Ocean Grove Multifamily Income
147 Webb Avenue Ocean Grove, NJ 07756
For Sale
$739,000
Pending
MULTI_FAMILY - Ocean Grove, NJ
Property Size1,520 SF
Lot Size0.04 Acres
Days on Market99
Property Features for 147 Webb Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Rooms
Bedroom 1, Basement, Bedroom 2, Bedroom 4, Bathroom 1, Bedroom 3, Bathroom 2
Parking features
On Street
Basement
Partial
Standard status
Pending
APN
35-00222-0000-00010
Size
1,520 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11786
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1921
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
Shire Realty Inc
(732) 528-6560
Listed By:
James W Whalen
(732) 528-6560
Added: Apr 22
Changed: Jul 29
Last Checked: Jul 29 at 5:06PM
MLS# 22611144
Copyright © 2026 More 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.
This Ocean Grove property features two comfortable, side-by-side units, each with 2 bedrooms and 1 bathroom, and each separately metered. The east unit welcomes you with a bright, sunny living space featuring hardwood floors and recessed lighting. The kitchen, also with hardwood and recessed lighting, leads to a larger-than-average backyard suitable for entertaining and relaxing. Upstairs, two bedrooms provide comfortable space, along with a fully renovated bathroom. The adjacent unit offers a similar layout, providing flexibility for guests, short-term rentals, or steady income. Situated on a corner lot, the property is located blocks from downtown Asbury, in an area of Ocean Grove with convenient parking, close to shopping and other conveniences. The property size is 1520 square feet and the lot size is 0.04 acres.
Key Highlights
- Two side‑by‑side units on one property, each separately metered
- Each unit features 2 bedrooms and 1 bathroom (2BR/1BA per unit)
- Year built: 1921; forced air heating; shingle roof
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 | $38.9k | $25.56 |
| − Vacancy | −$2.5k | −$1.65 |
| EGI | $36.3k | $23.91 |
| − OpEx | −$10.9k | −$7.17 |
| NOI | $25.4k | $16.74 |
1,520 SF · lease $25.56/SF/yr · vacancy 6.46% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$363.4K
$318.0K – $424.0K
NOI $25,439 @ 7.0% cap · market cap 3.44%
Second Best
Apartment 5plus
$333.9K
$292.2K – $389.6K
NOI $23,375 @ 7.0% cap · market cap 3.16%
Theoretical Best
Office A
$396.9K
$347.3K – $463.1K
NOI $27,783 @ 7.0% cap · market cap 3.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property near the beach and downtown Asbury.
Where is this duplex located?
The property is located at 147 Webb Avenue Ocean Grove, NJ.
What is the asking price?
The asking price for this property is $739,000.
What are key features of this property?
This property features: Two side‑by‑side units on one property, each separately metered; Each unit features 2 bedrooms and 1 bathroom (2BR/1BA per unit); Year built: 1921; forced air heating; shingle roof
