Two-Cottage Duplex with Separate
For Sale
$849,000
100 Cookman Avenue, Ocean Grove, NJ 07756
Two distinct cottages offer separate systems, flexible layouts, and character-rich indoor and outdoor spaces.
Property Size1,700 SF
Price / SF$499.41
Days on Market8
Property Features for 100 Cookman Avenue
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1929
Listing Agency:
RE/MAX Gateway
Listed By:
Thea Bowers
(833) 740-1234
Source:
Actionplusrealty
Added: Aug 3
Changed: Aug 10
Last Checked: Aug 10 at 3:39AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Gateway
Investment Insights
Based on property information with market context.
This duplex comprises two individually styled cottages with upper levels and a combined 1,700 square feet of living area. The east cottage includes a vaulted living room with cherry flooring, built-in storage, a gas fireplace, eat-in kitchen, den, full bath, front porch, and private patio with retractable awning. Its upper level contains a primary bedroom and bonus bedroom. The west cottage provides a two-bedroom, one-bath layout with a renovated interior, luxury vinyl plank flooring, stainless steel appliances, granite kitchen finishes, a tiled bath, and multiple electric fireplaces. Furnishings in the west cottage are negotiable.
Separate hot-water heaters, furnaces, and cooling systems serve the cottages. Newer windows and established perennial gardens add to the property’s physical improvements. Built in 1929, the duplex is located at 100 Cookman Avenue in Ocean Grove, five short blocks from the beach and near the main avenues of Asbury Park, Bradley Beach, and Ocean Grove.
Separate hot-water heaters, furnaces, and cooling systems serve the cottages. Newer windows and established perennial gardens add to the property’s physical improvements. Built in 1929, the duplex is located at 100 Cookman Avenue in Ocean Grove, five short blocks from the beach and near the main avenues of Asbury Park, Bradley Beach, and Ocean Grove.
Key Highlights
- Duplex includes 2 cottages with upper levels and 1,700 square feet of combined living area
- Separate HWH, furnace, and cooling systems serve each cottage
- West cottage renovated 2 years ago with 2BR/1BA layout
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
$28,452
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
3.35%
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%
$569,040
$569.0K
Cap Rate 7%
$406,457
$406.5K
Cap Rate 9%
$316,133
$316.1K
Market Conditions
NOI Build-Up for 1,700 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
$43.5K $25.56/SF
− Vacancy
−$2.8K −$1.65/SF
EGI
$40.6K $23.91/SF
− OpEx
−$12.2K −$7.17/SF
NOI
$28.5K $16.74/SF
Area
Monmouth 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%
$569,040
Cap Rate 7%
$406,457
Cap Rate 9%
$316,133
Alternative Uses
Best Use
Multifamily LT 5
$406.5K
$355.7K – $474.2K
NOI $28,452 @ 7.0% cap · market cap 3.35%
Second Best
Apartment 5plus
$373.5K
$326.8K – $435.7K
NOI $26,143 @ 7.0% cap · market cap 3.08%
Theoretical Best
Office A
$443.9K
$388.4K – $517.9K
NOI $31,073 @ 7.0% cap · market cap 3.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,512
Businesses Nearby
Explore this area
Business Placement
Demographics for 07756, NJ
3,164
Population
2,831
Households
1.1
Avg Household Size
58
Median Age
64%
College-Educated
92%
High-School Grad
0.4 sq mi
ZIP Area
7,910
Density / Sq Mi
$74,410
Median Household Income
$58,148
Median Earnings
$1,212
Median Rent
$764,200
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 - Two distinct cottages offer separate systems, flexible layouts, and character-rich indoor and outdoor spaces.
Where is this duplex located?
The property is located at 100 Cookman Avenue Ocean Grove, NJ.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Duplex includes 2 cottages with upper levels and 1,700 square feet of combined living area; Separate HWH, furnace, and cooling systems serve each cottage; West cottage renovated 2 years ago with 2BR/1BA layout
