Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    140 Mount Hermon Way Ocean Grove, NJ 07756

    View on Map
    Sponsored
    For Sale
    $999,000

    MULTI_FAMILY - Ocean Grove, NJ

    Property size:
    2,065 SF
    Lot size:
    0.04 Acres
    Days on Market:
    1
    Last Refresh:
    Mar 7 at 1:06 pm

    Property Features for 140 Mount Hermon Way

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 1, Bathroom 3, Bedroom 2, Bedroom 3, Bathroom 2, Bathroom 1, Basement, Bedroom 4
    Bedrooms
    4
    Bathrooms
    2
    APN
    35-00157-0000-00004
    Parking features
    On Street
    Exterior features
    Storm Window, Lighting
    Fireplace
    1
    Basement
    Full
    Size
    2,065 SF
    Lot size
    0.04 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Zoned
    Cooling system
    Zoned, Central Air
    Water source
    Public

    Building Details

    Year built
    1904
    Floors in Building
    3
    Number of units
    2
    Flooring type
    Wood
    Roof type
    Shingle

    We can help!

    Listing Contact
    Thea Bowers
    Thea Bowers

    RE/MAX Gateway (732) 361-0770

    Listing agent Thea Bowers (732) 361-0770

    Listing date Mar 7, 2026

    MLS# 22605306 Listing URL

    Copyright © 2026 More MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Victorian Multifamily in Ocean Grove

    This Victorian-style two-family property is situated on a sun-drenched corner lot. The main unit features three to four bedrooms and one and a half bathrooms, along with an expansive first-floor studio that includes a private entrance, presenting income-producing potential or the option to seamlessly connect it to the main home as a first-floor bedroom and bathroom suite. Both units feature hardwood floors, updated windows and electric, and individual porches. The main wraparound porch is suited for relaxation, while the grand living room, complete with a gas fireplace, is designed for both intimate and grand gatherings. The sunlit dining room flows between the living room and an efficient kitchen, leading to a pantry and half bathroom. The second floor showcases two bedrooms, including a primary bedroom with a walk-in closet, and a spa-like tiled bathroom. The third floor highlights a fourth bedroom and a skylit space suitable for an office, gym, or fifth bedroom. A full-length basement provides storage and laundry facilities. The studio apartment includes a kitchen, Jacuzzi bathroom, washer and dryer, and a porch. The property is outfitted with two-zone HVAC and two hot water heaters. Located a short stroll from the beach, Main Avenue shops, and vibrant Asbury Park, this property offers the opportunity to own a home that provides income and flexibility. The property size is 2,065 square feet and the lot size is 0.04 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ocean Grove
    County
    Monmouth
    State
    New Jersey
    Longitude
    -74.012655
    Latitude
    40.213692

    Nearby Similar for Sale

    • $3,395,000
      9,427 SF

      Historic Hotel with Ocean Views

      Ocean Grove hotel with restaurant and ocean views for sale.
      5 Abbott Ave, Ocean Grove, NJ 07756
      View Details
    • New
      $829,000
      2,890 SF

      Historic Two-Family Home, Ocean Grove

      Two-family home in historic Ocean Grove, blocks from the ocean.
      104-106 Mount Tabor Way, Ocean Grove, NJ 07756
      View Details
    • $1,999,000
      0.04 Acres

      Ocean Grove Hotel Near Beach

      21-room hotel/boarding house less than 2 blocks from the beach.
      32 Embury Ave, Ocean Grove, NJ 07756
      View Details
    • $759,900
      0.04 Acres

      Ocean Grove Multifamily Income Property

      Two-unit townhome near shopping, dining, and the beach.
      147 Webb Ave, Ocean Grove, NJ 07756
      View Details
    • $999,000
      Pending

      Ocean Grove Legal 3-Family Home

      Legal 3-family property near beach and Asbury Park.
      110 Mount Tabor Way, Ocean Grove, NJ 07756
      View Details
    • $1,800,000

      Ocean Grove Three-Family Property

      Three-family townhouse-style property in historic Ocean Grove, New Jersey.
      150 Lake Ave, Ocean Grove, NJ 07756
      View Details
    • $1,875,000
      3,772 SF

      Ocean Grove Multifamily Beach House

      Legal 2-family property, steps from the beach with ocean views.
      18 Abbott Ave, Ocean Grove, NJ 07756
      View Details
    • $3,395,000
      9,427 SF

      Historic Hotel with Ocean Views

      Historic Ocean Grove hotel with restaurant and ocean views.
      5 Abbott Ave, Ocean Grove, NJ 07756
      View Details
    • $1,999,000

      Serenity Inn Near Beach

      21-room hotel/boarding house near the beach.
      32 Embury Ave, Ocean Grove, NJ 07756
      View Details
    • $1,700,000

      Ocean Grove 7-Unit Investment Property

      Fully occupied 7-unit property near beach and downtown Ocean Grove.
      20 Webb Ave, Ocean Grove, NJ 07756
      View Details

    FAQs

    What type of property is this?
    Duplex - Victorian 2-family with income potential near the beach.
    Where is this duplex located?
    The property is located at 140 Mount Hermon Way Ocean Grove, NJ.
    What is the asking price?
    The asking price for this property is $999,000.
    What are key features of this property?
    This property features: - Income-producing studio apartment with private entrance, kitchen, Jacuzzi bath, W/D, and porch.; - Victorian 2-family home in a desirable location near the beach, shops, and Asbury Park.; - Main unit features 3-4 bedrooms, 1.5 bathrooms, and a grand living room with a gas fireplace.
    (202) 528-6933
    Request Owner's contact information
    140 Mount Hermon Way Ocean Grove, NJ 07756
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    140 Mount Hermon Way
    Ocean Grove, NJ 07756
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    140 Mount Hermon Way Ocean Grove, NJ 07756
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Thea Bowers
    Thea Bowers
    Real Estate License ID: 787334
    (202) 528-6933 (732) 361-0770 (732) 481-2110
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!