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    323 Ocean Ave Ocean City, NJ 08226

    View on Map
    Sponsored
    For Sale
    $2,750,000

    Triplex - Ocean City, NJ

    Type:Triplex
    Property size:
    3,780 SF
    Days on Market:
    2
    Last Refresh:
    Mar 11 at 7:06 am

    Property Features for 323 Ocean Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Triplex
    Standard status
    Active
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4
    Bathrooms
    4
    Patio and Porch features
    Patio, Deck
    Exterior features
    Curbs, Deck, Fenced Yard, Outside Shower, Patio, Recreation Area
    Fencing
    Fenced
    Basement Y/N
    1
    Appliances
    Dryer, Refrigerator
    Size
    3,780 SF

    Utilities

    Heating system
    Electric (Heating), Forced Air, Zoned (Heating)
    Cooling system
    Central Air

    Building Details

    Number of units
    3
    Building materials
    Asbestos

    We can help!

    Listing Contact
    BRAD RICE

    BHHS FOX and ROACH-754 Asbury OC (609) 957-6787

    Listing agent BRAD RICE (609) 957-6787 License #0453461

    Listing date Mar 10, 2026

    MLS# 605468 Listing URL

    Copyright © 2026 South Jersey Shore Regional 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

    Turnkey Triplex Near Ocean City

    This turnkey property in Ocean City, NJ, presents an investment opportunity with a proven rental history. The building blends remodeled, coastal-inspired charm with performance. This fully furnished property is ready for immediate income and includes furniture, kitchen items, blinds, bath towels, and other essentials. The property features multiple units with flexible income potential. The first floor has 3 bedrooms and 1 bathroom. The second floor also has 3 bedrooms and 1 bathroom. The third floor includes 2 bedrooms, an efficiency kitchen, and 1 bathroom. Additionally, there is a detached cottage with 1 bedroom, 1 bathroom, and an enclosed porch. Outside, there is a private fenced yard, off-street parking, and a large garage space with a washer and dryer. The layout allows investors to stay in one unit while renting the others. Located a short walk from Ocean City’s boardwalk and beaches, it is also near downtown shopping, parks, restaurants, and cafés. The property is currently rented year-round and has a documented rental history. The property size is 3780 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Ocean City
    County
    Cape May
    State
    New Jersey
    Longitude
    -74.5662566
    Latitude
    39.2829684

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    FAQs

    What type of property is this?
    Triplex - Fully furnished triplex with detached cottage near boardwalk and beaches.
    Where is this triplex located?
    The property is located at 323 Ocean Ave Ocean City, NJ.
    What is the asking price?
    The asking price for this property is $2,750,000.
    What are key features of this property?
    This property features: - Turnkey investment property with proven, strong rental history and outstanding Airbnb reputation.; - Multiple units offer flexible income potential.; - Fully furnished and equipped, ready for immediate income generation.
    (609) 502-2242
    Request Owner's contact information
    323 Ocean Ave Ocean City, NJ 08226
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    Ocean City, NJ 08226
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    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
    323 Ocean Ave Ocean City, NJ 08226
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    We can help!
    Listing Contact
    BRAD RICE
    Real Estate License ID: 0453461
    (609) 502-2242 (609) 957-6787
    Learn more
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