1135 West Ave · Ocean City, NJ 08226

$2,499,998

12 bd · 8.0 ba · — sqft · MultiFamily · 41 Days on market

Built 2026 Poor condition

---

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
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Welcome to 1135 West Avenue – a stunning new construction DUPLEX 6BR/4BA condo with private rooftop deck in the heart of Ocean City. Expertly crafted by one of Ocean City’s top builders, this home offers the perfect blend of luxury, comfort, and coastal style. Step inside to find beautiful luxury vinyl plank flooring throughout, upgraded trim package, complimented by a bright and open layout designed for modern living. The kitchen is a showstopper, featuring quartz countertops, a premium stainless steel appliance package, and stylish finishes that flow seamlessly into the dining and living areas. Bathrooms with beautiful tile, floor to ceiling, and upgraded plumbing fixtures. Th

Key facts

• Garage
• Built 2026
• Listed 41 days

Property features AI

Finance

• Other: Lot dimensions approximately 30 x 90
• Financial info: For sale

Exterior

• Parking: Exterior parking for three or more cars; Attached 1-car garage
• Utilities: Public sewer; Public water; Tankless gas water heater; Separate meters for electric, gas, heat, hot water, cooling, cable TV, sewer and water
• Home design: New construction; Located in boardwalk area / other (see remarks)
• Construction: Vinyl siding
• Exterior features: Deck; Porch; Outside shower; Sprinkler system; Curbs; Sidewalks

Interior

• Kitchen: Dishwasher; Electric stove; Microwave; Refrigerator
• Bedrooms: Two 3-bedroom units
• Heating & cooling: Central air conditioning; Forced air heating (natural gas); Tankless gas water heater
• Interior features: Dishwasher; Dryer; Electric stove; Microwave; Refrigerator; Washer; Central air conditioning; Forced air heating (natural gas)
• Laundry & utility: Washer; Dryer; Separate meters for electric, gas, heat, hot water, cooling, cable TV, sewer and water

What this means for you Summary

Snapshot

• This is a 2 × 6.0-bed/4.0-bath units multifamily listed at $2.50M. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $12k ($148k/yr) — positive. Per door: $6k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($38k rent vs $2.50M).
• Recommended offer: $2.42M (3.0% below list) — sets the bar for market timing.
• Cap rate 12.4% 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; 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 $17k of loan paydown is wiped out by about $75k 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 $700k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($2.42M) 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: 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 $2,424,998 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.52% ✓
• Cap rate: 12.42%
• Cash-on-cash: 21.90%
• DSCR: 1.97
• GRM: 5.5

CMA / ARV

• ARV (median comp): $1,344,872
• List price: $2,499,998
• Delta: 85.89%
• Verdict: OVERPRICED
• Comps: 16 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 13.7%
• Equity multiple: 1.55×
• Total profit: $382,088
• Equity at exit: $372,758

10-year hold

• IRR: 22.5%
• Equity multiple: 2.93×
• Total profit: $1,348,674
• Equity at exit: $216,154

Cash invested: $699,999 (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: 11.0×

Monthly cashflow live

• Estimated rent: $38,038 medium
• Mortgage (P&I): −$13,110
• Tax est. 1.5%: −$3,125 /mo · $37,500/yr
• Insurance: −$1,042
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,988
• Net cashflow: $12,347

Break-even live

Break-even rent $22,409

Max offer price $2,499,998

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
▸ 2× units	6.0	4	$38,038
Total (2 units)			$38,038

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: $625,000
• Closing costs: $75,000
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $2,499,998 Active 41 DOM
2. 2026-06-17
   days on market $2,499,998 Active 40 DOM
3. 2026-06-16
   days on market $2,499,998 Active 39 DOM
4. 2026-06-15
   days on market $2,499,998 Active 38 DOM
5. 2026-06-13
   days on market $2,499,998 Active 36 DOM
6. 2026-06-12
   days on market $2,499,998 Active 35 DOM
7. 2026-06-09
   days on market $2,499,998 Active 32 DOM
8. 2026-06-08
   days on market $2,499,998 Active 31 DOM
9. 2026-06-07
   days on market $2,499,998 Active 30 DOM
10. 2026-06-07
    days on market $2,499,998 Active 29 DOM
11. 2026-06-04
    days on market $2,499,998 Active 26 DOM
12. 2026-06-02
    days on market $2,499,998 Active 25 DOM
13. 2026-06-01
    days on market $2,499,998 Active 24 DOM
14. 2026-05-31
    days on market $2,499,998 Active 23 DOM
15. 2026-05-06
    listed $2,499,998 Active 1502-char remark

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥98°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: $456,456
• − Mortgage interest: −$140,039
• − Property taxes: −$37,500
• − Insurance: −$17,618
• − Repairs & maintenance: −$36,516
• − Management: −$36,516
• − Depreciation: −$72,727
• Taxable income: $115,539
• Est. tax owed @ 24.0%: −$27,729
• After-tax cash flow: $120,429/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 · 1 photo

Poor 20/100 Extensive rehab

This property requires extensive renovations and repairs, including kitchen and bathroom updates, roof replacement, and exterior improvements. Significant value can be added through a comprehensive renovation.

Repairs flagged

• Major Kitchen renovation — No photos of kitchen
• Major Bathroom renovation — No photos of bathrooms
• Major Roof replacement — No photos of roof
• Major Exterior siding and painting — No photos of exterior
• Major Flooring replacement — No photos of flooring
• Major Interior wall and paint work — No photos of interior walls/paint
• Major Window replacement — No photos of windows
• Major HVAC system replacement — No photos of HVAC/mechanicals
• Major Landscaping and curb appeal — No photos of landscaping/curb appeal

Value-add opportunities

• Both Kitchen renovation — A modern kitchen is a key selling point for both resale and rental
• Both Bathroom renovation — Upgraded bathrooms are a must-have for both resale and rental
• Both Exterior siding and painting — A fresh exterior will attract buyers and renters
• Both Flooring replacement — Modern flooring will enhance the home's appeal
• Both Interior wall and paint work — Fresh paint and walls will make the home more inviting
• Both Window replacement — New windows will improve energy efficiency and curb appeal
• Both HVAC system replacement — A new HVAC system will improve comfort and energy efficiency
• Both Landscaping and curb appeal — A well-maintained yard will enhance the home's curb appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen renovation · No photos of kitchen	Major	$15,000–50,000
Bathroom renovation · No photos of bathrooms	Major	$15,000–50,000
Roof replacement · No photos of roof	Major	$15,000–50,000
Exterior siding and painting · No photos of exterior	Major	$15,000–50,000
Flooring replacement · No photos of flooring	Major	$15,000–50,000
Interior wall and paint work · No photos of interior walls/paint	Major	$15,000–50,000
Window replacement · No photos of windows	Major	$15,000–50,000
HVAC system replacement · No photos of HVAC/mechanicals	Major	$15,000–50,000
Landscaping and curb appeal · No photos of landscaping/curb appeal	Major	$15,000–50,000
Total estimated repair cost · 9 items		$135,000–450,000

Value-add ROI direction

• Both Kitchen renovation — A modern kitchen is a key selling point for both resale and rental ↑
• Both Bathroom renovation — Upgraded bathrooms are a must-have for both resale and rental ↑
• Both Exterior siding and painting — A fresh exterior will attract buyers and renters ↑
• Both Flooring replacement — Modern flooring will enhance the home's appeal ↑
• Both Interior wall and paint work — Fresh paint and walls will make the home more inviting ↑
• Both Window replacement — New windows will improve energy efficiency and curb appeal ↑
• Both HVAC system replacement — A new HVAC system will improve comfort and energy efficiency ↑
• Both Landscaping and curb appeal — A well-maintained yard will enhance the home's curb appeal ↑

ⓘ 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

Price history

3 events — show timeline

• 2026-05-21 Relisted — SJSRMLS
• 2026-05-20 Listing Removed — SJSRMLS
• 2026-05-06 Listed $2,499,998 SJSRMLS