Three-Unit Townhouse-Style
For Sale
$1,800,000
Pending
150 Lake Avenue, Ocean Grove, NJ 07756
Multi-Family, Ocean Grove, NJ
Property Size3,996 SF
Lot Size0.11 Acres
Days on Market145
Property Features for 150 Lake Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
6
Bathrooms
5
Full bathrooms
3
Half bathrooms
3
Rooms
Bedroom 2, Bedroom 5, Basement, Bathroom 6, Bathroom 1, Bedroom 3, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 6, Bedroom 1, Bathroom 5, Bedroom 4
Parking features
Off Street
Patio and Porch features
Deck
Exterior features
Deck
Basement
Walk-Out Access
Subdivision
Ocean Grove
View
Water
Middle school
Neptune
Directions
Benson Ave north to corner of Lake and Benson
Standard status
Pending
APN
35-00137-0000-00001
Size
3,996 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
24238
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Water front features
Lake Front
Water front
1
Building Details
Year built
1987
Floors in Building
2
Number of units
3
Flooring type
Wood, Tile - Ceramic
Building materials
Cedar Shake
Roof type
Shingle
Listing Agency:
C21/ Coastal Realtors
(732) 774-7166
Listed By:
Gary L Huizenga · License #8130855
(732) 915-0490
Added: Apr 29
Changed: Sep 13
Last Checked: Sep 20 at 11:06PM
MLS# 22612117
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 3,996-square-foot triplex occupies a 0.11-acre lakefront parcel in Ocean Grove. Constructed in 1987 with townhouse-style residences, the property includes three units, each with two bedrooms, one and one-half baths, a dedicated parking space, and a one-car garage. Separate utilities serve the units, while water and sewer are shared.
Exterior details include cedar shake construction, shingle roofing, and a deck. Interior finishes combine wood and ceramic tile flooring, with forced-air heating and central air conditioning. The property is connected to public water and public sewer and includes basement space. Located at 150 Lake Avenue in Ocean Grove, the asset combines a multi-unit residential configuration with lakefront positioning.
Exterior details include cedar shake construction, shingle roofing, and a deck. Interior finishes combine wood and ceramic tile flooring, with forced-air heating and central air conditioning. The property is connected to public water and public sewer and includes basement space. Located at 150 Lake Avenue in Ocean Grove, the asset combines a multi-unit residential configuration with lakefront positioning.
Key Highlights
- Three‑unit triplex with 3,996 square feet on 0.11 acres
- Each unit has 2 bedrooms and one and one‑half baths
- Dedicated parking space and one‑car garage for each residence
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
$66,878
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
3.72%
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%
$1,337,560
$1.3M
Cap Rate 7%
$955,400
$955.4K
Cap Rate 9%
$743,089
$743.1K
Market Conditions
NOI Build-Up for 3,996 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
$102.1K $25.56/SF
− Vacancy
−$6.6K −$1.65/SF
EGI
$95.5K $23.91/SF
− OpEx
−$28.7K −$7.17/SF
NOI
$66.9K $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 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%
$1,337,560
Cap Rate 7%
$955,400
Cap Rate 9%
$743,089
Alternative Uses
Best Use
Multifamily LT 5
$955.4K
$836.0K – $1.11M
NOI $66,878 @ 7.0% cap · market cap 3.72%
Second Best
Apartment 5plus
$877.9K
$768.1K – $1.02M
NOI $61,450 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$1.04M
$913.0K – $1.22M
NOI $73,040 @ 7.0% cap · market cap 4.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Each residence offers two bedrooms, one and one-half baths, private parking, and a one-car garage.
Where is this triplex located?
The property is located at 150 Lake Avenue Ocean Grove, NJ.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Three‑unit triplex with 3,996 square feet on 0.11 acres; Each unit has 2 bedrooms and one and one‑half baths; Dedicated parking space and one‑car garage for each residence
