Furnished Coastal
New
For Sale
$650,000
17 E Connecticut Ave, Somers Point, NJ 08244
Two separate units offer updated interiors, shared outdoor space, and attached storage for shore equipment.
Property Size2,100 SF
Price / SF$309.52
Days on Market1
Property Features for 17 E Connecticut Ave
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Furnished
Yes
Amenities
crushed-shell driveway
shared backyard
attached storage shed
Building Details
Year Built
1940
Construction
coastal cottage-style
Listing Agency:
Balsley/Losco
Listed By:
Ben Kruse
(609) 204-7891
Source:
Choosekruse
Added: Sep 20
Last Checked: Sep 20 at 2:18PM
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 Balsley/Losco
Investment Insights
Based on property information with market context.
This 2,100-square-foot duplex, built in 1940, contains two separate residences with five bedrooms total. The first-floor unit has two bedrooms and one full bath, along with an updated kitchen and bath, luxury vinyl plank flooring, fresh paint, new fixtures, and updated lighting. The second-floor residence provides three bedrooms and one full bath with partial updates. Both units are furnished.
Outdoor features include a crushed-shell driveway, shared backyard, and a large attached storage shed for bicycles, beach equipment, kayaks, tools, and other seasonal items. The property is located at 17 E Connecticut Ave in Somers Point, with restaurants, marinas, shopping, beaches, and neighboring Ocean City identified as nearby destinations.
Outdoor features include a crushed-shell driveway, shared backyard, and a large attached storage shed for bicycles, beach equipment, kayaks, tools, and other seasonal items. The property is located at 17 E Connecticut Ave in Somers Point, with restaurants, marinas, shopping, beaches, and neighboring Ocean City identified as nearby destinations.
Key Highlights
- 2,100 SF duplex with two separate residential units
- Five total bedrooms and two full baths
- First‑floor unit includes updated kitchen and bath, LVP flooring, fresh paint, fixtures, and lighting
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
$23,915
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
3.68%
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%
$478,300
$478.3K
Cap Rate 7%
$341,643
$341.6K
Cap Rate 9%
$265,722
$265.7K
Market Conditions
NOI Build-Up for 2,100 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
$36.5K $17.40/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$34.2K $16.27/SF
− OpEx
−$10.2K −$4.88/SF
NOI
$23.9K $11.39/SF
Area
Atlantic County, NJ
Vacancy
6.50%
Lease Rate
$17.40 /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%
$478,300
Cap Rate 7%
$341,643
Cap Rate 9%
$265,722
Alternative Uses
Best Use
Multifamily LT 5
$341.6K
$298.9K – $398.6K
NOI $23,915 @ 7.0% cap · market cap 3.68%
Second Best
Apartment 5plus
$300.3K
$262.8K – $350.3K
NOI $21,020 @ 7.0% cap · market cap 3.23%
Theoretical Best
Warehouse
$782.0K
$684.3K – $912.4K
NOI $54,742 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,258
Businesses Nearby
Explore this area
Business Placement
Demographics for 08244, NJ
10,535
Population
5,898
Households
1.8
Avg Household Size
47
Median Age
30%
College-Educated
89%
High-School Grad
4.9 sq mi
ZIP Area
2,150
Density / Sq Mi
$67,500
Median Household Income
$38,709
Median Earnings
$1,266
Median Rent
$278,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate units offer updated interiors, shared outdoor space, and attached storage for shore equipment.
Where is this duplex located?
The property is located at 17 E Connecticut Ave Somers Point, NJ.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 2,100 SF duplex with two separate residential units; Five total bedrooms and two full baths; First‑floor unit includes updated kitchen and bath, LVP flooring, fresh paint, fixtures, and lighting
