Historic Corner Triplex with
1061 West Avenue Ocean City, NJ 08226
For Sale
$1,699,000
Corner triplex with side-by-side front units and a separate rear cottage, plus outdoor shower and two-car driveway.
Property Size3,956 SF
Lot Size0.08 Acres
Price / SF$429.47
Days on Market128
Property Features for 1061 West Avenue
General Information
- Standard status
- Active
- Size
- 3,956 SF
- Lot size
- 0.08 Acres
- Property subtype
- MULTI-FAMILY / Triplex
Listing Agency:
LONG and FOSTER REAL ESTATE INC-Margate
(609) 602-0499
Listed By:
ALEXANDER HUFFARD · License #1649545
(609) 602-0499
Source:
Compass
Added: Mar 19
Changed: Jul 23
Last Checked: Jul 23 at 5:28PM
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 LONG and FOSTER REAL ESTATE INC-Margate
Investment Insights
Based on property information with market context.
This historic corner triplex features a rare side-by-side front building layout along with a separate rear cottage on a 40x90 lot. The front building includes two units, each with 6 bedrooms and 1.5 bathrooms, and both units provide first-floor living and dining areas, a kitchen, a half bathroom, and a utility room. Each unit also offers a second floor with three bedrooms and a full bathroom, plus a third floor with three additional bedrooms.
A separate rear cottage adds additional flexibility, offering 2 bedrooms and 1 full bathroom, along with a walk-up attic for storage or future expansion. Exterior amenities include an outdoor shower, additional storage, and a two-car driveway.
The property is presented as a complete residential income offering with multiple independent bedroom configurations across the front building and rear cottage.
A separate rear cottage adds additional flexibility, offering 2 bedrooms and 1 full bathroom, along with a walk-up attic for storage or future expansion. Exterior amenities include an outdoor shower, additional storage, and a two-car driveway.
The property is presented as a complete residential income offering with multiple independent bedroom configurations across the front building and rear cottage.
Key Highlights
- Historic corner triplex in Downtown Ocean City on a 40x90 lot, with side‑by‑side front building plus separate rear cottage
- Front building has 2 units, each with 6 bedrooms and 1.5 bathrooms
- Each first floor includes living room, dining room, kitchen, half bathroom, and utility room
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $87.8k | $22.20 |
| − Vacancy | −$4.2k | −$1.05 |
| EGI | $83.7k | $21.15 |
| − OpEx | −$25.1k | −$6.34 |
| NOI | $58.6k | $14.80 |
3,956 SF · lease $22.20/SF/yr · vacancy 4.75% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$836.5K
$732.0K – $975.9K
NOI $58,556 @ 7.0% cap · market cap 3.45%
Second Best
Apartment 5plus
$768.9K
$672.8K – $897.1K
NOI $53,825 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,766 @ 7.0% cap · market cap 4.99%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Triplex - Corner triplex with side-by-side front units and a separate rear cottage, plus outdoor shower and two-car driveway.
Where is this triplex located?
The property is located at 1061 West Avenue Ocean City, NJ.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: Historic corner triplex in Downtown Ocean City on a 40x90 lot, with side‑by‑side front building plus separate rear cottage; Front building has 2 units, each with 6 bedrooms and 1.5 bathrooms; Each first floor includes living room, dining room, kitchen, half bathroom, and utility room
