Residential > House
Active
1 week ago
List Price
$4,800,000$5,229/ft²
28 40th St
Sea Isle City, NJ 08243
- 2Beds
- 2Baths
- 918ft²Living Area
- 2,178ft²Lot Size
- -Pool
- -Car
- 1930Year Built
- 11DOM
- -Permit
28 40th St, Sea Isle City, NJ 08243 is a 2 bed, 2 bath, 918 ft² house built in 1930 on a 0.050 acre lot. This house is currently listed for $4,800,000, and it was last sold in 2023 for $925,000. The latest TopHap estimate of the house's value is $954,100.
Property Valuations
Latest estimates for 28 40th St based on TopHap automated valuation model (AVM).
TopHap Estimate
$954,100
$1,039/ft²
-$4M below List Price
Updated 5 months ago
28 40th St is valued at $954,100 by TopHap AVM 5 months ago.
MLS Description
The listing agent's description. Original Listing
Location: The properties consist of building on the corner of 4001 Landis and the home behind it at 28 40th St. This is arguably noted as the busiest corner in Sea Isle City. Currently the corner building hosts the Coastal Chop House, South Jersey new and Premier Steakhouse and 2 condos above, which is located Directly across from the famous Ocean Drive Restaurant and Bar. 40 St is also the main walk-up street to the public beach access. These Properties are one of if not the most prime location in all of Sea Isle City for both residential and commercial development. Plans have been approved for the demolition of 4001 Landis and 28 4th St. to combine the 2 lots and rebuild a new building that would house a 1st floor commercial redevelopment consisting of 1 main sit down restaurant and 6 walk up food vendor windows. The 2nd floor would consist of 6 units 5 being approximately 1260 Sq foot 2 story Condos and 1 commercial unit of the same size. Obviously a potential buyer may choose other options including continuing the existing uses of the buildings but these plans are approved and add significant value. Current Project Approval: The first floor must remain commercial. The second and third floors will consist of 5 condos (for residential use). Each unit is approx. 1260 Sq Ft. The sixth unit must also remain commercial, potentially for managing the property (e.g., HOA or similar). Pricing & Financials: Asking Price: $4.8 million. Anticipated Resale of Upper Units: Between $1.3M - $1.5M each for the condos. They do have ocean views. ROI $6.5 - $7.5M just in the resale condo's. Commercial Space: The seller is offering to buy back the commercial space (restaurants and 6 walk-up windows) as a shell, But there is also the option for the seller to complete their own build-outs, and sell the units or use and rentals. Anticipated rentals of the 6 approved walk up window food spots at between $60,000 to $75,000 each per season and the sit down restaurant about $200,000 a season or you could explore different other plans more suitable to the buyers desires. Obviously as an investor please do your own due diligence the figures we use are only estimates of rentals and would differ substantially especially if investors finish the units differently than the current plans project. This truly is a high-potential investment with a mix of commercial and residential use, and the location will certainly drive high interest. Both Properties 4001 Landis Ave and 28 40th St will only be sold together as 1 sale. The listed value is for both properties and the transfer of the Municipality approved plans. Plans and Survey are in documents section. Property is being sold in combination with MLS #NJCM2005614 and NJCM2005212 and NJCM2005616
Listing Agents
The listing agent for 28 40th St is Francis Mellace.
FM
Francis Mellace
Century 21 Rauh & Johns
Phone: (215) 870-5856
Current Ownership
Information about the current owner(s).
Taxes Billed
Taxes billed in 2023$3,444.64From latest Total Assessed Value0.85%Total Assessed Value$404,300=Land+
Assessed Value$384,300Additions
Assessed Value$20,000
In 2023, taxes billed for 28 40th St were $3,444.64, which is 0.85% from latest Total Assessed Value of $404,300.
Property History
28 40th St has undefined property events records (listings, deeds, permits, tax, foreclosure, loan).
Property Events
Environment
Environmental factors around 28 40th St
Hazard Risks
Hurricane178Carb Mono155Ozone118Air Pollution114Weather111Lead101Nat'l Avg100Particulates94Wind79Tornado41Earthquake36Hail25
12 hazards (Carbon Monoxide, Earthquake Risk, Hail Index, Tornado Index, Hurricane Index, Air Pollution Index, Ozone Index, Wind Index, Weather Risk, Lead Index, Particulate Matter, National Average) are above the national average around 28 40th St.
Walkability Index
13 /20
Most Walkable
20-18
Very Walkable
17-15
Somewhat Walkable
14-10
Car Dependent
9-0
28 40th St has a walkability score of 13 out of 20, which means that it is in a somewhat walkable area.
Temperature
Seasonal temperature sampled over multiple years
Winter
Average
Low
28°F
High
44°F
Summer
Average
Low
65°F
High
82°F
In the winter at 28 40th St, temperatures range from 27.63°F to 43.73°F with an average of 35.68°F. In the summer, the temperature ranges from 64.51°F to 81.95°F with and average of 73.23°F.
School Information
Public/private schools serving 28 40th St
Public Schools
Ocean City Primary School
Grades: PK-3
10.84 mi
C-
Ocean City Intermediate School
Grades: 4-8
9.47 mi
C
Ocean City High School
Grades: 9-12
10.79 mi
B
* The school rating is based entirely on the test score performance of each school. It is based on a scale of A-F, A being best.
Nearby public schools serving 28 40th St have ratings undefined, undefined, and undefined.
Neighborhood
This property is located in Sea Isle City, Sea Isle City, NJ 08243.
Seasonal Housing units 08243
91%of housing is for seasonal rent.
Daytime Population for 08243
+11%of people during work hours.
Crime Index for 08243
145
145
The crime index in 08243 is 145, which is 1.4 times higher than national average.
Market Trends
Historical market data near 28 40th St over selected time period.
Nearby Properties on 40th St
- 123 40th St #Apt 2f, Sea Isle City, NJ 08243 (Sea Isle City) is a 956 square foot and 0.01 acre property. It was built in 1981 and has an estimate of $552,881 with a price per ft² of $578.
- 223 40th St, Sea Isle City, NJ 08243 (Sea Isle City) is a 2,252 square foot and 0.06 acre property. It was built in 1963 and has an estimate of $904,104 with a price per ft² of $401.
- 219 40th St, Sea Isle City, NJ 08243 (Sea Isle City) is a 1,692 square foot and 0.03 acre property. It was built in 1989 and has an estimate of $592,600 with a price per ft² of $350.
- 231 40th St, Sea Isle City, NJ 08243 (Sea Isle City) is a 1,692 square foot and 0.03 acre property. It was built in 1981 and has an estimate of $840,700 with a price per ft² of $497.
- 308 40th St, Sea Isle City, NJ 08243 (Sea Isle City) is a 1,097 square foot and 0.02 acre property. It was built in 1979 and has an estimate of $748,616 with a price per ft² of $682.
- 127 40th St #Apt 1f, Sea Isle City, NJ 08243 (Sea Isle City) is a 956 square foot and 0.01 acre property. It was built in 1981 and has an estimate of $552,881 with a price per ft² of $578.
- 120 40th St # E, Sea Isle City, NJ 08243 (Sea Isle City) is a 2,456 square foot and 0.03 acre property. It was built in 2005 and has an estimate of $1,316,000 with a price per ft² of $536.
- 348 40th St, Sea Isle City, NJ 08243 (Sea Isle City) is a 1,976 square foot and 0.03 acre property. It was built in 2004 and has an estimate of $1,438,000 with a price per ft² of $728.
- 324 40th St, Sea Isle City, NJ 08243 (Sea Isle City) is a 1,981 square foot and 0.03 acre property. It was built in 2002 and has an estimate of $1,393,000 with a price per ft² of $703.
- 401-411 40th St, Sea Isle City, NJ 08243 (Sea Isle City) is a 0.06 acre property.
- 133 40th St, Sea Isle City, NJ 08243 (Sea Isle City) is a 1,695 square foot and 0.06 acre property. It was built in 2016 and has an estimate of $1,549,620 with a price per ft² of $914.
- 309 40th St, Sea Isle City, NJ 08243 (Sea Isle City) is a 1,977 square foot and 0.03 acre property. It was built in 2005 and has an estimate of $878,750 with a price per ft² of $444.
- 123 40th St #Apt 2c, Sea Isle City, NJ 08243 (Sea Isle City) is a 956 square foot and 0.01 acre property. It was built in 1981 and has an estimate of $542,665 with a price per ft² of $568.
- 123 40th St #Apt 2e, Sea Isle City, NJ 08243 (Sea Isle City) is a 956 square foot and 0.01 acre property. It was built in 1981 and has an estimate of $552,881 with a price per ft² of $578.
- 119 40th St #Apt 3d, Sea Isle City, NJ 08243 (Sea Isle City) is a 956 square foot and 0.01 acre property. It was built in 1981 and has an estimate of $541,440 with a price per ft² of $566.
- 115 40th St #Apt 4f, Sea Isle City, NJ 08243 (Sea Isle City) is a 956 square foot and 0.01 acre property. It was built in 1981 and has an estimate of $552,881 with a price per ft² of $578.
- 146 40th St, Sea Isle City, NJ 08243 (Sea Isle City) is a 680 square foot and 0.04 acre property. It was built in 1923 and has an estimate of $565,800 with a price per ft² of $832.
- 146 40th St, Sea Isle City, NJ 08243 (Sea Isle City) is a 1,954 square foot and 0.04 acre property. It was built in 1990 and has an estimate of $1,017,975 with a price per ft² of $521.
- 134 40th St, Sea Isle City, NJ 08243 (Sea Isle City) is a 1,012 square foot and 0.06 acre property. It was built in 1984 and has an estimate of $610,100 with a price per ft² of $603.
- 234 40th St, Sea Isle City, NJ 08243 (Sea Isle City) is a 1,728 square foot and 0.03 acre property. It was built in 1987 and has an estimate of $900,000 with a price per ft² of $521.
- 308 40th St, Sea Isle City, NJ 08243 (Sea Isle City) is a 1,096 square foot and 0.02 acre property. It was built in 1979 and has an estimate of $676,800 with a price per ft² of $618.
- 337 40th St, Sea Isle City, NJ 08243 (Sea Isle City) is a 3,564 square foot and 0.06 acre property. It was built in 1971 and has an estimate of $1,692,453 with a price per ft² of $475.
- 142 40th St, Sea Isle City, NJ 08243 (Sea Isle City) is a 1,944 square foot and 0.03 acre property. It was built in 2004 and has an estimate of $1,115,000 with a price per ft² of $574.
- 324 40th St, Sea Isle City, NJ 08243 (Sea Isle City) is a 1,981 square foot and 0.03 acre property. It was built in 2002 and has an estimate of $1,101,548 with a price per ft² of $556.
- 307 40th St, Sea Isle City, NJ 08243 (Sea Isle City) is a 2,304 square foot and 0.06 acre property. It was built in 1981 and has an estimate of $849,368 with a price per ft² of $369.
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