Renovated Two-Unit
For Sale
$1,049,000
344-346 Hampshire Dr, Ventnor, NJ 08406
Each residence offers three bedrooms, two full baths, modern kitchen space, and its own laundry area.
Property Size2,820 SF
Price / SF$371.99
Days on Market18
Property Features for 344-346 Hampshire Dr
General Information
Standard status
Active
Size
2,820 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
laundry rooms
front decks
porches
backyards
Building Details
Year Built
1972
Buildings
1
Listing Agency:
Resorts Ltd Inc
(609) 204-7891
Listed By:
Ben Kruse
(609) 204-7891
Source:
Choosekruse
Added: Aug 11
Changed: Aug 28
Last Checked: Aug 28 at 10:17AM
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 Resorts Ltd Inc
Investment Insights
Based on property information with market context.
This renovated duplex contains 2,820 square feet across two separate residences. The first-floor and second-floor units each provide 3 bedrooms and 2 full baths, along with living rooms, dining areas, modern kitchens, and laundry rooms. The property was built in 1972 and is described as meticulously maintained and move-in ready.
Outdoor features include front decks, porches, sizable backyards, and parking assigned to each unit. The property is near Lafayette School and within walking or biking distance of the beach, boardwalk, stores, and restaurants. Ventnor Library, Atlantic City, and local summer events are also nearby. The two-unit configuration accommodates rental use, personal occupancy, or multigenerational living.
Outdoor features include front decks, porches, sizable backyards, and parking assigned to each unit. The property is near Lafayette School and within walking or biking distance of the beach, boardwalk, stores, and restaurants. Ventnor Library, Atlantic City, and local summer events are also nearby. The two-unit configuration accommodates rental use, personal occupancy, or multigenerational living.
Key Highlights
- Two‑unit duplex totaling 2,820 SF
- Each unit has 3 bedrooms and 2 full baths
- Modern kitchens with separate laundry rooms
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
$32,115
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
3.06%
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%
$642,300
$642.3K
Cap Rate 7%
$458,786
$458.8K
Cap Rate 9%
$356,833
$356.8K
Market Conditions
NOI Build-Up for 2,820 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
$49.1K $17.40/SF
− Vacancy
−$3.2K −$1.13/SF
EGI
$45.9K $16.27/SF
− OpEx
−$13.8K −$4.88/SF
NOI
$32.1K $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%
$642,300
Cap Rate 7%
$458,786
Cap Rate 9%
$356,833
Alternative Uses
Best Use
Multifamily LT 5
$458.8K
$401.4K – $535.3K
NOI $32,115 @ 7.0% cap · market cap 3.06%
Second Best
Apartment 5plus
$403.2K
$352.8K – $470.5K
NOI $28,227 @ 7.0% cap · market cap 2.69%
Theoretical Best
Warehouse
$1.05M
$918.9K – $1.23M
NOI $73,510 @ 7.0% cap · market cap 7.01%
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
437
Businesses Nearby
Explore this area
Business Placement
Demographics for 08406, NJ
9,188
Population
7,772
Households
1.2
Avg Household Size
51
Median Age
38%
College-Educated
93%
High-School Grad
2.0 sq mi
ZIP Area
4,594
Density / Sq Mi
$75,034
Median Household Income
$51,057
Median Earnings
$1,460
Median Rent
$345,300
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 - Each residence offers three bedrooms, two full baths, modern kitchen space, and its own laundry area.
Where is this duplex located?
The property is located at 344-346 Hampshire Dr Ventnor, NJ.
What is the asking price?
The asking price for this property is $1,049,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,820 SF; Each unit has 3 bedrooms and 2 full baths; Modern kitchens with separate laundry rooms
