Historic Corner
For Sale
$1,499,000
1061 WEST Avenue, Ocean City, NJ 08226
Multi-Family, OCEAN CITY, NJ
Property Size3,956 SF
Lot Size0.08 Acres
Price / SF$378.92
Days on Market176
Property Features for 1061 WEST Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
2
Parking features
Off Street
Elementary school district
OCEAN CITY SCHOOLS
Middle school district
OCEAN CITY SCHOOLS
High school district
OCEAN CITY SCHOOLS
Standard status
Active
Size
3,956 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
5042
Utilities
Heating system
Baseboard, Other (Heating), Hot Water(Heating)
Cooling system
Ceiling Fan(s), Window Unit(s)
Building Details
Year built
1902
Number of units
3
Architectural style
Cottage
Listing Agency:
Keller Williams Realty - Atlantic Shore
(609) 484-9890
Listed By:
Alexander Huffard · License #1974903
(609) 602-0499
Added: Mar 20
Changed: Sep 5
Last Checked: Sep 11 at 2:06PM
MLS# NJCM2006972
Copyright © 2026 Bright 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.
Built in 1902, this 3,956-square-foot triplex combines a side-by-side front building with a separate rear cottage on a 40-by-90-foot lot. The two front residences each offer 6 bedrooms and 1.5 bathrooms, with living, dining, kitchen, half-bath, and utility areas on the first floor. Three bedrooms and a full bathroom occupy the second floor, while three additional bedrooms are located on the third floor.
The rear cottage adds 2 bedrooms, 1 full bathroom, and a walk-up attic. Property features include an outdoor shower, additional storage, and a two-car driveway with off-street parking. Heating includes baseboard and hot water systems, while cooling is provided by ceiling fans and window units. The property is located in Ocean City, New Jersey.
The rear cottage adds 2 bedrooms, 1 full bathroom, and a walk-up attic. Property features include an outdoor shower, additional storage, and a two-car driveway with off-street parking. Heating includes baseboard and hot water systems, while cooling is provided by ceiling fans and window units. The property is located in Ocean City, New Jersey.
Key Highlights
- 3,956‑square‑foot triplex built in 1902
- Two side‑by‑side front units, each with 6 bedrooms and 1.5 bathrooms
- Separate rear cottage with 2 bedrooms, 1 full bathroom, and walk‑up attic
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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with two large residences, a rear cottage, off-street parking, and outdoor storage.
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 $1,499,000.
What are key features of this property?
This property features: 3,956‑square‑foot triplex built in 1902; Two side‑by‑side front units, each with 6 bedrooms and 1.5 bathrooms; Separate rear cottage with 2 bedrooms, 1 full bathroom, and walk‑up attic
