Two-Family Home with
New
For Sale
$749,000
120 Main Avenue, Ocean Grove, NJ 07756
The residence is legally configured for two households but is presently occupied as a single-family home.
Property Size1,272 SF
Lot Size0.04 Acres
Days on Market5
Property Features for 120 Main Avenue
General Information
Standard status
Active
Size
1,272 SF
Lot size
0.04 Acres
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,380
Amenities
washer/dryer
hot tub
Building Details
Building Size
1,272 SF
Year Built
1920
Listing Agency:
Jack Green Realty
Listed By:
Fred Nerbel · License #0902080
(732) 776-6400
Source:
Sackmanrealty
Added: Oct 21
Changed: Oct 23
Last Checked: Oct 24 at 10:21PM
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 Jack Green Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1920, this duplex has three bedrooms and two bathrooms, along with a full basement used for storage. Interior details include decorative moldings, coffered ceilings, a built-in bookcase, and French doors between the living and dining rooms. A mud room provides access to the backyard, which includes a hot tub. Washer and dryer are located in the basement.
The property occupies a 30-by-60 lot. Although legally a two-family residence, it is currently used as one home.
The property occupies a 30-by-60 lot. Although legally a two-family residence, it is currently used as one home.
Key Highlights
- Legal two‑family residence, currently used as a single‑family home
- Three bedrooms and two bathrooms
- Full basement with storage and washer/dryer
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,288
Cap Rate
2.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$425,760
$425.8K
Cap Rate 7%
$304,114
$304.1K
Cap Rate 9%
$236,533
$236.5K
Market Conditions
NOI Build-Up for 1,272 SF
Gross rent
$32.5K $25.56/SF
− Vacancy
−$2.1K −$1.65/SF
EGI
$30.4K $23.91/SF
− OpEx
−$9.1K −$7.17/SF
NOI
$21.3K $16.74/SF
Area
Monmouth 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 Rate 5%
$425,760
Cap Rate 7%
$304,114
Cap Rate 9%
$236,533
Alternative Uses
Best Use
Multifamily LT 5
$304.1K
$266.1K – $354.8K
NOI $21,288 @ 7.0% cap · market cap 2.84%
Second Best
Apartment 5plus
$279.4K
$244.5K – $326.0K
NOI $19,561 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$332.1K
$290.6K – $387.5K
NOI $23,250 @ 7.0% cap · market cap 3.10%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,921
Businesses Nearby
Explore this area
Business Placement
Demographics for 07756, NJ
3,164
Population
2,831
Households
1.1
Avg Household Size
58
Median Age
64%
College-Educated
92%
High-School Grad
0.4 sq mi
ZIP Area
7,910
Density / Sq Mi
$74,410
Median Household Income
$58,148
Median Earnings
$1,212
Median Rent
$764,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - The residence is legally configured for two households but is presently occupied as a single-family home.
Where is this duplex located?
The property is located at 120 Main Avenue Ocean Grove, NJ.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Legal two‑family residence, currently used as a single‑family home; Three bedrooms and two bathrooms; Full basement with storage and washer/dryer
