Mixed-Use Building with
New
For Sale
$1,599,000
1020 Asbury Ave, Ocean City, NJ 08226
Ground-floor commercial space is paired with two updated apartments, each equipped with private in-unit laundry.
Property Size3,382 SF
Price / SF$472.80
Days on Market3
Property Features for 1020 Asbury Ave
General Information
Standard status
Active
Size
3,382 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Parking per Unit
1
Additional Details
Furnished
Yes
Mixed-Use Components
retail, residential
Amenities
in-unit laundry
Building Details
Year Built
1924
Buildings
1
Stories
3
Listing Agency:
Marketplace Realty
Listed By:
Ben Kruse · License #2184380
(609) 204-7891
Source:
Choosekruse
Added: Oct 30
Changed: Nov 1
Last Checked: Nov 1 at 5:59AM
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 Marketplace Realty
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Investment Insights
Based on property information with market context.
This three-story mixed-use property contains 3,382 square feet, with commercial space on the ground floor and two remodeled residential units above. The second-floor apartment has four bedrooms and one full bath; the third-floor apartment has three bedrooms and one full bath. Both apartments include private laundry and furnishings. Each unit has one private parking spot, and all three units are to be delivered vacant at settlement.
At 10th Street and Asbury Avenue in downtown Ocean City, the property is steps from shops, restaurants, and downtown attractions, with the Boardwalk and beaches a short walk away. The building was constructed in 1924.
At 10th Street and Asbury Avenue in downtown Ocean City, the property is steps from shops, restaurants, and downtown attractions, with the Boardwalk and beaches a short walk away. The building was constructed in 1924.
Key Highlights
- 3,382‑square‑foot, three‑story mixed‑use property
- Ground‑floor commercial space with two residential units above
- Second‑floor unit: 4 bedrooms and 1 full bath
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,015
Cap Rate
2.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$920,300
$920.3K
Cap Rate 7%
$657,357
$657.4K
Cap Rate 9%
$511,278
$511.3K
Market Conditions
NOI Build-Up for 3,382 SF
Gross rent
$88.1K $26.04/SF
− Vacancy
−$4.4K −$1.30/SF
EGI
$83.7K $24.74/SF
− OpEx
−$37.6K −$11.13/SF
NOI
$46.0K $13.61/SF
Area
Cape May County, NJ
Vacancy
5.00%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$920,300
Cap Rate 7%
$657,357
Cap Rate 9%
$511,278
Alternative Uses
Best Use
Apartment 5plus
$657.4K
$575.2K – $766.9K
NOI $46,015 @ 7.0% cap · market cap 2.88%
Second Best
Retail
$560.1K
$490.1K – $653.4K
NOI $39,204 @ 7.0% cap · market cap 2.45%
Theoretical Best
Office A
$1.04M
$905.8K – $1.21M
NOI $72,467 @ 7.0% cap · market cap 4.53%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,612
Businesses Nearby
Explore this area
Business Placement
Demographics for 08226, NJ
11,229
Population
20,905
Households
0.5
Avg Household Size
57
Median Age
55%
College-Educated
97%
High-School Grad
6.8 sq mi
ZIP Area
1,651
Density / Sq Mi
$101,782
Median Household Income
$54,323
Median Earnings
$1,670
Median Rent
$719,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor commercial space is paired with two updated apartments, each equipped with private in-unit laundry.
Where is this mixed-use property located?
The property is located at 1020 Asbury Ave Ocean City, NJ.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: 3,382‑square‑foot, three‑story mixed‑use property; Ground‑floor commercial space with two residential units above; Second‑floor unit: 4 bedrooms and 1 full bath
