Victorian Two-Family
140 Mt Hermon Way Ocean Grove, NJ 07756
For Sale
$999,000
Two-unit Victorian duplex with an income-ready studio apartment and a full-length basement for storage and laundry.
Property Size2,065 SF
Price / SF$483.78
Days on Market145
Property Features for 140 Mt Hermon Way
General Information
- Standard status
- Active
- Size
- 2,065 SF
- Property subtype
- Multi-Family / Duplex
Building Details
- Year Built
- 1904
Listing Agency:
RE/MAX Gateway
(732) 361-0770
Listed By:
Thea Bowers · License #0787334
(732) 361-0770
Source:
Compass
Added: Mar 1
Changed: Jul 23
Last Checked: Jul 23 at 1:29PM
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 RE/MAX Gateway
Investment Insights
Based on property information with market context.
Located at 140 Mt Hermon Way, Ocean Grove, this Victorian two-family duplex offers a main unit plus a separate studio apartment with a private entrance. The main unit features 3–4 bedrooms and 1.5 baths, including an expansive first-floor studio with its own entry that can function as an income-producing space or connect to the main home for a first-floor bedroom and bath.
Inside, both levels showcase gleaming hardwood floors, updated windows, and updated electrical service. Living areas include a grand living room with a gas fireplace, a sunlit dining room, and an efficient kitchen with pantry, plus a 1/2 bath. The wraparound porch and individual porches provide outdoor space. The second floor includes two bedrooms, with the primary bedroom offering a walk-in closet, and a tiled bathroom. The third floor highlights a 4th bedroom and skylit space that can serve as an office, gym, or 5th bedroom.
A full-length basement adds storage and laundry. The studio apartment includes a kitchen, a jacuzzi-style bath, and in-unit washer/dryer.
Inside, both levels showcase gleaming hardwood floors, updated windows, and updated electrical service. Living areas include a grand living room with a gas fireplace, a sunlit dining room, and an efficient kitchen with pantry, plus a 1/2 bath. The wraparound porch and individual porches provide outdoor space. The second floor includes two bedrooms, with the primary bedroom offering a walk-in closet, and a tiled bathroom. The third floor highlights a 4th bedroom and skylit space that can serve as an office, gym, or 5th bedroom.
A full-length basement adds storage and laundry. The studio apartment includes a kitchen, a jacuzzi-style bath, and in-unit washer/dryer.
Key Highlights
- 3‑level, 2‑family Victorian duplex built in 1904 with wood floors and vinyl siding
- Main unit features 3/4 bedrooms, 1.5 baths, a large 1st‑floor studio with private entrance, and access to a wraparound porch
- Main living room includes a gas fireplace, with dining room and an efficient kitchen plus pantry and 1/2 bath
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $52.8k | $25.56 |
| − Vacancy | −$3.4k | −$1.65 |
| EGI | $49.4k | $23.91 |
| − OpEx | −$14.8k | −$7.17 |
| NOI | $34.6k | $16.74 |
2,065 SF · lease $25.56/SF/yr · vacancy 6.46% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$493.7K
$432.0K – $576.0K
NOI $34,560 @ 7.0% cap · market cap 3.46%
Second Best
Apartment 5plus
$453.7K
$397.0K – $529.3K
NOI $31,756 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$539.2K
$471.8K – $629.1K
NOI $37,745 @ 7.0% cap · market cap 3.78%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Two-unit Victorian duplex with an income-ready studio apartment and a full-length basement for storage and laundry.
Where is this duplex located?
The property is located at 140 Mt Hermon Way Ocean Grove, NJ.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 3‑level, 2‑family Victorian duplex built in 1904 with wood floors and vinyl siding; Main unit features 3/4 bedrooms, 1.5 baths, a large 1st‑floor studio with private entrance, and access to a wraparound porch; Main living room includes a gas fireplace, with dining room and an efficient kitchen plus pantry and 1/2 bath
