OCEAN 7201 Wildwood Crest, New Jersey - OCEAN AVENUE - LoopNet
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7201
OCEAN
A V E N UE
Wildwood Crest, New Jersey
A Rare Full Beach Block Development Opportunity
OCEAN
AVENUE
TABLE OF CONTENTS 01 Ex ec utiv e Summary 07 Site Des c r iption 15 G eneral Market O v erview 23 The Wildwood Cr es t Submar ket 29 Res idential Market O v erview
EXECUTIVESUMMARY
Re g ional Area Ma p
INVESTMENT OPPORTUNITY
NewYork
The Oceanside Realty Team at Kelle r Willia ms Realty (exclusive 78
agents) are pleased to present for sale 7201 Ocean Avenue (the
“Property”), a +/- 90,000 sq. ft. parcel of land in Wild wood Crest,
New Jersey. Wild wood Crest, situated ju st minutes off of the 476
Garden State Parkway and Route 9, is centrally lo cated between
Avalon/Stone Harbor and Cape May – two of the most desirable
and affluent residentia l areas on the Jersey Shore. Spanning an
entire block between Ocean Avenue and the beach, the Property is
situated directly on the beach and in clo se proximity to premie r
oceanfront resorts such as The Grand at Diamond Beach,
276 95
Seapointe Village, and Coastal Colors.
295 NEW
476 Philadelphia JERSEY
PARCEL DESCRIPTION
Address 7201 Ocean Avenue
Wilmington
City, State Wildwood Crest, NJ
Municipality Wildwood Crest
Parcel Number 94
Lot 1-30
Map Reference / Block 1-30
Acreage 2.07
Lot Area (SF) 90,000 SF Atlantic City
Zoning Name Zone Multiple-Family M-1A
Avalon
9
Stone Harbor
7201
DEL. Cape May OCEAN
A V E N UE
Lewes WILDWOOD CREST
2
INVESTMENT H IGH LIGHTS
Outstanding Accessibility with Regional Connectivity
The Property is lo cated on the beach in Wildwood Crest, New
Jersey. Situated a short driving distance from the Garden State
Parkway and Route 9, the Property features excelle nt accessib ility
for vacationers from Phila delphia, New York, New Jersey and
Washington DC.
Desirable Parcel Dimensions and Entitlements
Spanning the width of an entire block, the rectangula r dimension
provides for greater development functio nality and fle xibility with
entry points from either Ocean Avenue, Rambler Road and Orchid
Avenue. Today, the Property is entitle d for a condominium
development in cluding a pool with the option to build townhomes
upon further approval from the local authority. Access to utilities
for the land parcel is available and the existin g infrastructure is
adequate for either proposed development.
L O C AT I ON A C C O L A D E S
Premier Address with Unparalleled Beach Location and
Amenities Named one of the top 50
Authentic American Experiences
Nestled between the Victorian charm of Cape May and the other
afflu ent shore destinatio ns of Stone Harbor and Avalo n, Wildwood
Crest offers every beach aesthetic with restaurants and a wide “Best Beach Town In America For a Classic
range of activities nearby such as golfing, wine tasting, biking, Experience” and “America’s Best Boardwalks”
horseback ridin g, fishin g, live entertainment, amusement piers and
water sports. Situated close to premier vacatio n resorts such as #1 Destination on the
The Grand at Diamond Beach and Seapoin te Village, the Rise in the U.S. for 2015
Property is located directly on the beach and directly at the
entrance of the Wildwood Crest walkers path and amenities.
Best of the Shore –
Favorite Shore Town award
Growing Residential Demand in an Affluent and Active
Tourist Community
The beaches in Wildwood are host to more than 9 million visitors
#1 Beach Boardwalk
each year and recently received accola des from numerous travel for Families
advisors as a top destination in the U.S. Housin g values in
Wildwood Crest and the surroundin g area for luxury residential
“Named one of the Top
real estate have exceeded annual growth expectatio ns over the Ten American Boardwalks”
past several years. Pricing is forecasted to continue rising in the
near future with limited developable la nd and improving tourist 3
activity.
D EVELOPMENT SC ENARIOS
7201 Ocean Avenue was previously approved both locally and
also had full CAFRA approvals for 69 condominiums. 54 3-
bedroom residences, 15 2-bedroom as well as a beachfront pool,
fitness center and lobby. A summary of the proposed
development details for either scenario is provided below.
PROPOSED DEVELOPMENT DESCRIPTIONS
Proposed Use Condominiums Full Property
Zoning M-1A M-1A
Units 69 @100
Acreage 1.52 2.07
Units per Acre 45.4 48.3
Parking Requirement 144 spaces 210 spaces
Max Building Height 85 Feet 85 Feet
*Permissable with a Use Variance from the Township Board of Adjustments
3
Cape May Avalon Golf Club Stone Harbor Sand Barrens
County Golf Club Golf Club
Park South
47
Hereford
L o cal Area Ma p 6 Inlet
18
Grassy
Richardson
9 Sound 17
Sound
Cape May 8
County Airport
47 13
16
13
5
4
Taylor 12
Cape May 15 12
Sound 14
National Golf Club 6
1 3
7 11 5
8
10 11
9 Sunset
Lake 9 4
3 10 RESTAURANTS
12 9 1 The Blue Pig Tavern
1 7
Jarvis 2 Lucky Bones
7
Sound 3 The Washington Inn
7 9
1 162
8 8 11 7201 4 Lobster House
5 Sharky’s Feeding Frenzy
4 5 6
8
19
10
OC EAN 6 Axelsson’s Blue Crab Restaurant
3
6
7 5 8 AV E N U E 7 Carini’s Pizza & Italian
8 Crest Tavern
9 Marie Nichol’s
Cape May Old Lower
4 10 Jamaica Me Hungry
2 Harbor Thorofare
11 Barefoot Bar & Grille
U.S. Coast Guard 12 Duffy’s On The Lake Restaurant
2 5
Training Area
2 13 Boathouse Restaurant & Marina Deck
1 2
1 Cape M a y 14 Uncle Bill’s Pancake House
4
3 Inlet 15 Magicbrain’s Cybercafe
Cape May 43 16 Gia Restaurant
2 5
Point State Park 3 5 17 Sand Castle Breakfast Restaurant
1 9 2
2
1 3 4 6 6 18 Tokyo Japanese Restaurant
19 The Grand Coffee Shop
BOAT/FERRY/MARINA RECREATION
1 Cape May–Lewes 1 Bay Springs Farm Alpacas
Ferry Terminal 2 Sunset Beach
2 Cape May Whale Watching 3 Cape May Winery
SIGHTSEEING
3 South Jersey Marina 4 Cape May Tennis Club 1 Cape May Bird Observatory
ENTERTAINMENT SHOPPING ACCOMMODATIONS
4 Utsch’s Marina 5 Nature Center of Cape May 2 Cape May Point Lighthouse
1 The East Lynne Theater Company 1 Victorious Antiques 1 Hotel Alcott 5 Canyon Club Resort Marina 6 Cape May Recreation Roller Skating 3 Cape May Carriage Company
2 Mid-Atlantic Center for the Arts 2 Washington Street Mall 2 Virginia Hotel 6 Harborview Marina 7 Wildwood Crest Joseph Von Savage 4 Greater Cape May Historic Society
3 Sunset Cinema’s Movies on 3 Thomas Kinkade Gallery 3 Carroll B & B 7 Breezy Lee Marina Memorial Pool
5 Southern Mansion
the Beach 4 Wild Ocean Surf Shop 4 Inn of Cape May 8 Kayak, Canoe and Water Sports
8 Hinch Marina 6 Naval Air Station Wildwood
4 Sea Theater 5 Ocean Outfitters 5 Chalfonte Hotel 9 Lakeview Docks 9 Bradley’s Bikes Aviation Museum
5 Strand Movie Theater 6 Acme 6 Hotel Macomber 10 Wildwood Crest Library 7 Historic Cold Springs Village
10 Greater Wildwood
7 Bayview Inn Yacht Club 11 Old Crest Fishing Pier 8 Hereford Inlet Lighthouse
11 Starlight Fleet 12 Boardwalk
8 Hotel Icona
12 Schooner Island Marina 13 Atlantic Parasail Inc.
5
9 Congress Hall Hotel
SITEDESCRIPTION
SITE OVERVIEW View from Site - North
7201 Ocean Avenue (the “Property”) is a rectangular shaped, 2.07-acre, parcel located between
Beach and Ocean Avenues and Rambler and Orchid Avenues in Wildwood Crest, New Jersey. The
site spans an entire block and features immediate, public right-of-beach access located on the
entire 200 foot of beach frontage.
A D D R ES S
7201 Ocean Avenue
Wildwood Crest, NJ 08260
SITE A C C ES SI BIL I T Y
The Property is located a short distance from the Garden State Parkway and Route 9 in the
affluent community of Wildwood Crest. Situated two blocks east of Pacific Avenue, the major
north-south roadway on the island.
EXISTIN G C O N D I T I ON S
• The Property is a rectangular full square block lot with 200’ of frontage along the beach
between Rambler road and Orchid Road.
• There are existing 2 hotels each with office, living quarters and pools. One is 110 unit
Oceanview hotel and the other the 57 unit Singapore hotel.
• The northern portion of the Property, with entry from Rambler Road, is the bike/walking
path entrance that leads to the boardwalk and all Wildwood Crest amenities.
• The southern portion of the Property, with entry from Orchid Avenue, completes the
square of this parcel.
R EAL ESTATE TAXES
Authority: Wildwood Crest
Cumulative Rate: 1.176 per $100 of assessed value
Parcel Number: 15000940003000010000
Lot Block Assessed Value 2016-2017 Taxes
1-L2- 94 $7,750,000 $95,557
4,5.01,6,8,10,12,
L14,16
7-L9,11,13,15,5.02 94 $4,110,000 $50,673
15, 15.01
Total $11,860,000 $146,230
7
TOP OGR A P HY
The Property slopes +/_ 450 Feet from the east
to the west from Beach Avenue (the Beach) to
Ocean Avenue. The elevation of the Property
ranges from approximately 9.0 feet at the
entrance on Beach Avenue to 10.2 feet at the
entrance on Ocean Avenue.
FL OOD P LA IN
SEAPONITE
VILLGE The Property lies in Floodplain Zone A7 with a
base flood elevation of 10’ according to FEMA’s
Flood Insurance Rate Map.
E N V I R O N ME N TAL
A Phase I Environmental Site Assessment was
prepared and found that there were no issues
with the site; the Property is in conformance
with the scope and limitations of ASTM
Practice E 1527-05.
U TIL ITIES
The Property currently has access to telephone,
gas, and electric service located at the property.
Also, water and sewer is all available from the
municipality.
8D E V E L O PM EN T S C E N A R IO S
7201 Ocean Avenue currently consists of two operating beachfront hotels. Featuring entry points from Ocean Avenue, Ra mble r Road and Orchid Aven ue
and access to readily availa ble util ities, the current site configuratio n and infrastructur e allo w for a more a me nabl e construction process. Desi gn pla ns exist
for the construction of a condominiu m develo p ment with a pool. Additional ly, the architect has expressed the desire to include the new hotel and develop
the full scale +-100 residence condominium.
C ondo R ender ing
CO NDO MINIUMS
+-
Number of Units
Unit Mix (80) 3 Bedroom
(20) 2 Bedroom
Acreage 2.07
Units per acre 48.4
Parking 200 regular spaces
12 handicapped spaces
Building Height 6 stories
(includes ground floor parking)
On-site Amenities Private Pool and Pool Deck
Health Club
Ground level storage
*Permissable with a Use Variance from the Municipality and CAFRA
Representative Townhome Product
9GENERAL MARKET OVERVIEW
GREATER PHILADELPHIA
295 NEW
The Greater Philadelphia area, the nation’s sixth largest metropolitan area and
476 Philadelphia J E RS E Y
second largest region on the east coast, is situated in the heart of the northeast
corridor and is the keystone of major north-south, east-west highway and, rail
networks. More than 100 million people are within a one day drive of Philadelphia.
ngton
G R E AT ER P H I L AD E L PH I A FAST FA C T S :
• The Greater Philadelphia market area spans eleven counties in
southeastern PA, southern NJ, and northern DE
• Six million people call this area home and three million pe ople
work in the Greater Philadelphia area.
• The gross metropolitan product for the Philadelphia area is the
sixth largest in the US and the region ranks fourth nationally in total
Atlantic City
personal income. Additionally, Philadelphia is the fourth largest
media market in the county.
• The Greater Philadelphia area has 83 degree-granting institutions
which prod uce approximately 65,000 ne w graduates each year,
including over 54,000 bachelor degrees or higher. Avalon
9
Stone Harbor
• More than 30 co mpanies ranked in the fortune 100 reside in the
Greater Philadelphia area.
• The Greater Philadelphia area is home to the second largest DE L. Cape May 7201
concentration of health resources in the US with five medical OCEA N
schools and 120 hospitals. Lewes A V E N UE
Philadelphia boasts strong economic fundamentals. The strength and desirability of
Greater Philadelphia is characterized by its economic diversity and population
density. Its location, high concentration of educational medical, and government
facilities, and a strong transportation network underscore these strengths. Residents
in this area have always enjoyed a quality of life ranked among the highest in the
country. In addition to the numerous and growing number of high quality urban
housing opportunities, there are abundant desirable suburban communities that are
easily accessible by one of the country’s best highway and mass transit systems.
11276 95
SOUTHERN NEW JERSEY
The Southern New Jersey area is comprised of the lower geographical
295
Philadelphia portion of New Jersey that is predominantly south of Philadelphia, in
476
between the Delaware River and the Atlantic Ocean. Southern New
BURLINGTON Jersey contains seven counties; Atlantic, Burlington, Camden,
Gloucester, Salem, Cumberland and Cape May and consists of nearly
CAMDEN 3,000 square miles.
Wilmington GLOUCESTER
Due to its close proximity to Philadelphia, the Southern Jersey market
SALEM houses a diverse base of employers including financial institutions,
healthcare, education, law, engineering and a growing number of
information technology businesses, many of which seek “second
ATLANTIC
headquarters” and back office space across state lines. Major
employers in Southern New Jersey include: Caesar’s Entertainment,
CUMBERLAND Atlantic City Cooper Health System, Inspira Health Network, Lockheed Martin,
Public Service Electric & Gas (PSE&G) and ShopRite.
CAPE MAY
Avalon 7201
Stone Harbor M A J O R E M P L O Y ER S IN S O U T H ER N
OCEA N
A V E N UE N E W J E R SEY
Cape May
12Cape May, NJ
CAPE MAY C O U N T Y
Situated on the coast of New Jersey where the Delaware Bay meets the Atlantic Ocean,
Cape May is the second largest fishing port on the Atlantic Coast and the “Nation’s Oldest
Seashore Resort.”
With 30 miles of scenic beaches, Cape May County’s main industry is tourism. The
southernmost county in New Jersey, Cape May attracts visitors from the Philadelphia, New
York and Washington, D.C. areas and a large Canadian population to Avalon, Stone Harbor,
historic Cape May, and Wildwood.
While Cape May County’s economy is heavily dependent on tourism, it also has a thriving
and active business community catering to the needs of year-round residents that tally
approximately 100,000 people.
Rank Sector Cape May NJ U.S.
1 Education & Healthcare Services 25% 23% 23%
2 Leisure & Hospitality 19% 8% 9%
3 Trade, Transportation & Utilities 18% 21% 19%
4 Professional & Business Services 9% 13% 11%
5 Construction 7% 5% 6%
Cape May County is home to over 43,000 second or vacation homes, more than any other
part of New Jersey. That growth alone has had a significant impact on new business
development. Many businesses that were once open seasonally now enjoy robust sales year
round.
13Ocean City, NJ
SHORE POINTS IN CAPE MAY C O U N TY
Generally known for their wide and gently sloping beaches, guarded waters and family-
oriented vacation offerings, the Shore Points in Cape May County are considered some of
the finest shore destinations on the east coast. Beginning in Ocean City, moving south, and
ending in Cape May – each of these destinations on the east coast offer a wide array of
amenities for people of all ages.
O ce an City
Known as a family-oriented seaside resort, Ocean City has prohibited the sale of alcoholic
beverages within its limits since its founding in 1879. Ocean City offers miles of guarded
beaches and features the Ocean City Boardwalk – one of the most recognizable landmarks in
Southern New Jersey, stretching 2½ miles long, running north from 23rd Street to St. James
Place.
Sea I sle Cit y
Sea Isle City offers guarded beaches, a state-of-the-art playground, basketball courts, a
Bayfront boardwalk and an oceanfront Promenade – which runs from 29th to 57th Street. The
Promenade features shops, eateries, arcades and many places to sit and enjoy the roar of
the ocean.
A va lon
Stone Harbor, NJ Avalon, a famous seashore resort, has the motto “Cooler by a Mile” since it juts out into the
Atlantic Ocean about a mile farther than other barrier islands. The community is one of the most
affluent along the Jersey Shore and is home to some of the most expensive real estate on the
East Coast and high-end boutique shopping. In 2007, Forbes listed Avalon as the 65th most
expensive zip code in the United States.
S t o ne Harbor
Neighboring Avalon to the south, and sharing the reputation for offering a wide range of retail
shopping, Stone Harbor is a resort community that attracts a large number of vacationers
from the Mid-Atlantic region and Quebec, with a summer population in excess of 20,000. In
2014, Forbes magazine ranked Stone Harbor as the 191st most expensive ZIP code in the
United States.
14Wildwood Crest, NJ
No rt h Wild wo od
The widest beach in New Jersey and perhaps on the East Coast is North
Wild wood. Stretching hundreds of yards wide, North Wildwood beach
provides seemingly endless beach volleyball courts and room for other
sport activities making it one of the best sports beaches in the Northeast.
Wild wo o d
Wildwo od is a resort city, most notably recognized for its beach and the
boardwalk, which is home to the Morey’s Piers amusement complex and
Raging Waters and Ocean Oasis waterparks. The beaches of Wildwood
are one of only four free beaches in New Jersey.
Wild wo o d Crest
Unlike its sister communities of Wildwood and North Wildwood, Wildwood
Crest is generally set apart from the all-hours excitement of resort areas.
Here, many vacationers will find some of the quietest and most undisturbed
beach space. In recent years, condominiums have replaced many of the
older motels such as The Grand, The Ocean Breeze, El Coronado, and The
Congress Hall Hotel, Cape May, NJ
Arcadia, shifting the area demographic more towards affluent families
looking for a second home and weekend retreat.
Dia mo nd B each
Similar to its northern neighbor, Wildwood Crest, Diamond Beach has
experienced a significant change in its residential landscape over recent
years. Following the same trend of becoming more of a summer retreat for
affluent families, Diamond Beach is also home to some of the Jersey
Shore’s premier oceanfront resorts such as The Grand at Diamond Beach,
Hotel Icona and Seapointe Village. Bordering a wildlife preserve and Old
Lower Thorofare Lake, Diamond Beach features outstanding beaches,
high-end residential development and a close proximity to Cape May –
making it one of the most desirable destinations at the Jersey Shore.
Ca p e May
Cape May, at the southernmost end of the Jersey Shore, is America’s
oldest seaside resort. A national landmark and featuring some of the most
beautiful Victorian homes in the state, this shore destination offers every
beach aesthetic and is also famous for being one of the top birding sites in
North America.
15Sea Isle City, NJ The Grand at Diamond Beach
North Wildwood, NJ Wildwood, NJ
16THE WILDWOOD CREST SUBMARKET
THE W I L D WOOD
C R E S T S U B M ARK ET L O C AT I O N A N D A C C ESS IB I L IT Y:
7201 Ocean Avenue is located in Wildwood Crest, one of the most affluent • Less than four miles from the Garden State Parkway
shore destinations in all of Southern New Jersey. Centrally located between
• Five miles from Route 9
the Victorian charm of Cape May and popular vacation destinations of
Avalon and Stone Harbor, the Property benefits from being situated in an • 15 minutes from the Cape May Ferry
exclusive beach community that offers excellent accessibility and proximity • Approximately 40 miles from the Atlantic City International
to a wide variety of vacation amenities. Airport and less than 38 minutes from the Ocean City
Municipal Airport in New Jersey
VA C ATI O N A M E N I TI ES
Highlighted by its close proximity to the historic and aesthetic charm of
Cape May Point Lighthouse
downtown Cape May, Wildwood Crest is ideally situated near a wide array of
vacation amenities featuring historic sites, shopping, golf courses,
entertainment and fine dining.
Ca p e May Point L ig ht house
Built in 1859, the lighthouse was first automated in 1946 and continues
operation to this day. Rising 199 steps above the ground, the view from the
top extends to Cape May City and Wildwood to the north, Cape May Point
to the south, and, on a clear day, Cape Henlopen, Delaware, to the west.
B o u t ique Retail
Scattered along 96th street and thereabouts in between Stone Harbor and
Avalon, the commercial shopping district in this area features some of the
best retail offerings in the Jersey Shore with boutique stores such as the
Global Pursuit, Nesting, Trendz and Bellanova.
L o cal Golf Co urses
Originally developed in the 1800’s, Cape May National Golf Club is one of
the most natural golf courses ever built. Nicknamed “The Natural”, the
course surrounds a fifty acre private bird sanctuary. Farther up the coast,
other beach towns such as Avalon and Stone Harbor; offer 18-hole golf
courses of their own.
18Cape May Avalon Golf Club Stone Harbor Sand Barrens
County Golf Club Golf Club
Park South
47
Hereford
L o cal Area Ma p 6 Inlet
18
Grassy
Richardson
9 Sound 17
Sound
Cape May 8
County Airport
47 13
16
13
5
4
Taylor 12
Cape May 15 12
Sound 14
National Golf Club 6
1 3
7 11 5
8
10 11
9 Sunset
Lake 9 4
3 10 RESTAURANTS
12 9 1 The Blue Pig Tavern
1 7
Jarvis 2 Lucky Bones
7
Sound 3 The Washington Inn
7 9
8 4 Lobster House
162 8 11
1
8 10 7201 5 Sharky’s Feeding Frenzy
6 Axelsson’s Blue Crab Restaurant
3
4 5
6
6
7 5 8
19 OC EAN 7 Carini’s Pizza & Italian
AV E N U E 8 Crest Tavern
9 Marie Nichol’s
Cape May Old Lower
4 10 Jamaica Me Hungry
2 Harbor Thorofare
11 Barefoot Bar & Grille
U.S. Coast Guard 12 Duffy’s On The Lake Restaurant
2 5
Training Area
2 13 Boathouse Restaurant & Marina Deck
1 2
1 Cape M a y 14 Uncle Bill’s Pancake House
4
3 Inlet 15 Magicbrain’s Cybercafe
Cape May 43 16 Gia Restaurant
2 5
Point State Park 3 5 17 Sand Castle Breakfast Restaurant
1 9 2
2
1 3 4 6 6 18 Tokyo Japanese Restaurant
19 The Grand Coffee Shop
BOAT/FERRY/MARINA RECREATION
1 Cape May–Lewes 1 Bay Springs Farm Alpacas
Ferry Terminal 2 Sunset Beach
2 Cape May Whale Watching 3 Cape May Winery
SIGHTSEEING
3 South Jersey Marina 4 Cape May Tennis Club 1 Cape May Bird Observatory
ENTERTAINMENT SHOPPING ACCOMMODATIONS
4 Utsch’s Marina 5 Nature Center of Cape May 2 Cape May Point Lighthouse
1 The East Lynne Theater Company 1 Victorious Antiques 1 Hotel Alcott 5 Canyon Club Resort Marina 6 Cape May Recreation Roller Skating 3 Cape May Carriage Company
2 Mid-Atlantic Center for the Arts 2 Washington Street Mall 2 Virginia Hotel 6 Harborview Marina 7 Wildwood Crest Joseph Von Savage 4 Greater Cape May Historic Society
3 Sunset Cinema’s Movies on 3 Thomas Kinkade Gallery 3 Carroll B & B 7 Breezy Lee Marina Memorial Pool
5 Southern Mansion
the Beach 4 Wild Ocean Surf Shop 4 Inn of Cape May 8 Kayak, Canoe and Water Sports
8 Hinch Marina 6 Naval Air Station Wildwood
4 Sea Theater 5 Ocean Outfitters 5 Chalfonte Hotel 9 Lakeview Docks 9 Bradley’s Bikes Aviation Museum
5 Strand Movie Theater 6 Acme 6 Hotel Macomber 10 Wildwood Crest Library 7 Historic Cold Springs Village
10 Greater Wildwood
7 Bayview Inn Yacht Club 11 Old Crest Fishing Pier 8 Hereford Inlet Lighthouse
8 Hotel Icona 11 Starlight Fleet 12 Boardwalk
9 Congress Hall Hotel 12 Schooner Island Marina 13 Atlantic Parasail Inc.Wildwood Boardwalk
Wild wo o d B oardwalk
The Wildwood Boardwalk stretches 38 blocks and is packed with
stores, shops, water parks, eateries and live entertainment.
Highlighted by Morey’s Piers which feature more than 100 rides, the
boardwalk also offers its world-famous Sightseer Tram Car that runs
from one end of the boardwalk to the other.
Ca p e May Win ery
Cape May Winery is one of the larger winegrowers in New Jersey,
containing over 70 acres of grapes under cultivation, and producing
11,000 cases of wine per year from four different vineyards. The Cape
May Winery also features three tasting rooms and provides tours of the
winery daily.
Ma rie Nicole’s Grill at Diamond B each
Established in 2000, Marie Nicole’s is located in Diamond Beach and
offers a casual upscale dining restaurant featuring a menu of traditional
Italian and American fare. Marie Nicole’s cuisine is further
complemented by its selection of martinis, craft beers and eclectic
wine vintages.
Ja y’s on Th ird
Voted South Jersey Magazine 2010 and 2011-201 4 Best of the Shore
and awarded 4 stars from The Press of Atlantic City, Jay’s on Third in
Stone Harbor has become one of the premier BYOB casual fine dining Marie Nicole’s Grill at Diamond Beach
restaurants in the Jerseyshore.
20Cape May Winery & Vineyard
Jay’s on Third Cape May National Golf Club
21RESIDENTIAL MARKET OVERVIEW
RESIDENTIAL M A RKET OVERVIEW
Wildwood Crest is a resort community in a transformative stage. Much like its affluent shore point
neighbors of Avalon, Stone Harbor, and Cape May before it, Wildwood Crest is experiencing a shift
in its residential landscape. Once considered a more casual vacation destination for families
interested in spending a week at the shore, today Wildwood Crest offers residents and families a
‘home-away-from-home’, rather than a place to rent for a week in the summer. Older, less desirable
motels and housing stock are continuing to be replaced with new luxury condominiums and
townhomes, with current sales for luxury condominiums and townhomes typically trading in the
$600,000 to $1+mm range.
D E M O G R A PH I C A N A LYSIS
Wildwood Crest is the most affluent community in the Wildwoods. A small community, the per
capital income of $38,859 for Wildwood Crest is better than the Wildwoods and the United States,
while comparable to the state of New Jersey, reflecting a high concentration of affluent owners in
this community. Household income in Wildwood Crest is currently $62,083 and is projected to
increase by more than 11% ($68,912), by the year 2020.
HOUSEHOLD I NCO ME
Wildwoods (1) New Jersey United States
Income < $15,000 15.80% 9.00% 12.80%
Income $15,000 - $24,999 9.70% 6.80% 10.30%
Income $25,000 - $34,999 18.10% 8.80% 10.30%
Income $35,000 - $49,999 16.20% 12.20% 13.50%
Income $50,000 - $74,999 14.60% 15.20% 17.60%
Income $75,000 - $99,999 11.60% 13.60% 12.50%
Income $100,000 - $149,999 9.00% 15.70% 12.90%
Income $150,000 - $199,999 2.90% 8.80% 5.10%
Income $200,000 + 2.20% 9.90% 5.10%
Median Household Income $39,740 $70,538 $53,217
Average Household Income $57,986 $98,698 $74,699
Per Capita Income $27,110 $36,495 $28,957
Footnote
1. Wildwoods consists of North Wildwood, Wildwood City, West Wildwood, Wildwood Crest and Diamond Beach
23R EPR ESEN TATIVE S A L ES A N ALYSIS
Housing values for the residential real estate in Wildwood Crest and the surrounding area have rebounded
significantly since Hurricane Sandy in 2012 disrupted the otherwise growing sales trend. In 2017, average
pricing for condominiums and townhomes for the area was $620,000 and $582,000, respectively,
representing a year over year increase of 9.8% and 6.6%. Considering the limited developable land and
improving tourist activity, values should continue to climb with pricing in the range of $600,000 to $650,000
for condominiums.
HISTORICAL SALES*
Number of Average Condominium Number of Average Townhome
Condo Sales Sales Pricing Townhome Sales Sales Pricing
2013 94 $292,793 261 94.31%
2014 98 $347,831 240 94.89%
2015 104 $332,022 230 94.21%
2016 144 $333,236 199 94.73%
2017 150 $281,599 145 95.87% Representative Townhome Product
*Sales data includes transactions specific to Diamond Beach, Cape May, Wildwood Crest, Wildwood City and North Wildwood
REPRESENTATIVE CO NDOMI NIUM SALES
Address Submarket Date Sold New/Resale Year Built Unit Size Unit Type Price Price PSF
9400 Ocean Avenue Wildwood Crest 6/1/2017 Resale 1987 1,596 Condo $785,000 $492
407 E. Monterey Avenue Wildwood Crest 3/3/2017 Resale 2009 1,786 Condo $730,000 $409
The Grand at Diamond Beach Diamond Beach 11/17/2017 Resale 2009 2,087 Condo $822,500 $394
7701 Atlantic Avenue Wildwood Crest 620/2017 Resale 2005 1902 Condo $620,000 $326
The Grand at Diamond Beach Diamond Beach 4/13/2017 Resale 2009 1,962 Condo $730,000 $372
24R E C EN T D E V E L O PM EN T
In recent years, Wildwood Crest has experienced significant new
development, especially along the beachfront. Situated near premier
vacation resorts such as The Grand at Diamond Beach, Hotel Icona, and
Seapointe Village, the Property is located directly across the street from a
public access to the Wildwood Crest gazebo and parks.
The G ra n d at Diamond B e a ch
Delivered in 2009, the Grand at Diamond Beach is by far the finest
HOTEL
THE GRAND AT
condominium resort along the Jersey Shore. Featuring a private beach, DIAMOND BEACH
ICONA
beachfront infinity pool with expansive deck, complete fitness center,
elegant spa treatment rooms, and expansive units with private verandas
and high-quality finishes, The Grand at Diamond beach offers its
residents a luxurious vacation experience. The average price per unit in
2017 was $604,375 or $387 per square foot.
Ho t e l Icona
Formerly the Pier 6600 Hotel, this 108-unit hotel resort was recently
renovated and includes a sundeck, outdoor heated pool, live music
stage and open-air Pavilion; making it a perfect four-season destination
for family getaways, weddings, and reunions. Additionally, it's thoughtfully-
designed meeting spaces are ideal for small meetings and corporate
retreats.
S e a point e Village
Set on 17 oceanfront acres, Seapointe Village is a master-planned
development that offers eleven different rental options from single family
homes to beachfront hotels. This gated community features a private
beach, four free-form pools and outdoor spas, tennis and basketball
courts, childrens playground and four gas BBQ grilling areas with fire pit
and gazebo. Its newest addition, The Ibis, is a combination of
condominium and townhome styles offering ocean and bay views from
many of the residences and is just steps from an indoor/outdoor pool
25N E W SU PP LY
Aside from the delivery of The Grand at Diamond Beach in 2009, Wildwood Crest and the surrounding
area have witnessed only small-scale single family homes or duplex-style development since the recession
of 2007. In the 24-month pipeline, two beachfront developments comprising an estimated 93 luxury
condominium units are currently in various stages of planning and approval. Situated south of the Property,
these hotel conversion projects are an example of the ongoing transformative trend in Wildwood Crest and
its surrounding area.
SEAPNITE
VILLAGE
PROPOSED BEACHFRONT PROJECTS
7400 OCEAN DRIVE 7201 OCEAN DRIVE
Location Beach block location Beachfront location
Current Use Sand Castle Hotel Oceanview Hotel
Proposed Use Condominums Condominiums
Units 24 69
Unit Type (24) 3 Bed / 2 Bath (54) 3 Bed / 2 Bath
(15) 2 Bed / 2 Bath
Projected Average Unit Size 1,350 SF 1,567 SF
Expected Delivery Spring 2018 On hold
N
26Actual View of Beach
KEY H I G H L I G H TS
• Wild wood Crest is situated minutes from the Garden State Parkway and
is centrally located between Avalon/Stone Harbor and Cap e May – two
of the most desirable and affluent residential areas on the Jersey Shore.
• The Property features a beach front address with direct public access to
the beach and is surrounded by a wide array of vacation amenities and
desirable beach resorts such as the Grand at Diamond Beach, Hotel
Seapointe Village, and Coastal Colors.
• 7201 O CEA N Avenue contains 2.07 acres and spans the width of an
entire block with the necessary infrastructure to support residential
development.
• Located in the M-1A zoning district, the Property is fully entitled for the
construction of condominiums, with a pool, and has layout plans for the
development with a pool.
• Representative sales in Diamond Beach and the immediate area support
pricing for condominiums in the $650,000 to
$1mm range.TRANSACTION GUIDELINES
7201 The Oceanside Realty Team at KW
OCEAN are pleased to present for sale 7201
Ocean Avenue to select investors
A V E N UE registered via a confid entia lity
agreement. The sale is being
WILDWOOD CREST offered on an “as-is” basis.
A 2.07-ACRE RESIDENTIAL DEVELOPMENT
OPPORTUNITY IN WILDWOOD CREST, NJ
KELLER WILLIAMS
TRANSACTION ADVISOR
Paul Chiolo
Tel: 609.522.3322, ext. 315
paul@teamoceanside.comYou can also read
