22 S Washington Ave #2 · Margate City, NJ 08402

$599,999

2 bd · 2.0 ba · 877 sqft · Condo public records · 36 Days on market

Built 1989 $684/sqft · 16% above area Est $516k · 16% over $348/mo HOA · 4% of rent

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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 +9.7/10.0
• Schools +4.8/10.0
• Rent growth +4.7/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• ARV discount +0.2/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this modern second floor 2 bedroom, 2 full bath condo in one of Margate's most desirable locations! Just one block from the beach and within walking distance to restaurants, shops, and the iconic Lucy the Elephant, this home offers the perfect blend of convenience and coastal living. Inside, you'll find an updated kitchen featuring stainless steel appliances, spacious living area, and a separate laundry area for added convenience. The primary bedroom features a large closet and private ensuite bath, while the second full bath is conveniently located directly across from the second bedroom, ideal for guests or family. Additional highlights include two designated private parking spaces and an exterior storage shed perfect for beach chairs, bikes, and all your shore essentials. Whether you're looking for a summer getaway, investment property, or year-round residence, this prime Margate locationis hard to beat.

Key facts

• $348 HOA
• 2 parking spots
• Built 1989

Property features AI

Finance

• Other: Pets allowed with no pet restrictions
• Financial info: Lease not considered
• HOA & community: Monthly condo fee of $348 covering all ground fee, common area maintenance, insurance, snow removal, and trash

Exterior

• Parking: Assigned parking spaces; Parking lot with 2 spaces (2 assigned total garage/parking spaces)
• Utilities: Public water; Public sewer; Natural gas hot water
• Home design: Condominium unit/flat; Entry on level 1
• Construction: Estimated year built
• Exterior features: Garden-style building (1–4 floors); Above-grade other structures; Water-oriented with Atlantic Ocean frontage; Located in a Federal Flood Zone (AE)

Interior

• Kitchen: Built-in microwave; Dishwasher; Disposal; Gas range/oven; Refrigerator; Stainless steel appliances
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (electric)
• Interior features: No basement; Estimated living area
• Laundry & utility: Washer and dryer in unit; Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $600k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $600k).
• Recommended offer: $582k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.0% 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; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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 $8,793/mo this rent would consume 87% 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 $4k of loan paydown is wiped out by about $18k 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 $168k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($582k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 16y 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 $295k; list at $600k implies a 103% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $581,999 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.47% ✓
• Cap rate: 11.96%
• Cash-on-cash: 20.26%
• DSCR: 1.90
• GRM: 5.7

CMA / ARV

• ARV (median comp): $515,781
• List price: $599,999
• Delta: 16.33%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 14.4%
• Equity multiple: 1.61×
• Total profit: $103,057
• Equity at exit: $89,462

10-year hold

• IRR: 26.9%
• Equity multiple: 3.98×
• Total profit: $500,328
• Equity at exit: $51,877

Cash invested: $168,000 (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 08402

• Rents YoY: 8.9%
• Active inventory: 147
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $8,793 medium
• Mortgage (P&I): −$3,146
• Tax from tax record: −$366 /mo · $4,392/yr
• Insurance: −$250
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$348
• Vacancy / Maint / Mgmt: −$1,846
• Net cashflow: $2,409

Break-even live

Break-even rent $5,743

Max offer price $599,999

Occupancy floor 68%

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: $150,000
• Closing costs: $18,000
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9400 Atlantic Ave Margate City, NJ	2.0	1.0–1.5	917	$28,000	$30.52	13d	6	0.09mi
9400 Atlantic Ave Margate City, NJ	1.0–2.0	1.0–1.5	1020	$26,000	$25.49	21d	4	0.09mi
9101 Atlantic Ave #106 Margate City, NJ	2.0	2.0	1108	$10,000	$9.03	44d	1	0.13mi
16 N Monroe Ave Unit B4 SUMMER Margate City, NJ	2.0	2.0	919	$28,000	$30.47	44d	1	0.29mi
16 N Monroe Ave Unit B4 JUNE Margate City, NJ	2.0	2.0	919	$6,000	$6.53	44d	1	0.29mi
16 N Monroe Ave Unit B4 AUG Margate City, NJ	2.0	2.0	919	$11,000	$11.97	44d	1	0.29mi
126 N Washington Ave Unit A Margate City, NJ	2.0	2.0	1100	$3,575	$3.25	44d	1	0.29mi
9500 Amherst Ave Unit B 7 Margate City, NJ	1.0	1.0	630	$15,000	$23.81	21d	1	0.40mi

HOA detail condo

• Monthly dues: $348 · $4,176/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-06-19
   days on market $599,999 Active 36 DOM
2. 2026-06-18
   days on market $599,999 Active 35 DOM
3. 2026-06-17
   days on market $599,999 Active 34 DOM
4. 2026-06-16
   days on market $599,999 Active 33 DOM
5. 2026-06-15
   days on market $599,999 Active 32 DOM
6. 2026-06-14
   days on market $599,999 Active 30 DOM
7. 2026-06-13
   days on market $599,999 Active 29 DOM
8. 2026-06-10
   days on market $599,999 Active 27 DOM
9. 2026-06-09
   days on market $599,999 Active 26 DOM
10. 2026-06-08
    days on market $599,999 Active 25 DOM
11. 2026-06-07
    days on market $599,999 Active 24 DOM
12. 2026-06-05
    days on market $599,999 Active 21 DOM
13. 2026-06-02
    days on market $599,999 Active 19 DOM
14. 2026-06-01
    days on market $599,999 Active 18 DOM
15. 2026-05-31
    days on market $599,999 Active 17 DOM
16. 2026-05-30
    days on market $599,999 Active 16 DOM
17. 2026-05-15
    listed $599,999 Active 958-char remark
18. 2026-05-12
    historical $599,999 958-char remark

    Show marketing remark (931 chars)

    Welcome to this modern second floor 2 bedroom, 2 full bath condo in one of Margate's most desirable locations! Just one block from the beach and within walking distance to restaurants, shops, and the iconic Lucy the Elephant, this home offers the perfect blend of convenience and coastal living. Inside, you'll find an updated kitchen featuring stainless steel appliances, spacious living area, and a separate laundry area for added convenience. The primary bedroom features a large closet and private ensuite bath, while the second full bath is conveniently located directly across from the second bedroom, ideal for guests or family. Additional highlights include two designated private parking spaces and an exterior storage shed perfect for beach chairs, bikes, and all your shore essentials. Whether you're looking for a summer getaway, investment property, or year-round residence, this prime Margate locationis hard to beat.

19. 2026-05-12
    listed $599,999 Active 931-char remark

    Show marketing remark (931 chars)

    Welcome to this modern second floor 2 bedroom, 2 full bath condo in one of Margate's most desirable locations! Just one block from the beach and within walking distance to restaurants, shops, and the iconic Lucy the Elephant, this home offers the perfect blend of convenience and coastal living. Inside, you'll find an updated kitchen featuring stainless steel appliances, spacious living area, and a separate laundry area for added convenience. The primary bedroom features a large closet and private ensuite bath, while the second full bath is conveniently located directly across from the second bedroom, ideal for guests or family. Additional highlights include two designated private parking spaces and an exterior storage shed perfect for beach chairs, bikes, and all your shore essentials. Whether you're looking for a summer getaway, investment property, or year-round residence, this prime Margate locationis hard to beat.

20. 2020-02-19
    soldstatus $295,000 Sold

    Show marketing remark (841 chars)

    Live the lifestyle you deserve in this large & stunning 2 bed 2 bath unit located in Margates popular Marina District. Enjoy the convenience of A quick stroll to Margates fine dining establishments, fun & exciting night life, Margates best beaches along with all of the kid friendly experiences the entire family can enjoy! The interior is highlighted with a state of the art chefs kitchen complete with custom cabinetry, granite countertops, Full granite slab backsplash & upgraded stainless steel appliance package which flows into the formal dining room . The main living area is drenched with natural sunlight & large enough for the entire family and friends to hang out together. Both bathrooms have been beautifully upgraded & are fully tiled with designer fixtures & frameless glass shower doors.

21. 2020-01-27
    historical Under Contract

    Show marketing remark (841 chars)

    Live the lifestyle you deserve in this large & stunning 2 bed 2 bath unit located in Margates popular Marina District. Enjoy the convenience of A quick stroll to Margates fine dining establishments, fun & exciting night life, Margates best beaches along with all of the kid friendly experiences the entire family can enjoy! The interior is highlighted with a state of the art chefs kitchen complete with custom cabinetry, granite countertops, Full granite slab backsplash & upgraded stainless steel appliance package which flows into the formal dining room . The main living area is drenched with natural sunlight & large enough for the entire family and friends to hang out together. Both bathrooms have been beautifully upgraded & are fully tiled with designer fixtures & frameless glass shower doors.

22. 2019-12-06
    listed $299,999 Active

    Show marketing remark (841 chars)

    Live the lifestyle you deserve in this large & stunning 2 bed 2 bath unit located in Margates popular Marina District. Enjoy the convenience of A quick stroll to Margates fine dining establishments, fun & exciting night life, Margates best beaches along with all of the kid friendly experiences the entire family can enjoy! The interior is highlighted with a state of the art chefs kitchen complete with custom cabinetry, granite countertops, Full granite slab backsplash & upgraded stainless steel appliance package which flows into the formal dining room . The main living area is drenched with natural sunlight & large enough for the entire family and friends to hang out together. Both bathrooms have been beautifully upgraded & are fully tiled with designer fixtures & frameless glass shower doors.

23. 2019-12-02
    historical
24. 2019-09-14
    price $315,000
25. 2019-07-01
    price $323,900
26. 2019-05-31
    listed $339,900 Active
27. 2011-02-22
    soldstatus $315,000
28. 2011-02-08
    soldstatus $315,000
29. 2010-12-13
    historical
30. 2010-08-20
    listed $319,900

ⓘ 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: $4,392 · $366/mo
• Projected year-2 tax: $9,666 · $806/mo
• Expected delta: +$5,274/yr (+$439/mo · 120.1%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $105,512
• − Mortgage interest: −$33,609
• − Property taxes: −$4,392
• − Insurance: −$8,118
• − Repairs & maintenance: −$8,441
• − Management: −$8,441
• − HOA: −$4,176
• − Depreciation: −$17,455
• Taxable income: $20,880
• Est. tax owed @ 24.0%: −$5,011
• After-tax cash flow: $23,899/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: 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

+87.6% since first listed

14 events — show timeline

• 2026-05-15 Listed $599,999 BRIGHT MLS
• 2026-05-12 Coming Soon $599,999 BRIGHT MLS
• 2026-05-12 Listed $599,999 SJSRMLS
• 2020-02-19 Sold (MLS) $295,000 SJSRMLS
• 2020-01-27 Contingent — SJSRMLS
• 2019-12-06 Listed $299,999 SJSRMLS
• 2019-12-02 Listing Removed — SJSRMLS
• 2019-09-14 Price Changed $315,000 SJSRMLS
• 2019-07-01 Price Changed $323,900 SJSRMLS
• 2019-05-31 Listed $339,900 SJSRMLS
• 2011-02-22 Sold (Public Records) $315,000 Public Records
• 2011-02-08 Sold (MLS) $315,000 SJSRMLS
• 2010-12-13 Listing Removed — SJSRMLS
• 2010-08-20 Listed $319,900 SJSRMLS

Property tax history

+1.9%/yr

Latest (2025): $4,392 · +4.6% YoY. Source: county tax records.