Duplex With Two Separate
For Sale
$559,999
Pending
54 Third Avenue, Toms River, NJ 08757
SINGLE_FAMILY - Other - Toms River, NJ
Property Size1,890 SF
Lot Size0.23 Acres
Days on Market112
Property Features for 54 Third Avenue
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
7
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 5, Bathroom 2, Bathroom 1, Bedroom 6, Bedroom 7, Bedroom 3, Bedroom 2, Bedroom 1
Parking features
Driveway
Exterior features
Thermal Window
Fencing
Fenced
Subdivision
Berkeley Twp
Lot features
Corner Lot, Oversized, Fenced Area
Elementary school
Clara B. Worth
Middle school
Central Reg Middle
High school
Central Regional
Directions
Exit 80 GSP, to Double Trouble Rd to Third Ave
Standard status
Pending
APN
06-00071-0000-00446
Size
1,890 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5574
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Multi Units
Water source
Well
Building Details
Year built
1931
Floors in Building
2
Flooring type
Wood, Vinyl
Building materials
Brick
Architectural style
Other
Listing Agency:
RE/MAX Revolution
(732) 867-8617
Listed By:
Carla Colucci · License #1866972
(732) 867-8617
Added: May 13
Changed: Aug 7
Last Checked: Sep 1 at 1:06PM
MLS# 22614091
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.
Investment Insights
Based on property information with market context.
54 Third Avenue is a legal duplex featuring two separate dwellings under one tax bill. The property includes a total of 7 bedrooms and 2 full bathrooms across the two units, situated over four lots described as 100x100 (10,000 SF) in the remarks. The home provides 1,890 SF of building area, with brick construction and flooring finishes including vinyl and wood.
The exterior includes thermal window features, and the property is set up for practical day-to-day living with a driveway and fenced perimeter. Heating is forced air with natural gas, and cooling is listed as multi units. Water is provided by a well and sewer is public sewer.
Built in 1931, this duplex is centrally located in the Toms River/Berkeley Township area, with proximity noted to shopping and dining, Jersey Shore beaches, parks and recreation, medical facilities, and major highways. The property is presented as a two-dwelling format suitable for owner-occupancy, renting one side, or renting both dwellings.
The exterior includes thermal window features, and the property is set up for practical day-to-day living with a driveway and fenced perimeter. Heating is forced air with natural gas, and cooling is listed as multi units. Water is provided by a well and sewer is public sewer.
Built in 1931, this duplex is centrally located in the Toms River/Berkeley Township area, with proximity noted to shopping and dining, Jersey Shore beaches, parks and recreation, medical facilities, and major highways. The property is presented as a two-dwelling format suitable for owner-occupancy, renting one side, or renting both dwellings.
Key Highlights
- Legal duplex with two separate dwellings under one tax bill
- Total of 7 bedrooms and 2 full bathrooms
- Situated over four lots described as 100x100 (10,000 SF)
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,631
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.65%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$632,620
$632.6K
Cap Rate 7%
$451,871
$451.9K
Cap Rate 9%
$351,456
$351.5K
Market Conditions
NOI Build-Up for 1,890 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$48.3K $25.56/SF
− Vacancy
−$3.1K −$1.65/SF
EGI
$45.2K $23.91/SF
− OpEx
−$13.6K −$7.17/SF
NOI
$31.6K $16.74/SF
Area
Ocean County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$632,620
Cap Rate 7%
$451,871
Cap Rate 9%
$351,456
Alternative Uses
Best Use
Multifamily LT 5
$451.9K
$395.4K – $527.2K
NOI $31,631 @ 7.0% cap · market cap 5.65%
Second Best
Apartment 5plus
$415.2K
$363.3K – $484.4K
NOI $29,064 @ 7.0% cap · market cap 5.19%
Theoretical Best
Office A
$493.5K
$431.8K – $575.8K
NOI $34,546 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
192
Businesses Nearby
Explore this area
Business Placement
Demographics for 08757, NJ
34,679
Population
19,302
Households
1.8
Avg Household Size
63
Median Age
19%
College-Educated
90%
High-School Grad
17.8 sq mi
ZIP Area
1,948
Density / Sq Mi
$56,133
Median Household Income
$37,571
Median Earnings
$1,714
Median Rent
$253,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex on a fenced lot with brick construction, thermal windows, and forced-air natural gas heat.
Where is this duplex located?
The property is located at 54 Third Avenue Toms River, NJ.
What is the asking price?
The asking price for this property is $559,999.
What are key features of this property?
This property features: Legal duplex with two separate dwellings under one tax bill; Total of 7 bedrooms and 2 full bathrooms; Situated over four lots described as 100x100 (10,000 SF)
