Two-Dwelling Multifamily
For Sale
$559,999
54 Third Ave, Toms River, NJ 08757
Two separate residences provide options for rental occupancy, owner use, or multigenerational living.
Property Size1,890 SF
Lot Size0.23 Acres
Price / SF$296.30
Days on Market47
Property Features for 54 Third Ave
General Information
Standard status
Active
Size
1,890 SF
Lot size
0.23 Acres
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1931
Buildings
2
Listing Agency:
Keller Williams Realty Central Monmouth
(732) 359-3203
Listed By:
Curran Group
(732) 359-3203
Source:
Currangrp
Added: Jul 13
Changed: Aug 28
Last Checked: Aug 28 at 2:22PM
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 Central Monmouth
Investment Insights
Based on property information with market context.
This multifamily property includes two separate dwellings with a combined seven bedrooms and two full bathrooms. The buildings total 1,890 square feet and were constructed in 1931, providing a residential configuration suited to multiple occupancy arrangements. The property is identified as a legal multifamily use and carries one tax bill.
The asset spans four lots measuring 100 by 100 feet in total, or 10,000 square feet. Located at 54 Third Ave in Toms River, the property is near shopping, dining, parks, recreation, medical facilities, Jersey Shore beaches, and major highways. The two-dwelling layout allows for separate rental use, partial owner occupancy, or extended-family living, subject to buyer due diligence regarding future redevelopment or expansion.
The asset spans four lots measuring 100 by 100 feet in total, or 10,000 square feet. Located at 54 Third Ave in Toms River, the property is near shopping, dining, parks, recreation, medical facilities, Jersey Shore beaches, and major highways. The two-dwelling layout allows for separate rental use, partial owner occupancy, or extended-family living, subject to buyer due diligence regarding future redevelopment or expansion.
Key Highlights
- Two separate dwellings with 7 bedrooms and 2 full bathrooms
- 1,890 square feet across buildings constructed in 1931
- Four lots measuring 100 by 100 feet, totaling 10,000 square feet
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
$29,064
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
5.19%
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%
$581,280
$581.3K
Cap Rate 7%
$415,200
$415.2K
Cap Rate 9%
$322,933
$322.9K
Market Conditions
NOI Build-Up for 1,890 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
$56.7K $30.00/SF
− Vacancy
−$3.9K −$2.04/SF
EGI
$52.8K $27.96/SF
− OpEx
−$23.8K −$12.58/SF
NOI
$29.1K $15.38/SF
Area
Ocean County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$581,280
Cap Rate 7%
$415,200
Cap Rate 9%
$322,933
Alternative Uses
Best Use
Apartment 5plus
$415.2K
$363.3K – $484.4K
NOI $29,064 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$493.5K
$431.8K – $575.8K
NOI $34,546 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
192
Businesses Nearby
Explore this area
Business Placement
Demographics for 08757, NJ
34,679
Population
19,302
Households
1.8
Avg Household Size
63
Median Age
19%
College-Educated
90%
High-School Grad
17.8 sq mi
ZIP Area
1,948
Density / Sq Mi
$56,133
Median Household Income
$37,571
Median Earnings
$1,714
Median Rent
$253,200
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?
Multifamily property - Two separate residences provide options for rental occupancy, owner use, or multigenerational living.
Where is this multifamily property located?
The property is located at 54 Third Ave Toms River, NJ.
What is the asking price?
The asking price for this property is $559,999.
What are key features of this property?
This property features: Two separate dwellings with 7 bedrooms and 2 full bathrooms; 1,890 square feet across buildings constructed in 1931; Four lots measuring 100 by 100 feet, totaling 10,000 square feet
