Ocean-Block Development
45-55 Dupont, Seaside Heights, NJ 08751
For Sale
$11,499,000
Development site on an ocean block, sold as land with 78 units in three buildings and ocean views planned.
Property Size41,000 SF
Price / SF$280.46
Days on Market122
Property Features for 45-55 Dupont
General Information
Standard status
Size
Property subtype
Taxes and HOA fees
Annual Taxes
Listing Agency:
Seaside Heights Realty Inc.
Listed By:
Michael Loundy · License NJ #8435976
(732) 793-5200
Source:
Elliman
Added: Jul 16
Changed: Nov 11
Last Checked: Nov 14 at 6:27AM
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 Seaside Heights Realty Inc.
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Investment Insights
Based on property information with market context.
This ocean-block development site is being sold as land to be developed. The current offering consists of 78 units contained in three buildings, with the property described as a multi-parcel opportunity totaling 41,000 square feet. The site is positioned as a potential condominium, townhome, or single-family development location, with three parcels noted as possibly qualifying for an Area in Need of Redevelopment Pilot Program that may include property tax abatements and zoning relief.
The property is located on Ocean Block 1 in Seaside Heights, with ocean views anticipated. It is described as walkable to the beach, rides, boardwalk, restaurants, and shopping, and is listed as within approximately one hour of NYC, Philadelphia, and Atlantic City. The remarks also reference KHOV developing across the street and a new oceanfront beach club with a large pool, private beach, cabanas, restaurant, and bar located up the street.
Additionally, the seller notes the site may qualify for demo grant funds intended to prepare the property for new construction.
The property is located on Ocean Block 1 in Seaside Heights, with ocean views anticipated. It is described as walkable to the beach, rides, boardwalk, restaurants, and shopping, and is listed as within approximately one hour of NYC, Philadelphia, and Atlantic City. The remarks also reference KHOV developing across the street and a new oceanfront beach club with a large pool, private beach, cabanas, restaurant, and bar located up the street.
Additionally, the seller notes the site may qualify for demo grant funds intended to prepare the property for new construction.
Key Highlights
- Ocean block development site in Seaside Heights, sold as land with ocean views planned
- Currently includes 78 units across 3 buildings, sold as land to be developed
- Three parcels could qualify for the Area in Need of Redevelopment Pilot Program with property tax abatements and zoning relief
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$630,498
Cap Rate
5.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$12,609,960
$12.6M
Cap Rate 7%
$9,007,114
$9.0M
Cap Rate 9%
$7,005,533
$7.0M
Market Conditions
NOI Build-Up for 41,000 SF
Gross rent
$1.23M $30.00/SF
− Vacancy
−$83.6K −$2.04/SF
EGI
$1.15M $27.96/SF
− OpEx
−$515.9K −$12.58/SF
NOI
$630.5K $15.38/SF
Area
Ocean County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$12,609,960
Cap Rate 7%
$9,007,114
Cap Rate 9%
$7,005,533
Alternative Uses
Best Use
Apartment 5plus
$9.01M
$7.88M – $10.51M
NOI $630,498 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.71M
$9.37M – $12.49M
NOI $749,414 @ 7.0% cap · market cap 6.52%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
592
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Development site on an ocean block, sold as land with 78 units in three buildings and ocean views planned.
Where is this apartment building located?
The property is located at 45-55 Dupont Seaside Heights, NJ.
What is the asking price?
The asking price for this property is $11,499,000.
What are key features of this property?
This property features: Ocean block development site in Seaside Heights, sold as land with ocean views planned; Currently includes 78 units across 3 buildings, sold as land to be developed; Three parcels could qualify for the Area in Need of Redevelopment Pilot Program with property tax abatements and zoning relief
