Historic Corner
For Sale
$1,499,000
1061 West Ave, Ocean City, NJ 08226
Three residences include a two-unit front building and a separate rear cottage with storage space.
Property Size3,956 SF
Lot Size0.08 Acres
Price / SF$378.92
Days on Market10
Property Features for 1061 West Ave
General Information
Standard status
Active
Size
3,956 SF
Total Parking Spaces
2
Lot size
0.08 Acres
Property subtype
Multi-Family
Units
Unit Mix
2 x 6BR/1.5BA, 1 x 2BR/1BA
Multifamily Units
3
Amenities
outdoor shower
additional storage
Building Details
Year Built
1902
Buildings
2
Listing Agency:
KELLER WILLIAMS REALTY ATLANTIC SHORE-BRIGANTINE
(609) 602-0499
Listed By:
ALEXANDER HUFFARD · License #1649545
Source:
Bernadetteaugello
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 29 at 1:22PM
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 KELLER WILLIAMS REALTY ATLANTIC SHORE-BRIGANTINE
Investment Insights
Based on property information with market context.
Built in 1902, this 3,956-square-foot triplex consists of a two-unit front structure and an independent rear cottage on a 40x90 lot. Each front residence spans three levels with 6 bedrooms and 1.5 bathrooms, plus a living room, dining room, kitchen, utility room, and first-floor half bathroom. The second floor contains three bedrooms and a full bathroom, while the third floor adds three more bedrooms.
The rear cottage provides 2 bedrooms, 1 full bathroom, and a walk-up attic. Exterior features include an outdoor shower, additional storage, and a two-car driveway. The property is located at 1061 West Ave in Downtown Ocean City, NJ.
The rear cottage provides 2 bedrooms, 1 full bathroom, and a walk-up attic. Exterior features include an outdoor shower, additional storage, and a two-car driveway. The property is located at 1061 West Ave in Downtown Ocean City, NJ.
Key Highlights
- 3,956‑square‑foot triplex on a 40x90 lot
- Built in 1902 with a two‑unit front building and separate rear cottage
- Each front unit includes 6 bedrooms and 1.5 bathrooms across three levels
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
$58,556
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
3.91%
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%
$1,171,120
$1.2M
Cap Rate 7%
$836,514
$836.5K
Cap Rate 9%
$650,622
$650.6K
Market Conditions
NOI Build-Up for 3,956 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
$87.8K $22.20/SF
− Vacancy
−$4.2K −$1.05/SF
EGI
$83.7K $21.15/SF
− OpEx
−$25.1K −$6.34/SF
NOI
$58.6K $14.80/SF
Area
Cape May County, NJ
Vacancy
4.75%
Lease Rate
$22.20 /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%
$1,171,120
Cap Rate 7%
$836,514
Cap Rate 9%
$650,622
Alternative Uses
Best Use
Multifamily LT 5
$836.5K
$732.0K – $975.9K
NOI $58,556 @ 7.0% cap · market cap 3.91%
Second Best
Apartment 5plus
$768.9K
$672.8K – $897.1K
NOI $53,825 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,766 @ 7.0% cap · market cap 5.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,481
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three residences include a two-unit front building and a separate rear cottage with storage space.
Where is this triplex located?
The property is located at 1061 West Ave Ocean City, NJ.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: 3,956‑square‑foot triplex on a 40x90 lot; Built in 1902 with a two‑unit front building and separate rear cottage; Each front unit includes 6 bedrooms and 1.5 bathrooms across three levels
