ocean county single- family portfolio phone: +1 410 752 4285 dawes milchling financial analyst +1...
TRANSCRIPT
OCEAN COUNTY SINGLE-FAMILY PORTFOLIOINVESTMENT SUMMARY
$1,950 AVERAGE
MARKET RENT
8 NUMBER OF TOWNSHIPS
60UNITS
$358,479 MEDIAN AVERAGE HOME PRICE
IN OCEAN COUNTY
Ocean County, NJ JERSEY SHORE-SOUTH CENTRAL NEW JERSEY
$76,093 OCEAN COUNTY MEDIAN
HOUSEHOLD INCOME
54 PARCELS
$1,336 AVERAGE
CURRENT RENT
82% AVERAGE HOME
OWNERSHIP PERCENTAGE (3RD HIGHEST IN NJ)
1SFR VALUE-ADD OPPORTUNITY
Well-suited for a value-add business plan, focused on kitchen and bathroom cosmetic upgrades. Future ownership can drive rents closer to the top of the market, while preserving affordability.
2SUBSTANTIAL RENT GROWTH AND LIMITED INVENTORY
The Portfolio is concentrated in locations such as Jackson and Lakewood where annualized rent growth has exceeded 7%, as well as Barnegat and Toms River where average occupancy rates crest 99%. Several rentals are adjacent to Ocean County's Mantoloking, with a median home price of $1,403,349 and New Jersey's wealthiest town.
3HIGHLY DESIRABLE ASSET CLASS
Single-family rentals offer metrics such as a 99% occupancy rate nationally, 8.3% annualized vacant-to-occupied (V2O) rent growth, and an impressive 4.1% rent growth for residential renewals. 52% of Single-Family Renters are families, compared to 30% of multifamily renters, reducing turnover and offering stable rent collections.
4FLEXIBLE INVESTMENT AND RECAPITALIZATION STRATEGIES
Option of incorporating Airbnb or other short-term seasonal leasing strategies as several properties are located near bodies of water. An additional exit opportunity can be realized through selling properties to homeowners, as New Jersey is ranked sixth in the nation in median home sale prices. Sale values in Ocean County have increased 19% year over year since April 2020, eclipsing the statewide average.
5CONVENIENT ACCESS TO MAJOR EAST COAST CITIES
Ocean County is located 50 miles east of Philadelphia, 70 miles south of New York City, and 40 Miles North of Atlantic City, marking the region a choice destination for both commuters and summer beach goers.
OFFERING HIGHLIGHTS
The Cushman Wakefield Mid-Atlantic Private Client Group is pleased to present the exclusive listing of The Ocean County Single-Family Rental Portfolio located in Ocean County, NJ. The Portfolio is located in New Jersey’s fastest growing county, as well as a historically tight submarket with limited transaction velocity, and a considerable rent-to-own delta. Statewide, Ocean County has the lowest concentration of residents living in multifamily units, as a percentage of total available rental dwellings (13.2%) in New Jersey.
CONTACT US
TRANSACTION TEAM
ONE EAST PRATT ST, SUITE 700BALTIMORE, MD 21202PHONE: +1 410 752 4285www.cushmanwakefield.com
DAWES MILCHLINGFINANCIAL ANALYST+1 410 347 [email protected]
JONATHAN CARPENTEREXECUTIVE MANAGING DIRECTOR+1 410 347 [email protected]
ARI AZARBARZINSENIOR DIRECTOR+1 410 347 [email protected]
GRAHAM SAVAGESENIOR DIRECTOR+1 410 347 [email protected]