Duplex with Two Separate
For Sale
$675,000
304 Bay Boulevard, Seaside Heights, NJ 08751
Two separately metered cottages include outdoor living areas and dedicated storage.
Property Size1,296 SF
Price / SF$520.83
Days on Market142
Property Features for 304 Bay Boulevard
General Information
Standard status
Active
Size
1,296 SF
Property subtype
Multi-Family / Multiple Buildings
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,152
Amenities
front & back outdoor patios
large shed
outdoor shower
Laminate
Other
1
Crawl Space
4
Tenants furniture and personal belongings
2.0
2.2
No
Shingle
Patio, Shed, Fence, Deck
Building Details
Year Built
1936
Buildings
2
Listing Agency:
Keller Williams Realty Ocean Living
(848) 241-6955
Listed By:
Dawn Geraldi · License #1110927
(848) 241-6955
Source:
Compass
Added: Apr 13
Changed: Aug 30
Last Checked: Aug 31 at 10:06PM
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 Keller Williams Realty Ocean Living
Investment Insights
Based on property information with market context.
This duplex consists of two separately metered cottages totaling 1,296 square feet. Each residence offers an open floor plan, two bedrooms, a full bathroom, and a half bathroom in the primary bedroom. Front and rear patios extend the usable living area, while a shed provides storage for bicycles and outdoor equipment. An outdoor shower is positioned between the cottages.
The property is located at 304 Bay Boulevard in Seaside Heights, New Jersey. Both cottages are occupied by annual tenants, providing an existing rental arrangement. Built in 1936, the property also includes fencing and deck features.
The property is located at 304 Bay Boulevard in Seaside Heights, New Jersey. Both cottages are occupied by annual tenants, providing an existing rental arrangement. Built in 1936, the property also includes fencing and deck features.
Key Highlights
- Two separately metered cottages totaling 1,296 square feet
- Each cottage has 2 bedrooms, 1 full bath, and 1 master half bath
- Annual tenants are in place in both cottages
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
$21,690
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
3.21%
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%
$433,800
$433.8K
Cap Rate 7%
$309,857
$309.9K
Cap Rate 9%
$241,000
$241.0K
Market Conditions
NOI Build-Up for 1,296 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
$33.1K $25.56/SF
− Vacancy
−$2.1K −$1.65/SF
EGI
$31.0K $23.91/SF
− OpEx
−$9.3K −$7.17/SF
NOI
$21.7K $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%
$433,800
Cap Rate 7%
$309,857
Cap Rate 9%
$241,000
Alternative Uses
Best Use
Multifamily LT 5
$309.9K
$271.1K – $361.5K
NOI $21,690 @ 7.0% cap · market cap 3.21%
Second Best
Apartment 5plus
$284.7K
$249.1K – $332.2K
NOI $19,930 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$338.4K
$296.1K – $394.8K
NOI $23,689 @ 7.0% cap · market cap 3.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
647
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered cottages include outdoor living areas and dedicated storage.
Where is this duplex located?
The property is located at 304 Bay Boulevard Seaside Heights, NJ.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Two separately metered cottages totaling 1,296 square feet; Each cottage has 2 bedrooms, 1 full bath, and 1 master half bath; Annual tenants are in place in both cottages
