Triplex with Detached Third
For Sale
$799,000
Pending
251 Sherman Avenue, Seaside Heights, NJ 08751
Multi-Family, Seaside Heights, NJ
Property Size1,400 SF
Lot Size0.09 Acres
Days on Market105
Property Features for 251 Sherman Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
4
Bathrooms
2
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 2, Bathroom 1, Bathroom 3, Bathroom 2, Bedroom 3, Bedroom 1
Parking features
Off Street
Patio and Porch features
Deck
Exterior features
Deck, Screens, Lighting
Fencing
Fenced
Basement
Crawl Space
Lot features
Bayside, Subdividable
Directions
Sherman Ave to the Corner of Barnegat.
Subdivision
Seaside Heights
Standard status
Pending
APN
27-00054-0000-00053
Size
1,400 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7000
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Water front
1
Amenities
private deck
Building Details
Year built
1940
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic
Roof type
Shingle
Listing Agency:
Seaside Heights Realty Inc.
(732) 793-5200
Listed By:
Michael Loundy · License #8435976
(732) 330-6651
Added: Jun 15
Changed: Sep 13
Last Checked: Sep 27 at 1:06PM
MLS# 22618006
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 three-family property includes a duplex and a detached third unit identified as a handyman special. The 1,400-square-foot property was built in 1940 and features ceramic tile flooring, forced-air heat, central air, a private second-floor deck, fencing, and off-street parking. Electric and gas service are separately metered, while public water and public sewer serve the property.
The home is located in Seaside Heights, within walking distance of the oceanfront pool and beach club, beaches, boardwalk rides, amusements, restaurants, and shopping. The property occupies 0.09 acres and includes additional parking for 8 cars. The downstairs unit in the duplex is vacant and available for viewing, and long-term tenants are vacating. Exterior features include deck, screens, and lighting.
The home is located in Seaside Heights, within walking distance of the oceanfront pool and beach club, beaches, boardwalk rides, amusements, restaurants, and shopping. The property occupies 0.09 acres and includes additional parking for 8 cars. The downstairs unit in the duplex is vacant and available for viewing, and long-term tenants are vacating. Exterior features include deck, screens, and lighting.
Key Highlights
- Three‑family property with a detached third unit identified as a handyman special
- 1,400 square feet on a 0.09‑acre lot
- Additional parking for 8 cars with off‑street parking
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
$23,431
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
2.93%
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%
$468,620
$468.6K
Cap Rate 7%
$334,729
$334.7K
Cap Rate 9%
$260,344
$260.3K
Market Conditions
NOI Build-Up for 1,400 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
$35.8K $25.56/SF
− Vacancy
−$2.3K −$1.65/SF
EGI
$33.5K $23.91/SF
− OpEx
−$10.0K −$7.17/SF
NOI
$23.4K $16.74/SF
Area
Ocean 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%
$468,620
Cap Rate 7%
$334,729
Cap Rate 9%
$260,344
Alternative Uses
Best Use
Multifamily LT 5
$334.7K
$292.9K – $390.5K
NOI $23,431 @ 7.0% cap · market cap 2.93%
Second Best
Apartment 5plus
$307.6K
$269.1K – $358.8K
NOI $21,529 @ 7.0% cap · market cap 2.69%
Theoretical Best
Office A
$365.6K
$319.9K – $426.5K
NOI $25,590 @ 7.0% cap · market cap 3.20%
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
636
Businesses Nearby
Explore this area
Business Placement
Demographics for 08751, NJ
3,867
Population
5,319
Households
0.7
Avg Household Size
48
Median Age
39%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
2,975
Density / Sq Mi
$75,000
Median Household Income
$52,273
Median Earnings
$1,437
Median Rent
$583,000
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-family configuration includes separate utility metering and off-street parking.
Where is this triplex located?
The property is located at 251 Sherman Avenue Seaside Heights, NJ.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Three‑family property with a detached third unit identified as a handyman special; 1,400 square feet on a 0.09‑acre lot; Additional parking for 8 cars with off‑street parking
