NOT LISTED FOR SALE

870 E 7th St Unit 204 Ocean City, NJ 08226

Estimated Value: $319,485 - $352,000

1 Bed
1 Bath
-- Sq Ft
0.76 Acres

Last Sold July 29, 2021

Last sale price $195,000

Est. 70% increase in value since last sale

Current estimated payment $1,883/month

Highlights

  • Clubhouse
  • Furnished
  • Community Pool
  • Ocean City Primary School Rated A
  • Great Room
  • Breakfast Area or Nook

About This Home

As of July 2021

This Ocean 7 one bedroom suite has been totally renovated including new ceramic tile flooring, new kitchen granite counter-tops, tiled back-splash and new vanity with granite top. Beautiful wainscoting throughout. Decorated to the nines with beautiful furnishings and beach decor all included. Close to elevator and steps for easy access. Ocean 7 was magically transformed from a Grand Old Hotel into separately owned condominiums a few years ago. She offers all the conveniences of Hotel Living, daily check ins via the front desk, daily maid & linens service, on site management for care free ownership and heated resort style pool with sundeck. Includes parking and storage facility. Condo fees include water, sewer, hot water, flood & hazard insurance, common area maintenance, cable TV, Wi-Fi, & ELECTRIC! Located just a stones throw to the famous Ocean City beach & boardwalk. Ocean 7 boasts one of the islands best rental addresses, too...if high investment income is what you are after, look no further. 2019 gross income exceeded 24K! Located just steps to the famous Ocean City boardwalk! Ocean 7 is a seasonal building open from late April to mid October.

Last Agent to Sell the Property

Robert Gullo

Fox Real Estate-Ocean Listed on: 06/22/2021

Last Buyer's Agent

AGENT NON-MEMBER

NON-MEMBER OFFICE License #00000

Property Details

Home Type

  • Condominium

Year Built

  • Built in 1972

Lot Details

  • 0.76

Parking

  • 1 Parking Space

Interior Spaces

  • 3-Story Property
  • Furnished
  • Blinds
  • Great Room
  • Dining Area

Kitchen

  • Breakfast Area or Nook
  • Stove
  • Microwave

Bedrooms and Bathrooms

  • 1 Bedroom
  • 1 Full Bathroom

Utilities

  • Cooling System Mounted In Outer Wall Opening
  • Heating Available
  • Gas Water Heater

Community Details

Overview

  • Association fees include amenities, electric, insurance, maintenance, management, sewer, trash, water, hot water, air conditioning, heat, cable, pool
  • Ocean 7 Condos

Amenities

  • Clubhouse
  • Laundry Facilities
  • Elevator
  • Community Storage Space

Recreation

  • Community Boardwalk
  • Outdoor Community Showers
  • Community Pool

Pet Policy

  • No Pets Allowed

Property Details

Home Type

Condominium

Year Built

Built in 1972

Lot Details

0

Listing Details

  • Class: Condominium
  • Type: Condo
  • Also Includes: Blinds, Furnished
  • Year Built: 1972
  • Number Of Levels In Unit: One
  • Number Of Stories In Bldg: Three To Five
  • Unit Location: Second Floor
  • Special Features: None
  • Property Sub Type: Condos
  • Stories: 2

Interior Features

  • Appliances: Electric Stove, Microwave, Refrigerator
  • Bedrooms: 1
  • Full Bathrooms: 1
  • Other Rooms: Breakfast Nook, Dining Area, Great Room
  • Common Area Features: Clubhouse/Clubroom, Elevator, Laundromat On Site, Outside Shower, Pool, Storage Facility

Exterior Features

  • Siding Exterior: Masonry/Block

Garage/Parking

  • Parking Exterior: One Car

Utilities

  • Air Conditioner: Wall Units
  • Heating: Electric
  • Sewer: Public Sewer
  • Water: Public Water
  • Water Heater: Gas

Condo/Co-op/Association

  • HOA Includes: Amenities, Electric, Insurance, Maintenance, Management, Sewer, Trash, Water, Hot Water, Air Conditioning, Heat, Cable, Pool
  • Condo Name: Ocean 7
  • Management: On-Site Professionals

Lot Info

  • Location: Boardwalk Area

Rental Info

  • Pets: No Pets Allowed

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Jun 22, 2021
Closed on
Jul 23, 2021
Sold by
Gallagher and Erin
Bought by
Fiore Janet L
Seller's Agent
Robert Gullo
Fox Real Estate-Ocean
Buyer's Agent
AGENT NON-MEMBER
NON-MEMBER OFFICE
List Price
$199,900
Sold Price
$195,000
Premium/Discount to List
-$4,900
-2.45%
Current Estimated Value
$330,871

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$135,871
Avg. Annual Appreciation
12.89%
Original Mortgage
$105,000
Outstanding Balance
$95,315
Interest Rate
2.93%
Mortgage Type
Purchase Money Mortgage
Estimated Equity
$235,556

Purchase Details

Listed on
Apr 18, 2012
Closed on
May 17, 2012
Sold by
Beaver Properties Llc
Bought by
Gallagher Jeremy and Gallagher Erin
Seller's Agent
Robert Gullo
Fox Real Estate-Ocean
Buyer's Agent
Robert Gullo
Fox Real Estate-Ocean
List Price
$165,000
Sold Price
$165,000

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
1.83%
Original Mortgage
$132,000
Interest Rate
3.88%
Mortgage Type
New Conventional
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Fiore Janet L $195,000 Fidelity National Title
Fiore Janet L $195,000 Fidelity National Title
Gallagher Jeremy $165,000 The Title Company Of Jersey
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Fiore Janet L $105,000
Closed Fiore Janet L $105,000
Previous Owner Gallagher Jeremy $132,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
07/29/2021 07/29/21 Sold $195,000 -2.5% --
06/22/2021 06/22/21 Pending -- -- --
06/22/2021 06/22/21 For Sale $199,900 +21.2% --
05/18/2012 05/18/12 Sold $165,000 0.0% -- View Prior Sale
04/20/2012 04/20/12 Pending -- -- --
04/18/2012 04/18/12 For Sale $165,000 -- --
Source: South Jersey Shore Regional MLS

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $1,707 $152,100 $66,000 $86,100
2024 $1,707 $152,100 $66,000 $86,100
2023 $1,629 $152,100 $66,000 $86,100
2022 $1,565 $152,100 $66,000 $86,100
2021 $928 $124,400 $55,700 $68,700
2020 $1,217 $124,400 $55,700 $68,700
2019 $1,728 $178,700 $95,600 $83,100
2018 $1,712 $178,700 $95,600 $83,100
2017 $1,685 $178,700 $95,600 $83,100
2016 $1,621 $178,700 $95,600 $83,100
2015 $1,599 $178,700 $95,600 $83,100
2014 $1,576 $178,700 $95,600 $83,100
Source: Public Records

Agents Affiliated with this Home

  • Robert Gullo

    Seller's Agent in 2021

    Robert Gullo

    Fox Real Estate-Ocean

    (856) 305-2091

    170 in this area

    181 Total Sales

    Robert Gullo
    Section Image

  • A

    Buyer's Agent in 2021

    AGENT NON-MEMBER

    NON-MEMBER OFFICE

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Map

Source: South Jersey Shore Regional MLS

MLS Number: 552186

South Jersey Shore Regional MLS

APN: 08-00701-0000-00015-0000-C204

New Jersey Cape May County Ocean City 08226

870 E 7th St Unit 204, Ocean City, NJ

Not Listed for Sale

Condos

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