602 Gorham Ave NCape MayNJ08204
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Ziffy AI Summary
A quick, investor-focused snapshot highlighting income strength, yield potential.
| Key metrics | Value |
|---|---|
| Price | $399,900 |
| Est. Rent | $3,200/mo |
| ROI | 18% |
- Attractive rent-to-price ratio for income stability
- Good fit for DSCR financing with healthy coverage
Investment Highlights
Investment property for sale in Cape May at 602 Gorham Ave N, Cape May, NJ, 08204 earns $261/mo cash flow from $3,248/mo rent with a $2,051/mo payment. Total monthly income totals $3,248/mo, and annual cash flow totals $3,135/yr on $138,899 capital. ROI tracks 22.17% on current figures, and rental yield reads 9.3% at a $419,000 purchase. Equity gained on principal adds $2,704/yr, and 5% annual appreciation supports $115,762 over five years. Five-year ROI reaches 116.19% and total cumulative return in cash sums $161,393. Financing can be set up with Ziffy Mortgage’s DSCR loan, which is driven by $3,248/mo property income instead of your personal income.
Single Family
Built in 1951
7,749 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 08204, Cape May, NJ area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 13,314 (100%) |
| Owner Occupied HU | 5,777 (43.4%) |
| Renter Occupied HU | 1,718 (12.9%) |
| Vacant Housing Units | 5,819 (43.7%) |
| Median Home Value | $575,781 |
| Average Home Value | $665,846 |
Housing Distribution
Address Breakdown
Residential
9,319
Single Family
8,761
Multi-Family
558
Businesses
779
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Listed by: Christina P. Clemans, ABR, CRS, GRI • Tim Kerr Sotheby's International Realty
Mls Name: CMCAOR
Mls ID: #252265