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232 East 19th Avenue

Updated Dec 4, 2024

Jessica L. Lees & Colleen O'Connell Facilitate $1.24M Sale Of Wildwood Crest Multifamily
SOLDMultiFamily

Jessica L. Lees & Colleen O'Connell Facilitate $1.24M Sale Of Wildwood Crest Multifamily

232 East 19th Avenue

$1,239,000

Building Size

Asset Type

MultiFamily

Closing

Apr 5, 2024

About this deal

AI

232 East 19th Avenue in Wildwood Crest, a multifamily property, was sold for $1,239,000. The property features 11 bedrooms, additional lofts, numerous upgrades, ample outdoor space, and potential for rental income or condo conversion. It is located two blocks from the beach and boardwalk, making it ideal for a large family seeking privacy near family gatherings.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $1,239,000
  • Address: 232 East 19th Avenue
  • Market: Wildwood Crest

Jessica L. Lees from Lees Real Estate represented the buyer, while Colleen O'Connell from Cape Islands Realty represented the seller in the transaction of 232 East 19th Avenue. The property's close proximity to the beach and boardwalk, along with its spacious layout and potential for rental income, made it an attractive investment for the buyer.

Players

Colleen O'Connell

Cape Islands Realty

Broker

$1.2M

vol

1 deal

Broker

Wildwood MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

12.80%

Cash-on-Cash

-3.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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