Residential Income Property with
For Sale
$969,000
1118 Ocean Boulevard, Seaside Heights, NJ 08751
Beach block home with above-ground pool and a separate one-bedroom back house on a 40x95 lot.
Property Size2,000 SF
Price / SF$484.50
Days on Market345
Property Features for 1118 Ocean Boulevard
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Multi-Family / Multiple Buildings
Taxes and HOA fees
Annual Taxes
$11,200
Amenities
Slab
6
Personal items
3.0
Yes
No
Building Details
Year Built
1968
Listing Agency:
Weichert Realtors-Toms River
(732) 240-0500
Listed By:
Steven M Bloss · License #0673728
(732) 240-0500
Source:
Compass
Added: Sep 12, 2025
Changed: Aug 8
Last Checked: Jul 23 at 5:05PM
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 Weichert Realtors-Toms River
Investment Insights
Based on property information with market context.
Located at 1118 Ocean Boulevard in Seaside Heights, this beach block residential income property includes a main 5-bedroom, 2-bath home and an additional one-bedroom back house. The main home is described as a single-level layout with more than 1,600 square feet and an attic for further storage. The property also features two breakaway wall rooms downstairs, each measuring 12x28, for additional storage.
The home offers an above-ground pool and off-street parking underneath the house. The back house includes two lofts for added storage. A porch provides space to view St. Patrick’s and Columbus Day parades as they pass.
The overall configuration combines the main residence with the separate back house, creating a practical setup for hosting guests or generating additional rental income, as described in the property remarks.
The home offers an above-ground pool and off-street parking underneath the house. The back house includes two lofts for added storage. A porch provides space to view St. Patrick’s and Columbus Day parades as they pass.
The overall configuration combines the main residence with the separate back house, creating a practical setup for hosting guests or generating additional rental income, as described in the property remarks.
Key Highlights
- Beach block home built in 1968 with over 1,600 sq ft on one level
- 40x95 lot with a separate one‑bedroom back house for extra guests or potential income
- Above‑ground pool on site
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
$33,472
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
3.45%
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%
$669,440
$669.4K
Cap Rate 7%
$478,171
$478.2K
Cap Rate 9%
$371,911
$371.9K
Market Conditions
NOI Build-Up for 2,000 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
$51.1K $25.56/SF
− Vacancy
−$3.3K −$1.65/SF
EGI
$47.8K $23.91/SF
− OpEx
−$14.3K −$7.17/SF
NOI
$33.5K $16.74/SF
Area
Ocean 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%
$669,440
Cap Rate 7%
$478,171
Cap Rate 9%
$371,911
Alternative Uses
Best Use
Multifamily LT 5
$478.2K
$418.4K – $557.9K
NOI $33,472 @ 7.0% cap · market cap 3.45%
Second Best
Apartment 5plus
$439.4K
$384.5K – $512.6K
NOI $30,756 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$522.2K
$457.0K – $609.3K
NOI $36,557 @ 7.0% cap · market cap 3.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
532
Businesses Nearby
Explore this area
Business Placement
Demographics for 08751, NJ
3,867
Population
5,319
Households
0.7
Avg Household Size
48
Median Age
39%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
2,975
Density / Sq Mi
$75,000
Median Household Income
$52,273
Median Earnings
$1,437
Median Rent
$583,000
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 - Beach block home with above-ground pool and a separate one-bedroom back house on a 40x95 lot.
Where is this duplex located?
The property is located at 1118 Ocean Boulevard Seaside Heights, NJ.
What is the asking price?
The asking price for this property is $969,000.
What are key features of this property?
This property features: Beach block home built in 1968 with over 1,600 sq ft on one level; 40x95 lot with a separate one‑bedroom back house for extra guests or potential income; Above‑ground pool on site
