOM
3. 2026-06-17
   days on market $899,971 Active 132 DOM
4. 2026-06-16
   days on market $899,971 Active 131 DOM
5. 2026-06-15
   days on market $899,971 Active 130 DOM
6. 2026-06-13
   days on market $899,971 Active 128 DOM
7. 2026-06-12
   days on market $899,971 Active 127 DOM
8. 2026-06-09
   days on market $899,971 Active 124 DOM
9. 2026-06-08
   days on market $899,971 Active 123 DOM
10. 2026-06-07
    days on market $899,971 Active 122 DOM
11. 2026-06-07
    days on market $899,971 Active 121 DOM
12. 2026-06-04
    days on market $899,971 Active 118 DOM
13. 2026-06-02
    days on market $899,971 Active 117 DOM
14. 2026-06-01
    days on market $899,971 Active 116 DOM
15. 2026-05-31
    days on market $899,971 Active 115 DOM
16. 2026-02-05
    listed $899,971 Active
17. 2025-05-08
    price $899,971 1851-char remark

    Show marketing remark (1851 chars)

    Welcome to Historic Grassy Sound! WOW !! Condo out the 2 homes if needed both homes are on one lot, Price for the 2 Homes only is $749,000 and for Boat house , on seperate lot is $169,000. This property has a North Wildwood Address and Zip code. Located Waterfront right outside of North Wildwood, Anglesea , Stone Harbor and short ride to Cape May. Grassy Sound is a perfect fit of peaceful, tranquil and great outdoor Adventures. Catch stripers, weakies. crabbing right off your own dock! Sunbathe with decks North, South, East and West!! WOW Keep your Boats and or Water toys, wave runners at your own dock with Bulkhead. The property has approx. more than a Half Acre of waterfront with 110' frontage on the Intercoastal waterway. Has 2 separate homes and a one room bunk house on property. #33 Home is Waterfront with 2 separate bedrooms, spacious living room with views of the Intercoastal, with wrap around decks! Watch the start of a Beautiful Day with a sunrise and cup of coffee. Has spacious Eat in Kitchen and Family room also. Home has baseboard hot water heat, owner lives there all year round. #35 is a 2 Bedroom Chalet style open floor plan home with vaulted ceilings and one bath. Great views of intercoastal and Nature at its Best!! decks for sunbathing also! Has baseboard hot water heat and is currently rented all year round for $2000.00 monthly. #37 is a small one room cottage, bunkhouse used for overflow!!Owner is member of the Grassy Sound Civic Assoc. which serves to provide sewer to more than 40 Homes in the Area. There is a monthly charge for sewer installation repayment and disposal also. Sale is subject to a Tidelands lease which seller is in the process of obtaining. More information on it will be available soon. House and Chalet are on one Deed and Bunkhouse is on Another, both properties are included in Sale.

18. 2025-02-13
    listed $999,971 Active 1851-char remark

    Show marketing remark (1851 chars)

    Welcome to Historic Grassy Sound! WOW !! Condo out the 2 homes if needed both homes are on one lot, Price for the 2 Homes only is $749,000 and for Boat house , on seperate lot is $169,000. This property has a North Wildwood Address and Zip code. Located Waterfront right outside of North Wildwood, Anglesea , Stone Harbor and short ride to Cape May. Grassy Sound is a perfect fit of peaceful, tranquil and great outdoor Adventures. Catch stripers, weakies. crabbing right off your own dock! Sunbathe with decks North, South, East and West!! WOW Keep your Boats and or Water toys, wave runners at your own dock with Bulkhead. The property has approx. more than a Half Acre of waterfront with 110' frontage on the Intercoastal waterway. Has 2 separate homes and a one room bunk house on property. #33 Home is Waterfront with 2 separate bedrooms, spacious living room with views of the Intercoastal, with wrap around decks! Watch the start of a Beautiful Day with a sunrise and cup of coffee. Has spacious Eat in Kitchen and Family room also. Home has baseboard hot water heat, owner lives there all year round. #35 is a 2 Bedroom Chalet style open floor plan home with vaulted ceilings and one bath. Great views of intercoastal and Nature at its Best!! decks for sunbathing also! Has baseboard hot water heat and is currently rented all year round for $2000.00 monthly. #37 is a small one room cottage, bunkhouse used for overflow!!Owner is member of the Grassy Sound Civic Assoc. which serves to provide sewer to more than 40 Homes in the Area. There is a monthly charge for sewer installation repayment and disposal also. Sale is subject to a Tidelands lease which seller is in the process of obtaining. More information on it will be available soon. House and Chalet are on one Deed and Bunkhouse is on Another, both properties are included in Sale.

ⓘ 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: $134,992
• − Mortgage interest: −$50,412
• − Property taxes: −$13,500
• − Insurance: −$4,500
• − Repairs & maintenance: −$10,799
• − Management: −$10,799
• − Depreciation: −$26,181
• Taxable income: $18,800
• Est. tax owed @ 24.0%: −$4,512
• After-tax cash flow: $27,497/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)

No district data.

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

• 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

-10.0% since first listed

3 events — show timeline

• 2026-02-05 Listed $899,971 BRIGHT MLS
• 2025-05-08 Price Changed $899,971 CMCMLS
• 2025-02-13 Listed $999,971 CMCMLS