935 Ocean Ave #216 · Ocean City, NJ 08226

$789,000

2 bd · 2.0 ba · 1,166 sqft · Condo public records · 52 Days on market

Built 1977 $677/sqft · at area comps Est $764k · at est.

---

Why this score? — see what drove the F 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 +8.2/30.0
• ARV discount +6.0/15.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming Ocean Colony Condo in Prime Beach and Boardwalk Location! Nestled in the heart of Ocean City, this bright and inviting southside condo offers an unbeatable combination of comfort and convenience. Originally a 2 bedroom unit, it has been converted into a spacious 3 bedroom, 2 bathroom (condo fees and property taxes are still based on the 2 bedroom configuration). Located on the second floor, this unit boasts an expansive private patio that seamlessly connects to the sports deck — the perfect spot for endless outdoor fun. Inside, the open living space flows effortlessly onto the patio, while two of the bedrooms also enjoy direct access to this outdoor retreat. The condo features a host of upgrades, including tile flooring, a renovated kitchen with recessed lighting, and bathrooms. The unit comes with a designated parking spot under the building and an additional storage locker for your convenience. Residents of Ocean Colony enjoy access to top-tier amenities, including a heated pool, fitness center, sauna, game room, and community room, along with restrooms, and elevators for added ease. The sports deck is packed with activities, including a barbecue area, shuffleboard, basketball, and pickleball courts. Sold fully furnished (minus a few personal items and select artwork), with an inventory/exclusions list available. This condo offers the perfect opportunity to live in the heart of Ocean City, close to all the action and resort-style amenities!

Key facts

• Fitness center
• Sauna
• Private patio

Tags

• PRIVATE PATIO
• RENOVATED KITCHEN
• HEATED POOL
• FITNESS CENTER
• SAUNA
• GAME ROOM

Property features AI

Finance

• HOA & community: Monthly condo fee of $677; Common community amenities include pool, sauna, tennis court, clubhouse and elevator

Exterior

• Parking: Assigned parking for 1 car
• Utilities: City water; City sewer; Electric hot water
• Home design: Condominium unit (Unit 216)
• Exterior features: Year-round usage; Patio; Deck/porch; Near beach and boardwalk (1 block); Pool; Sauna; Tennis court; Clubhouse/clubroom; Storage facilities; Elevator

Interior

• Kitchen: Oven; Microwave; Refrigerator; Dishwasher; Garbage disposal
• Bedrooms: 3 bedrooms (Unit 216)
• Flooring: Wall-to-wall carpet; Foyer
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating with forced air and multi-zone control; Central air conditioning with ceiling fan and multi-zone control
• Interior features: Eat-in kitchen; Great room; Laundry/utility room; Storage space; Blinds; Furniture included; Smoke/fire detector
• Laundry & utility: Washer; Dryer; Laundry/utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $789k.

Deal economics

• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• To cash-flow at today's rent, offer at most $683k (13.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $587k (25.5% below list).
• Recommended offer: $587k (25.5% below list) — sets the bar for 1% rule.
• Cap rate 5.2% 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.
• Zoned schools: Ocean City Primary School (math 54% / reading 42%, grade D, #299 of 1,303 statewide, top 23%, 280 students, 31% FRL); Ocean City Intermediate School (math 26% / reading 49%, grade F, #217 of 431 statewide, top 51%, 370 students, 27% FRL); Ocean City High School (math 33% / reading 63%, grade D, #117 of 399 statewide, top 30%, 1,215 students, 13% FRL) — zoned schools at 24% FRL track the district average.
• Market conditions: 427 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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 $5k of loan paydown is wiped out by about $24k 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.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($765k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 27y 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 $545k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $587,470 (25.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.74% ✗
• Cap rate: 5.18%
• Cash-on-cash: -3.98%
• DSCR: 0.82
• GRM: 11.2

CMA / ARV

• ARV (median comp): $764,321
• List price: $789,000
• Delta: 3.23%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -27.1%
• Equity multiple: 0.09×
• Total profit: $-201,424
• Equity at exit: $117,642

10-year hold

• IRR: -24.7%
• Equity multiple: -0.22×
• Total profit: $-269,293
• Equity at exit: $68,218

Cash invested: $220,920 (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: 427
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $5,875 high
• Mortgage (P&I): −$4,138
• Tax from tax record: −$350 /mo · $4,200/yr
• Insurance: −$329
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA est. from 2 same-building comps: −$558
• Vacancy / Maint / Mgmt: −$1,234
• Net cashflow: $-1,160

Break-even live

Break-even rent $7,343

Max offer price $584,097

Occupancy floor —

Sensitivity live

Price	-10% $-713	-5% $-937	+0% $-1,160	+5% $-1,383	+10% $-1,607
Rent	-10% $-1,624	-5% $-1,392	+0% $-1,160	+5% $-928	+10% $-696
Rate	-1.0pp $-763	-0.5pp $-959	base $-1,160	+0.5pp $-1,364	+1.0pp $-1,572

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: $197,250
• Closing costs: $23,670
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
935 Ocean Ave Ocean City, NJ	1.0–3.0	1.0–2.5	1112	$5,350	$4.81	45d	1	0.06mi
714 West Ave Unit 1308989P Ocean City, NJ	2.0	1.0	742	$6,384	$8.60	45d	1	0.46mi
1142 Simpson Ave Unit 1308992P Ocean City, NJ	3.0	2.0	1097	$7,788	$7.10	45d	1	0.55mi
101 West Ave Unit 1309011P Ocean City, NJ	3.0	1.0	990	$5,019	$5.07	45d	1	0.97mi
710 Battersea Rd Unit 1309016P Ocean City, NJ	3.0	2.0	1291	$8,042	$6.23	45d	1	1.09mi

HOA detail condo

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

Listing history 43 events

1. 2026-06-21
   days on market $789,000 Active 52 DOM
2. 2026-06-21
   days on market $789,000 Active 51 DOM
3. 2026-06-18
   days on market $789,000 Active 49 DOM
4. 2026-06-17
   days on market $789,000 Active 48 DOM
5. 2026-06-16
   days on market $789,000 Active 47 DOM
6. 2026-06-15
   days on market $789,000 Active 46 DOM
7. 2026-06-13
   days on market $789,000 Active 44 DOM
8. 2026-06-12
   days on market $789,000 Active 43 DOM
9. 2026-06-09
   days on market $789,000 Active 40 DOM
10. 2026-06-08
    days on market $789,000 Active 39 DOM
11. 2026-06-07
    days on market $789,000 Active 38 DOM
12. 2026-06-07
    days on market $789,000 Active 37 DOM
13. 2026-06-04
    days on market $789,000 Active 34 DOM
14. 2026-06-02
    days on market $789,000 Active 33 DOM
15. 2026-06-01
    days on market $789,000 Active 32 DOM
16. 2026-05-31
    days on market $789,000 Active 31 DOM
17. 2026-04-30
    listed $789,000 Active 1481-char remark

    Show marketing remark (1481 chars)

    Charming Ocean Colony Condo in Prime Beach and Boardwalk Location! Nestled in the heart of Ocean City, this bright and inviting southside condo offers an unbeatable combination of comfort and convenience. Originally a 2 bedroom unit, it has been converted into a spacious 3 bedroom, 2 bathroom (condo fees and property taxes are still based on the 2 bedroom configuration). Located on the second floor, this unit boasts an expansive private patio that seamlessly connects to the sports deck — the perfect spot for endless outdoor fun. Inside, the open living space flows effortlessly onto the patio, while two of the bedrooms also enjoy direct access to this outdoor retreat. The condo features a host of upgrades, including tile flooring, a renovated kitchen with recessed lighting, and bathrooms. The unit comes with a designated parking spot under the building and an additional storage locker for your convenience. Residents of Ocean Colony enjoy access to top-tier amenities, including a heated pool, fitness center, sauna, game room, and community room, along with restrooms, and elevators for added ease. The sports deck is packed with activities, including a barbecue area, shuffleboard, basketball, and pickleball courts. Sold fully furnished (minus a few personal items and select artwork), with an inventory/exclusions list available. This condo offers the perfect opportunity to live in the heart of Ocean City, close to all the action and resort-style amenities!

18. 2026-04-30
    listed $789,000 Active 1481-char remark

    Show marketing remark (1481 chars)

    Charming Ocean Colony Condo in Prime Beach and Boardwalk Location! Nestled in the heart of Ocean City, this bright and inviting southside condo offers an unbeatable combination of comfort and convenience. Originally a 2 bedroom unit, it has been converted into a spacious 3 bedroom, 2 bathroom (condo fees and property taxes are still based on the 2 bedroom configuration). Located on the second floor, this unit boasts an expansive private patio that seamlessly connects to the sports deck — the perfect spot for endless outdoor fun. Inside, the open living space flows effortlessly onto the patio, while two of the bedrooms also enjoy direct access to this outdoor retreat. The condo features a host of upgrades, including tile flooring, a renovated kitchen with recessed lighting, and bathrooms. The unit comes with a designated parking spot under the building and an additional storage locker for your convenience. Residents of Ocean Colony enjoy access to top-tier amenities, including a heated pool, fitness center, sauna, game room, and community room, along with restrooms, and elevators for added ease. The sports deck is packed with activities, including a barbecue area, shuffleboard, basketball, and pickleball courts. Sold fully furnished (minus a few personal items and select artwork), with an inventory/exclusions list available. This condo offers the perfect opportunity to live in the heart of Ocean City, close to all the action and resort-style amenities!

19. 2025-05-01
    historical

    Show marketing remark (1481 chars)

    Charming Ocean Colony Condo in Prime Beach and Boardwalk Location! Nestled in the heart of Ocean City, this bright and inviting southside condo offers an unbeatable combination of comfort and convenience. Originally a 2-bedroom unit, it has been converted into a spacious 3-bedroom, 2-bathroom (condo fees and property taxes are still based on the 2-bedroom configuration). Located on the second floor, this unit boasts an expansive private patio that seamlessly connects to the sports deck — the perfect spot for endless outdoor fun. Inside, the open living space flows effortlessly onto the patio, while two of the bedrooms also enjoy direct access to this outdoor retreat. The condo features a host of upgrades, including tile flooring, a renovated kitchen with recessed lighting, and bathrooms. The unit comes with a designated parking spot under the building and an additional storage locker for your convenience. Residents of Ocean Colony enjoy access to top-tier amenities, including a heated pool, fitness center, sauna, game room, and community room, along with restrooms, and elevators for added ease. The sports deck is packed with activities, including a barbecue area, shuffleboard, basketball, and pickleball courts. Sold fully furnished (minus a few personal items and select artwork), with an inventory/exclusions list available. This condo offers the perfect opportunity to live in the heart of Ocean City, close to all the action and resort-style amenities!

20. 2025-01-02
    listed $779,000 Active

    Show marketing remark (1481 chars)

    Charming Ocean Colony Condo in Prime Beach and Boardwalk Location! Nestled in the heart of Ocean City, this bright and inviting southside condo offers an unbeatable combination of comfort and convenience. Originally a 2-bedroom unit, it has been converted into a spacious 3-bedroom, 2-bathroom (condo fees and property taxes are still based on the 2-bedroom configuration). Located on the second floor, this unit boasts an expansive private patio that seamlessly connects to the sports deck — the perfect spot for endless outdoor fun. Inside, the open living space flows effortlessly onto the patio, while two of the bedrooms also enjoy direct access to this outdoor retreat. The condo features a host of upgrades, including tile flooring, a renovated kitchen with recessed lighting, and bathrooms. The unit comes with a designated parking spot under the building and an additional storage locker for your convenience. Residents of Ocean Colony enjoy access to top-tier amenities, including a heated pool, fitness center, sauna, game room, and community room, along with restrooms, and elevators for added ease. The sports deck is packed with activities, including a barbecue area, shuffleboard, basketball, and pickleball courts. Sold fully furnished (minus a few personal items and select artwork), with an inventory/exclusions list available. This condo offers the perfect opportunity to live in the heart of Ocean City, close to all the action and resort-style amenities!

21. 2017-06-05
    historical
22. 2017-04-29
    price $439,000
23. 2017-04-18
    price $449,000
24. 2017-01-03
    price $460,000
25. 2016-12-27
    listed $475,000 Active
26. 2007-11-09
    soldstatus $545,000
27. 2007-10-26
    soldstatus $545,000
28. 2007-08-25
    historical
29. 2007-08-14
    listed $564,900
30. 2005-09-13
    soldstatus $518,000
31. 2005-08-01
    soldstatus $518,000
32. 2005-08-01
    soldstatus $518,000
33. 2005-06-18
    historical
34. 2005-06-17
    historical
35. 2005-04-27
    listed $518,000
36. 2005-04-14
    listed $550,000
37. 2004-06-25
    soldstatus $475,000
38. 2000-06-06
    soldstatus $225,000
39. 2000-05-11
    soldstatus $225,000
40. 2000-02-29
    historical
41. 1999-12-14
    listed $229,900
42. 1990-04-02
    soldstatus $145,000
43. 1986-05-05
    soldstatus $59,900

ⓘ 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: $4,200 · $350/mo
• Projected year-2 tax: $11,923 · $994/mo
• Expected delta: +$7,723/yr (+$644/mo · 183.9%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 65% 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: $70,496
• − Mortgage interest: −$44,196
• − Property taxes: −$4,200
• − Insurance: −$9,064
• − Repairs & maintenance: −$5,640
• − Management: −$5,640
• − HOA: −$6,696
• − Depreciation: −$22,953
• Taxable loss: −$27,892
• Est. tax savings @ 24.0%: +$6,694
• After-tax cash flow: $-7,225/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: 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

+1217.2% since first listed

27 events — show timeline

• 2026-04-30 Listed $789,000 CMCMLS
• 2026-04-30 Listed $789,000 SJSRMLS
• 2025-05-01 Listing Removed — SJSRMLS
• 2025-01-02 Listed $779,000 SJSRMLS
• 2017-06-05 Listing Removed — SJSRMLS
• 2017-04-29 Price Changed $439,000 SJSRMLS
• 2017-04-18 Price Changed $449,000 SJSRMLS
• 2017-01-03 Price Changed $460,000 SJSRMLS
• 2016-12-27 Listed $475,000 SJSRMLS
• 2007-11-09 Sold (Public Records) $545,000 Public Records
• 2007-10-26 Sold (MLS) $545,000 SJSRMLS
• 2007-08-25 Listing Removed — SJSRMLS
• 2007-08-14 Listed $564,900 SJSRMLS
• 2005-09-13 Sold (Public Records) $518,000 Public Records
• 2005-08-01 Sold (MLS) $518,000 SJSRMLS
• 2005-08-01 Sold (MLS) $518,000 BRIGHT MLS
• 2005-06-18 Listing Removed — BRIGHT MLS
• 2005-06-17 Listing Removed — SJSRMLS
• 2005-04-27 Listed $518,000 BRIGHT MLS
• 2005-04-14 Listed $550,000 SJSRMLS
• 2004-06-25 Sold (Public Records) $475,000 Public Records
• 2000-06-06 Sold (Public Records) $225,000 Public Records
• 2000-05-11 Sold (MLS) $225,000 SJSRMLS
• 2000-02-29 Listing Removed — SJSRMLS
• 1999-12-14 Listed $229,900 SJSRMLS
• 1990-04-02 Sold (Public Records) $145,000 Public Records
• 1986-05-05 Sold (Public Records) $59,900 Public Records

Property tax history

+2.5%/yr

Latest (2025): $4,200 · +3.4% YoY. Source: county tax records.